The total value of crude oil exported by Nigeria in 2016 amounted to over $31.2 billion, excluding December sales which have not yet been reported, official data showing crude oil lifting values made available by the Nigerian National Petroleum Corporation (NNPC) has shown.
Analysis of the data showed that the amount was earned from domestic and export sales of 619.6 million barrels of crude (1.6 million barrels per day) at an average price of $47/barrel.
Details of the crude oil and condensate lifting and their corresponding accrual values for the period, showed that the total volume of crude oil lifted by NNPC, other government participating agencies and certain joint venture projects was valued at $8.6 billion.
The total value of crude oil lifted on the account of the International Oil Companies (IOCs), independent oil firms and the Nigerian Petroleum Development Company was $22.1 billion, bringing the total revenue generated from crude oil sales within the period to $31.2 billion.
The amount could well be over $31.2 billion by the time December liftings are added but will still be lower than previous years.
According to the US Energy Information Administration (EIA) June 2016 Short-Term Energy Outlook, Nigeria earned $69.9bn in 2010, $99.2bn in 2011 and $96.7bn in 2012 from oil exports.
Revenues have since been on the declined from $86.4bn in 2013 to $78.5bn in 2014 and $39.1bn in 2015, the report showed.
