NNPC Announces over N370bn Revenue from Gas Sale in One Year, Provides Monthly Breakdown

NNPC Announces over N370bn Revenue from Gas Sale in One Year, Provides Monthly Breakdown

  • NNPC has provided a detailed breakdown of how much money it earned from exporting gas to other countries in a single year
  • According to the National Corporation, export and domestic sales amounted to more than N370 billion
  • Nigeria is regarded as a gas-rich country, with over 600TCF of unexplored gas reserves, the most in Africa

The Nigerian National Petroleum Company Limited has announced that Nigeria in 2021 N374.79 billion($868.5 million) from gas sales to the international market and domestic market.

The revenue is contained in the latest gas revenue data and other monthly reports published on the NNPC website.

Of the total sales N361.43 billion was from export while N13.36 billion was from domestic gas sales in 2021.

NNPC, Gas sales, reserve
Mele KyarI Group Managing Director (GMD) of NNPC Credit: NNPC
Source: Twitter

The sales are for Natural Gas Liquids/Liquefied Petroleum Gas, as well as Nigeria's Liquefied Natural Gas feedstock, the Punch reports.

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Monthly breakdown of the sales

According to NNPC, in January 2021, it earned $50.19 million from the export of NLNG feedstock and N1.05 billion from domestic NGL/LPG sales.

In February, it earned $26.6 million and $90.38 million from NGL/LPG and NLNG feedstock exports, respectively.

In February of last year, the nation earned N1.24 billion from domestic NGL/LPG.

The NNPC said that gas sale revenues from NGL/LPG and NLNG feedstock were $15.89m and $68.29m, respectively, in March, while the country earned $34.32m and N1.25bn from NLNG feedstock and domestic NGL/LPG, respectively, in April.

$36.01 million was earned from NLNG feedstock in May 2021, whereas N1.25 billion was received from domestic NGL/LPG.

Nigeria earned $19.95 million and $44.01 million in June from the export of NGL/LPG and NLNG feedstock, respectively, while domestic NGL/LPG profits were N1.63 billion.

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In July of last year, no sum was reported as earning from NGL/LPG export and NGL/LPG domestic, although the government earned $54.396m from NLNG feedstock.

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

In September, Nigeria's domestic NGL/LPG sales were reported to be N4.1 billion.

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

NNPC: Report reveals billions of naira petrol subsidy gulped in 7 months

Legit.ng had reported that a report indicates that Petrol subsidy payments gulped N714 billion in the last seven months, shrinking monthly revenue accrued to the federation account.

The subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

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Legit.ng gathers that the document obtained showed that the country spent a total of N714.79 billion year-to-date to cater for the cost of petroleum shortfall, also known as under-recovery.

Source: Legit.ng

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