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 March; $193.05m in April; $133.16m in May, and $378.42m in June.

Oil and gas export revenue stood at $122.44m in July; $100.88m in August; $120.49m in September; $125.71m in November and $125.25m in December.

The proceeds from the sale of domestic crude oil and gas stood at N1.54tn in 2020, down from N1.57tn in 2019, data collated from NNPC reports showed.

Also, a total of 445,000 barrels per day of crude oil is allocated to NNPC for the purpose of supplying refined products for domestic consumption.

“NNPC purchases its allocated crude oil from the federation at the prevailing international market price per barrel and payment is due 90 days after the Bill of Lading date. NNPC obligations are paid in naira based on CBN-determined exchange rate in the month of lifting,” the corporation said.

This decline is as a result of the effect COVID-19 pandemic on the prices and demand for the commodity.

Oil and gas account for about 50 percent of the Nigerian government revenues and over 90 per cent of export earnings.

The data showed that the country’s earnings from oil and gas exports, which stood at $626.79m in January 2020, dropped to $54.09m in October.

The NNPC, in its latest monthly report, said a total export sale of $72.65m was recorded in January 2021, decreasing by 17.43 per cent compared to last month.

It said crude oil export sales contributed $24.32m (33.48 per cent) of the dollar transactions while the export gas sales amounted to $48.33m in January.

“The January 2020 to January 2021 crude oil and gas transactions indicated that crude oil and gas worth $2.33bn was exported,” the corporation