Nigeria’s Oil, Gas Sales Reach $3.46b

Nigeria’s Oil, Gas Sales Reach $3.46b

Nigeria has earned about $3.46b in oil and gas revenues between July 2015 and June 2016, with a total of $2.3b coming from crude oil proceeds and $1.17b from gas sales, according to the Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report, Premium Times reported.

A total of around 363bcf of gas was supplied for domestic consumption during the period, while 1.2bcf was allocated to the export market.

In addition, the federal government deployed almost 100% of its revenue earnings, a reported $3.41b, to Joint Venture Cash Calls (JVCC) in line with its 2016 approved budget in order to tackle a backlog of JVCC debt. The Nigerian dues to oil companies currently stand at about $6b, and fall short of the scheduled appropriated amount of $712.46m, as noted in NNPC’s June 2016 report.

Meanwhile, Nigerian oil production has dropped to 1.4mb/d due to attacks by armed militant groups.

In other related news, the Nigerian House of Representatives and Department of Petroleum Resources have begun verification of authentic holders of oil blocks licenses, wrote Nigeria Today. An ad-hoc committee was setup to investigate all the holders of Oil Mining Leases and Oil Prospecting Licenses.


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