Nigeria Made N374.8bn From Gas Sale In 2021

Reports obtained from the Nigerian National Petroleum Company Limited showed that Nigeria made about N361.43 billion from gas export and N13.36bn from domestic gas sale in 2021.

The data from the oil firm showed that the Federal Government through NNPC garnered the funds from the sale of Natural Gas Liquids/Liquefied Petroleum Gas, as well as Nigeria Liquefied Natural Gas feedstock.

It was learnt that the joint venture partners of NNPC in the gas business during the review period include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company and Total Exploration and Production Nigeria.

Breakdown Analysis

Findings showed that in January 2021, the country earned $50.19m from the export of NLNG feedstock and made N1.05bn on domestic NGL/LPG, while in February it made $26.6m and $90.38m from NGL/LPG and NLNG feedstock exports respectively.

The country earned N1.24bn from domestic NGL/LPG in February last year.

For the month of March, the NNPC stated that gas sale earnings from NGL/LPG and NLNG feedstock were $15.89m and $68.29m respectively, as the country raked in $34.32m and N1.25bn from NLNG feedstock and domestic NGL/LPG respectively in April.

Data from NNPC showed that $36.01m was earned from NLNG feedstock in May 2021, while NGL/LPG domestic was put at N1.25bn.

In June, Nigeria made $19.95m and $44.01m from the export of NGL/LPG and NLNG feedstock respectively, while its earnings from NGL/LPG domestic was N1.63bn.

No amount was recorded as earning from NGL/LPG export and NGL/LPG domestic in the month of July last year, but the country made $54.396m from NLNG feedstock in the same month 

The August 2021 export gas receipt for NLNG feedstock was $52.78m, as NGL/LPG domestic was N1.74bn, while in September, the country made $32.234m and $84.8m from NGL/LPG and NLNG feedstock exports respectively.

Nigeria’s revenue from NGL/LPG domestic in September was put at N4.1bn.

The country’s gas earnings in October from NLNG feedstock and NGL/LPG were slipped into the next month, according to information from NNPC.

In November, earnings from the exports of NGL/LPG and NLNG feedstock were $40.14m and $149.95m respectively, while NGL/LPG domestic was N4.1bn.

In the final month of last year, December, the NNPC explained that the proceeds from NGL/LPG export had yet to be reflected in the Central Bank of Nigeria/Chevron Joint Venture account at the time, as CNL was the JV partner involved in the transaction.

It, however, stated that a total receipt of $68.53m was earned from the sale of NLNG feedstock in December 2021.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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