Home Business Nigeria made N374.8bn from domestic, export gas sale in 2021 – NNPC

Nigeria made N374.8bn from domestic, export gas sale in 2021 – NNPC

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Nigeria raked in about $868.5m (N361.43bn at the official exchange rate of N416.15/$) from gas export and N13.36bn from domestic gas sale in 2021, an analysis of the latest gas revenue data and other monthly reports obtained from the Nigerian National Petroleum Company Limited showed.

Data from the oil firm showed that the Federal Government through NNPC garnered the funds from the sale of Natural Gas Liquids/Liquefied Petroleum Gas, as well as Nigeria Liquefied Natural Gas feedstock.

It was learnt that the joint venture partners of NNPC in the gas business during the review period include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company and Total Exploration and Production Nigeria.

Findings showed that in January 2021, the country earned $50.19m from the export of NLNG feedstock and made N1.05bn on domestic NGL/LPG, while in February it made $26.6m and $90.38m from NGL/LPG and NLNG feedstock exports respectively.

The country earned N1.24bn from domestic NGL/LPG in February last year.

For the month of March, the NNPC stated that gas sale earnings from NGL/LPG and NLNG feedstock were $15.89m and $68.29m respectively, as the country raked in $34.32m and N1.25bn from NLNG feedstock and domestic NGL/LPG respectively in April.

Data from NNPC showed that $36.01m was earned from NLNG feedstock in May 2021, while NGL/LPG domestic was put at N1.25bn.

In June, Nigeria made $19.95m and $44.01m from the export of NGL/LPG and NLNG feedstock respectively, while its earnings from NGL/LPG domestic was N1.63bn.

No amount was recorded as earning from NGL/LPG export and NGL/LPG domestic in the month of July last year, but the country made $54.396m from NLNG feedstock in the same month.

The August 2021 export gas receipt for NLNG feedstock was $52.78m, as NGL/LPG domestic was N1.74bn, while in September, the country made $32.234m and $84.8m from NGL/LPG and NLNG feedstock exports respectively.

Nigeria’s revenue from NGL/LPG domestic in September was put at N4.1bn.

The country’s gas earnings in October from NLNG feedstock and NGL/LPG were slipped into the next month, according to information from NNPC.

In November, earnings from the exports of NGL/LPG and NLNG feedstock were $40.14m and $149.95m respectively, while NGL/LPG domestic was N4.1bn.

In the final month of last year, December, the NNPC explained that the proceeds from NGL/LPG export had yet to be reflected in the Central Bank of Nigeria/Chevron Joint Venture account at the time, as CNL was the JV partner involved in the transaction.

It, however, stated that a total receipt of $68.53m was earned from the sale of NLNG feedstock in December 2021.

The Federal Government has been making efforts to deepen the country’s gas earnings, as Nigeria has abundant gas resources than crude oil.

Last month, for instance, the Minister of State for Petroleum Resources, Chief Timipre Sylva, called on the United States Government to support Nigeria with funds to develop Nigeria’s natural gas resources so as to serve as alternative source of energy for Europe.

He made the call on the heels of the war by Russia in Ukraine, which posed a threat and disruption of gas supplies from Russia to the entire Europe.

Sylva disclosed this while speaking at a meeting with the US Secretary of Energy, Jennifer Granholm, on the side-lines of the CERA Week, in Houston Texas.

He was quoted in a statement issued by his media aide, Horatius Egua, as saying, “It is in the interest of the global community that there is alternative supply of gas to Europe.

“The challenge for us to achieve this feat has been lack of infrastructure and we need funding to develop infrastructure for our gas and we believe that the US can provide that funding.”

The minister told Granholm that Nigeria had abundant natural gas resources that could meet European gas demands, but stressed that the problem had been access to funds.

He stated that as part of efforts to boost gas supplies across the African continent, Nigeria had embarked on the construction of a 600km Ajaokuta-Kaduna-Kano gas pipeline designed to take gas to Europe via North Africa.

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