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.
File Photo: Crude Oil
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.