Nigeria Earns $640.35m From Exportation Of Crude Oil – NNPC

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The Nigerian National Petroleum Corporation (NNPC) on Wednesday said the country earned $640.35 million from the export of crude oil and gas for the month of October, 2018.

The corporation disclosed this in its monthly Financial and Operation report for October 2018, released in Abuja.

It said that the total export receipt of 640.35 million dollars recorded in October 2018 was higher than the 527.70 million dollars logged in September 2018.

It added that the receipt showed 450.44 million dollars accrued from crude oil sale with gas and miscellaneous receipts standing at 173.92 million and 15.99 million dollars respectively.

In the downstream sector, the report revealed that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, posted a receipt of ₦231.33 billion from sales of white products in the month of October 2018 compared with ₦150.25 billion sold in September 2018.

“Total revenues generated from the sales of white products for the period October 2017 to October 2018 stand at ₦2.684 trillion, where PMS contributed about 88.32 per cent of the total sales value of ₦2.371 trillion.

“To ensure continuous increase of PMS supply and effective distribution across the country, a total of 1.66 billion litres of petrol, translating to 55.50 milion liters/day, were supplied for the month under review,’’ it said

The report further noted that out of the 1,066.88 million standard cubic feet of gas per day (mmscfd) of gas supplied to the domestic market in October 2018, about 627.33 mmscfd of gas representing 58.81 per cent was supplied to gas-fired power plants to generate an average power of about 2,349MW.

This, it said when compared with the September 2018, was an average of 615 mmscfd supplied to generate 2,303MW.

“The balance of 439.35 mmscfd or 41.19 per cent was supplied to other industries.’’ It said

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