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Nigeria sells $565.5m worth of oil, gas in Q1 2022

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The Nigerian National Petroleum Company Limited (NNPC) has revealed that Nigeria in the first three months of 2022 recorded $565.5 million export sales of crude oil and Gas.

NNPC revealed this in its latest data published on its website and obtained by Ripples Nigeria.

According to the data, crude oil exports fetched the nation $177.86 million while revenue from gas feedstock to Nigeria LNG Limited (NLNG) amounted to $387.72 million.

A further breakdown of NNPC’s data showed that in January 2022, Nigeria earned $75.88 million from crude oil, compared with the $84.45 million earned from gas feedstock to NLNG; in February, the country earned $13.05 million from crude oil, compared with $159.58 from gas feedstock to NLNG.

In March, Nigeria earned $88.93 million from crude oil while gas feedstock to NLNG fetched the country $143.69 million.

“Feedstock gas receipt was $143.69m. This includes receipts of $54.72m and $21.29m, which were expected in the previous month but slipped into the current month. Other related NLNG receipt was $7.67m,” NNPC said in its latest presentation at the Federation Account Allocation Committee.

Read also: Senate identifies crude oil theft as major cause of Nigeria’s economic downturn

The NNPC data also showed that the trend of Nigeria’s revenue from feedstock gas to NLNG surpassing crude oil earnings has been consistent in the last 16 months.

Between December 2021 and December 2020, Nigeria raked in a total of $644.28 million from gas feedstock to NLNG while income from crude oil exports was $368.34 million.

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