Energy

Crude oil contributes 69% to Nigeria domestic export – NBS

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The National Bureau of Statistics (NBS) has said that crude oil contributed N1,611.5 billion approximately 69.1% to the value of total domestic export in 2015.

In its 2015 Q3 Foreign Trade Statistic report obtained by our correspondent, the NBS also stated that Natural liquefied gas recorded N265.2 billion of the total export value during the period under review.

Similarly, Nigeria National Petroleum Corporation (NNPC) in its monthly Financial and Operations report for November 2015 said from January to October 2015, a total volume of 640.76 million barrels of crude oil and condensate was lifted by its corporation and all other parties.nnpc

The report stated that a total volume of 70.31 million barrels of crude oil and condensate was lifted in the month of October 2015 by all other parties. Out of this volume, 25.03 million barrels was lifted by NNPC on behalf of the Federation. This comprises 18.24 million barrels lifted on the account of NNPC while 6.09 million and 0.70 million was superintended for FIRS and DPR respectively.

Of the 18.24 million barrels lifted on the account of NNPC in October 2015, 12.07 million barrels and 6.17 million barrels were for domestic and export markets respectively. At an average oil price of $47.45/bbl and exchange rate of N195.95/$, the domestic crude oil lifted by NNPC is valued at $572,997,921.89 or a Naira equivalent of N112, 278,942,793.37 for the period. The remaining crude oil lifted for export was valued at $305,856,048.03 at an average price of $49.58/barrel. The total value of crude oil lifted on the account of NNPC in October, 2015 was thus $878,853,969.91.

According to the report, the sum of N933.10 billion for Domestic Crude Oil & Gas and other receipts have been paid to the Federation Account from January to November 2015

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