Oil, Gas Exports Hit $3.71bn In 13 Months

Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020, latest statistics released by the Nigerian National Petroleum Corporation have shown.

The NNPC also stated that Nigeria’s total crude oil and gas export sale increased in the month of August 2020 by 64.84 per cent to $139.5m when compared to what was recorded in the preceding month.

Figures from the just released August 2020 Monthly Financial and Operations Report of the NNPC showed that crude oil export sales contributed $80.27m or 57.54 per cent 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.

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.

The oil firm stated that the 45 per cent improvement in performance was as a result of the 82 per cent growth in surplus posted by the Nigerian Petroleum Development Company due to sustained improvement in global market fundamentals.

The NNPC group surplus was further enhanced by the 109 per cent increased profit by Duke Oil Incorporated, as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company and refineries.

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