The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that its crude oil and gas export sale in August 2018 generated $470 million, indicating an increase of about $78 million when compared to the $391.91million it raked in July.

The corporation’s Monthly Financial and Operations Report for August 2018 published by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, indicated that crude oil export sales earned it $337.62 million or 71.83 percent of the income as against the $283.43 million in the previous month.

According to the report, export gas sales during the period amounted to $132.38 million, adding that the August 2017 to August 2018 crude oil and gas transactions involved crude oil and gas export worth $5.26 billion.

The state-owned oil corporation reported further that based on the above sales figures, a total export receipt of $450.24 million was recorded in August compared to the $382.65 million in the preceding month.

The corporation puts contribution from crude oil during the period as $336.43 million, while gas and miscellaneous receipt stood at $101.33 million and $12.48 million respectively.

A further breakdown of the figures showed that out of the export receipts, $142.31million was remitted to the Federation Account, while $307.93 million was remitted to fund the JV cost recovery for the month of August, 2018 to guarantee current and future production.

Total export crude oil & gas receipt for the period August 2017 to August 2018 stood at $5.23billion out of which $3.74 billion was transferred to JV Cash Call as first line charge and the balance of $1.49 billion paid into the Federation Account.

On revenue remittances to the Federation Account, the report showed that NNPC remitted N128.40 billion into account for the month under review, adding that from August 2017 to August 2018, the Federation and JV received N879.02 billion and N651.4 billion respectively.

Expatiating further on the corporation’s remittances to the national treasury, the corporation explained that the Federation Crude Oil & Gas Revenue, Federation Crude Oil and Gas lifting, are broadly classified into Equity Export and Domestic crude which are lifted and marketed by corporation and the proceeds remitted into the Federation Account.

It stated that Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, were paid directly into the Federation Account domiciled in Central Bank of Nigeria (CBN).

The corporation explained that domestic crude oil of 445,000 b/pd were allocated for refining to meet domestic products supply, and payments were effected to the Federation Account after making adjustments for crude and product losses and pipeline repairs and management costs incurred during the period.