Nigeria Sells $565.5 Million In Oil, Gas In First Quarter Of 2022

Nigeria's National Petroleum Company Limited (NNPC) announced that crude oil and gas exports totaled $565.5 million in the first three months of 2022.

This was revealed by NNPC in its most recent statistics, which were published on its website.

Crude oil exports brought in $177.86 million, while earnings from gas feedstock to Nigeria LNG Limited (NLNG) brought in $387.72 million, according to the report.

According to NNPC data, Nigeria earned $75.88 million from crude oil in January 2022, compared to $84.45 million from gas feedstock to NLNG; in February, Nigeria earned $13.05 million from crude oil, compared to $159.58 from gas feedstock to NLNG.

Nigeria earned $88.93 million in crude oil revenue in March, while gas feedstock for NLNG brought in $143.69 million.

"The receivable for feedstock gas was $143.69 million. This includes $54.72 million and $21.29 million in receipts that were expected in the previous month but arrived in the current month. Other related NLNG receipts were $7.67 million,” according to NNPC's most recent presentation to the Federation Account Allocation Committee.

The NNPC statistics also revealed that in the last 16 months, Nigeria's revenue from feedstock gas to NLNG has consistently outpaced crude oil revenues.

Nigeria earned $644.28 million from gas feedstock to NLNG between December 2021 and December 2020, compared to $368.34 million from crude oil exports.