Oil & Gas Export: Government Makes A Profit Of $504m

The Federal Government of Nigeria has made a profit of $504.44 million from crude oil and gas exports in 2019.

According to statistics released, by the Nigerian National Petroleum Corporation (NNPC) in its Monthly Financial and Operations Report for November 2019, NNPC stated that the amount earned from oil and gas export in the month under review represented an improvement of 4.39 percent over the previous month’s export.

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The report also revealed crude oil export sales contributed $383.89million, an equivalent of 76.10 percent of the dollar transactions compared with $396.94million contribution in the previous month; while export gas sales amounted to $120.55million in the month.

speaking further, In the report signed by its Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, revealed that in spite of the improvement recorded in the country’s export in the month under review, NNPC also suffered 94 percent increase in the cases of willful hacking and destruction of its pipeline infrastructure across the country in November, last year, fingering oil thieves as culprits.

He explained that 68 pipeline points were vandalized, representing about 94 percent increase from the 35 points that were breached in October 2019, adding that out of the vandalized points, 15 failed to be welded while only two pipeline points were ruptured.

Giving a breakdown of the breach, NNPC noted that the Mosimi-Ibadan axis accounted for 31 percent of the breaks; Atlas Cove-Mosimi network witnessed 19 per cent, while Ibadan-Ilorin and other routes accounted for 15 percent and 35 percent, respectively.

Makoji however, assured that NNPC, in collaboration with the local communities and other stakeholders, would continuously strive to reduce and eventually eliminate this menace through effective collaboration.