Nigeria’s revenue from crude oil and gas sales rose by 35 per cent, representing $416m in June, the Nigerian National Petroleum Corporation (NNPC) said yesterday.
The NNPC in a statement, which announced the release of its June 2018 monthly financial and operations report in Abuja, stated the total financial value of the crude oil and gas export sales the country made in the month was $416.07 million in June.
It explained that the figures were 35.78 per cent higher than that of the previous month which was $343.08 million. This also signified the country bounced back from a drop in oil revenue in May having earned $447.58 million from oil and gas export in April before sliding to $343.08 million in May.
Industry statistics showed that oil price for Brent crude oils in June was $74.41 per barrel; $76.98 per barrel in May of 2018 – the period Nigeria earned less between these three months; and $72.11 per barrel in April.
But details of the sales figures were contained in the statement NNPC’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu, sent to THISDAY, and it indicated that crude oil export sales contributed $274.95 million which NNPC said translated to 66.08 per cent of the dollar transactions compared with $244.72million contribution in the previous month. The export gas sales for the month, it explained amounted to $141.12 million.