For the First Time, NNPC Crude Oil Export Revenue Is Zero in One Month, Despite Producing 36.5m Barrels

• The Nigerian National Petroleum Company Limited has failed to report the sale of even a single barrel of crude oil
• This is the first time since NNPC was founded 45 years ago that Nigeria is reporting zero revenue
• The lack of sales is coming despite Nigeria’s oil production averaging 1.183 million per day or 36.5m a month in July

The Nigerian National Petroleum Company (NNPC) Limited has disclosed it made zero revenue from crude oil export in July 2022.

It stated this in its latest monthly presentation to the federation account allocation committee (FAAC) meeting, which was held on August 24, 2022.

Data from the report showed that Nigeria earned zero dollars in income from crude oil revenue in July 2022.

NNPC's zero revenue is shocking, given that the Organisation of the Petroleum Exporting Countries (OPEC) says that Nigeria recorded an average of 1.183 million barrels per day (bpd), in its crude oil production for the month of July 2022, according to secondary sources.

Read also

Oil theft leave PENGASSAN threatening 30-day shutdown, Country Risks N1.37tn Loss

The 1.183 million barrels per day (bpd) comes to an average of 36.5 million barrels per month.

Crude oil monthly sales

Apart from July, a total of $204.22 in crude oil sales have been recorded in 2022, according to the report.

According to NNPC data, Nigeria earned $75.88 million from crude oil exports in January 2022; $13.05 million in February, $88.93 million in March; $14.70 million in April; and $5.96 million in June 2022.

There was no explanation for the zero revenue from export crude in the month of July.

NNPC Is now Nigeria’s biggest company by shares Capital As It Enters a New Era After 44 Years

Legit.ng reported that President Muhammdu Buhari on Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.

Read also

Naira Falls to record low against US dollar in 2022 at official market as foreign reserves fall

This means that the general public can now buy and sell NNPC shares, but not yet.

NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.

Source: Legit.ng