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Oil, Gas Export Revenue fell Drop in 2020
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 percent in 2020. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in 2019. Total revenue from oil and gas exports stood at $282.32m in February; $362.18m in…
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In 19 Months, Nigeria Refineries Record N177.21bn loss
The government-owned refineries in Nigeria recorded a total loss of N177.21bn in 19 straight months of not processing any barrel of crude oil. This is according to the latest data from the Nigerian National Petroleum Corporation. An analysis of data collated from NNPC’s monthly reports revealed that all the refineries did not refine crude oil…
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NNPC Records 37% Drop In Pipeline Vandalism
For the month of January 2021, the Nigerian National Petroleum Corporation has announced a 37.21 percent decrease in cases of pipeline vandalism across the country. This was contained in the January 2021 (66th) edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public…
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Nigeria Refineries Earn N21bn, Lose N778bn In Five Years
The government-owned refineries, being run by the Nigerian National Petroleum Corporation, reported a total loss of N778.71bn from 2015 to 2019. This was obtained from an analysis of data collated from their financial statements. The refineries generated total revenue of N21.12bn in the five-year period as they operated at below their full capacities. The refineries,…
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Fuel Marketing Companies Revenue Drop
At least five of the major oil marketing companies in the country saw their total revenue drop by N331.54billion in 2020 amid the impact of the COVID-19 pandemic. The companies saw their combined revenue for the financial year 2020 fell to N768.46billion from N1.10trillion in the previous year. The financial statements of six major oil…
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Oil Production Fell by 10.25 Percent In 10 Months
The Nigerian National Petroleum Corporation has Nigeria’s total crude oil and condensate production from January to October 2020 fell by 10.25 percent when compared to similar period in 2019. The data contained in the NNPC monthly financial and operational report for November 2020 showed that for the eight months period, total oil and condensate production…
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NNPC Records N234.722b Petrol Sale In January
The Nigerian National Petroleum Corporation recorded about N234,722,222,150 from the sale of the Premium Motor Spirit in January 2021. The corporation supplied 1.44billion litres in the month translating to 46.30 million litres of the product daily. In the month under review, a litre was least sold for N162.50. NNPC Group General Manager, Group Public Affairs…
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OPEC: Nigeria, Others Reduce Oil Production By 2.6 Billion Barrels
In the Declaration of Corporation by member and non-member nations of the Organisation of Petroleum Exporting Countries, Nigeria and other participating countries have so far reduced crude oil production by 2.6 billion barrels. OPEC announced that, in order to balance the global oil market, the participating countries contributed in cutting down this volume of oil…
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Uganda To Finalize Oil Deal With Total E&P
Uganda has reached the final stage of a multi-billion dollar deal with international oil companies Total E&P and CNOOC on Sunday, government-run newspaper – The New Vision reported on Friday. The long-awaited Final Investment Decision (FID) will unlock billions of dollars of investment in Uganda’s oil and gas sector. The deal will also pave way for the…
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NNPC Records 80.12% Trading Surplus In December 2020
The Nigerian National Petroleum Corporation said it recorded an increase of ₦24.19billion trading surplus in December 2020. The amount is an 80.12 percent increase compared to the ₦13.43billion surplus recorded in November of the same year. Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period…