Nigeria sold $6.7bn less crude in 2016 – Report

The total value of crude oil sold by Nigeria between January and December 2016 dropped by $6.7 billion from $40.5 billion in 2015 to $33.8 billion; a comparative analysis of official crude oil lifting values published by the Nigerian National Petroleum Corporation (NNPC) has shown.

The monthly NNPC operations report for January 2017 released on Monday showed that $33.8 billion was earned from domestic and export sales of 668.59 million barrels of crude oil and condensates at an average price of $47/barrel under different production arrangements.

The report showed that while oil sales dropped by $6.7 billion volume also collapsed by over 103 million barrels to 668.59 million barrels as against 772.20 million barrels recorded in 2015.

Out of the $33.8 billion sales, over $9 billion accrued to the Nigerian government through the NNPC, other government participating agencies and certain joint venture projects.

The total value of crude oil lifted on the account of the International Oil Companies (IOCs), independent oil firms and the Nigerian Petroleum Development Company (NPDC) was over $23 billion.

According to the US Energy Information Administration (EIA) June 2016 Short-Term Energy Outlook, Nigeria earned $69.9bn in 2010, $99.2bn in 2011 and $96.7bn in 2012 from oil exports.

Revenues from oil sales have since been on the declined from $86.4bn in 2013 to $78.5bn in 2014 and $39.1bn in 2015.

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