#Country Updates #News #Nigeria #Upstream Oil & Gas News

Nigeria’s Oil, Gas Exports Hit $3.71bn in 1yr

Latest statistics released by the Nigerian National Petroleum Corporation (NNPC) show that Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020. The report said Nigeria’s total crude oil and gas export sale increased in the month of August 2020 by 64.84% to $139.5m when compared to what was recorded in the preceding month.

The just released Monthly Financial and Operations Report of the NNPC showed that crude oil export sales contributed $80.27m or 57.54% of the dollar transactions. This was in contrast to the $55.29m contribution in the previous month, while the gas export sales amounted to $59.23m in the month under review.

“The August 2019 to August 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.71bn were exported,” the oil firm stated. It also indicated an increased trading surplus of ₦29.6bn posted by the oil firm compared to the ₦20.36bn surplus in July 2020, which was the third consecutive month of global recovery from the COVID-19 effect.

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Source: OrientEnergyReview

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