According to the Central Bank of Nigeria (CBN), the country’s federal government earned $1.7b from oil and gas exports during the second quarter of 2016, Today.ng reported. This was lower than the provisional quarterly budget and the receipts in the preceding quarter by 39.2% and 19.4%, respectively.
CBN estimated Nigeria’s crude oil production, including condensates and natural gas liquids, at an average of 1.54mb/d or 141.68mb for the second quarter of 2016. This represented a decline of 370,000b/d or 15.4%, relative to 1.82mb/d or 165.62mb produced in the first quarter of 2016, informed agokiFX.
The decline in oil revenue relative to the budget estimate was attributed to the consistent fall in receipts from crude oil and gas exports, due to the persistent low price of crude oil in the international market and the series of shut downs at some Nigerian National Petroleum Corporation (NNPC) terminals owing to pipeline vandalism in the Niger Delta region, during the reviewed quarter.
This comes as indications showed that the country’s crude production may see further growth, as exports of Forcados crude stream oil, of about 400,000b/d, is set to resume at the end of September with a loading program issued for October, according to Vanguard. Preliminary loading lists showed that October exports are expected to be around 230,000b/d.