Nigeria earns N475bn from India, Netherlands, Brazil in one month

Three countries – India, the Netherlands, and Brazil, spent $2.97 billion, about N475.08 billion in the purchase of crude oil from Nigeria in the month of February 2014, data released from the Nigerian National Petroleum Corporation, NNPC, has revealed.

Specifically, the three countries accounted for more than a third of Nigeria’s crude export in February, purchasing 26.75 million barrels of oil.

Specifically, India purchased 10.44 million barrels of crude oil from Nigeria in the month under review, followed by the Netherlands, with 9.385 million barrels, and Brazil 6.922 million barrels.

Using an average crude price of $111 per barrel, this translates to $2.97 billion for the month under review.

This is a slight difference from export figures in January, which revealed that  India, Netherlands and Spain, were the highest buyers of Nigeria’s crude oil, accounting for 45.01 per cent of Nigeria’s total crude export in January.

Data on activities in the oil and gas sector for the month of February 2014, recently released by the NNPC revealed that Nigeria exported a total of 65.7 million barrels of crude in the month under review.

Of these, Europe accounted for 44.97 per cent of Nigeria’s total crude export in February, followed by Asia and the Far East with 22.98 per cent of crude export, while crude export to other African countries accounted for 13.93 per cent of total export.

In particular, Nigeria exported 29.55 million barrels of crude oil to Europe;  about 15.098 million barrels to Asia and the Far East, and 9.15 million barrels to other African countries.

In addition, South America purchased 7.918 million barrels of crude from Nigeria; North America 3.048 million barrels; while 940,627 barrels was exported to Oceania and Pacific countries.

About 6.18 million barrels were exported to France; 4.0 million barrels were exported to South Africa, while Spain accounted for 3.971 million barrels of Nigeria’s crude.

Others are: the United Kingdom 3.351 million barrels of crude; the United States 3.048 million barrels; Indonesia 2.85 million barrels and Italy 2.75 million barrels.

The NNPC data put total crude oil and condensates lifting for both domestic and export purposes at about 69.57 million barrels.

According to the report, oil companies lifted about 38.78 million barrels, representing 51.79 per cent of the total, while the NNPC lifted 30.79 million barrels, representing 48.21 per cent.

The NNPC said lifting by fiscal regime shows 33.73, 26.20, and 9.6 million barrels for Joint Venture Companies, JVC, Production Sharing Contract, PSC, and others respectively.

“Out of NNPC’s lifting, 24.15 million barrels were for Federation Account (This includes, FIRS, DPR, PPMC Offshore, PPMC Crude Exchange & MCA) while 5.70 million barrels were for domestic use,” the NNPC noted.

The NNPC further stated that Alternative Funding lifting was  about 0.44 million barrels and was  lifted by NNPC.

“No volume was lifted by JVC companies. The  NNPC Lifting adds to the Federation account lifting,” the NNPC said.