Nigeria’s Oil Revenues Slump 98% In April

Related stories

It’s Another Big Brother Season Of Distractions

By Uzor Maxim Uzoatu The country is going through hell...

You must marry me and my children, By Funke Egbemode

‘I will not be with a man who will...

[VIDEO] Drama as Burglar is Caught in Overnight Heist at FCMB Branch in Imo

By Abiola Olawale In a shocking incident at a First...

2027: Why Peter Obi Proposed a Single-Tenure to Atiku, David Mark, Others -Obidient Movt Reveals

By Abiola Olawale The 2023 Presidential candidate of the Labour...

Nigeria’s crude oil export revenues slumped by as much as 98 percent from March to April this year because of movements in the price of gasoline, the Nigerian National Petroleum Corporation said, as quoted by local media.

“No remittance to Federation Account in April for May 2021 FAAC due to recorded value shortfall resulting from difference between the landing cost and ex-coastal price of Premium Motor Spirit recorded in March 2021,” the NNPC said as quoted by the Punch.

The April revenues from oil exports stood at $1.764 million (723 million naira), according to the NNPC, versus $87.14 million (35.72 billion naira) for March.

Exports of crude in March totaled 66.67 million barrels, out of 7.62 billion barrels lifted during the month, according to the report. The NNPC noted it had stuck to its OPEC+ production quota of 1.52 million bpd during the reporting month.

Despite the OPEC+ agreement, Nigeria is looking to boost its oil production over the long term. Earlier this month, it took a big step in that direction when it inked a deal with Shell, Exxon, Total, and Eni to develop an offshore oil block that includes the deepwater Bonga field.

According to the NNPC, the deal could unlock up to $10 billion in new investments in Nigeria’s oil industry. It could also add 150,000 bpd to the country’s oil production, bringing the total output from the block—Oil Mining Lease 118—to 350,000 bpd.

The oil and gas industry in Africa’s largest oil producer accounts for a tenth of gross domestic product, with oil export revenues accounting for as much as 86 percent of total export revenues. The government has plans for the launch of as many as 100 new oil and gas projects over the next five years, of which 25 upstream oil and gas projects.

Irina Slav For Oilprice.com
Irina Slav For Oilprice.com
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
It’s Another Big Brother Season Of DistractionsYou must marry me and my children, By Funke Egbemode[VIDEO] Drama as Burglar is Caught in Overnight Heist at FCMB Branch in Imo2027: Why Peter Obi Proposed a Single-Tenure to Atiku, David Mark, Others -Obidient Movt RevealsOkpebholo vs Asue Ighodalo: Anxieties as Supreme Court Reserves Judgment on Edo Governorship Election Case2027 Election Battle Rages as Gen David Mark Quits PDP, Leads Coalition Against TinubuOil Markets Refocus on OPEC as Iran-Israel Conflict CoolsRussia's War Economy Faces Imminent RecessionThailand’s PM Paetongtarn Shinawatra suspended over leaked Hun Sen call2027: Atiku, David Mark, Secondus, Tambuwal, Others Hold Crucial Meeting, Weigh OptionsRanked: 40 Best Countries in the World, According to PeopleOPEC Tensions Build as Kazakhstan's Oil Production Hits All-Time HighDrama as Lagos Monarch Strips Six Chiefs of Titles Over Labour Party Rally AttendanceAnxieties as Ondo Govt Launches Probe into Akeredolu’s Death, Puts Widow Under ScrutinyTrump Blasts Elon Musk Over Renewed Criticism of US Spending Bill
X whatsapp