NNPCL Generated N336.37 Billion from Crude Oil Sales in Q1 2025

SEATTLE (Oil Monster): In the first quarter of this year, the Nigerian National Petroleum Company Limited (NNPCL) made N336.37 billion from the sale of crude oil, according to documents presented at the Federation Account Allocation Committee meeting.

Nearly one-third of all transactions were made at the Dangote Petroleum Refinery in Lagos. In the first three months of 2025, the refinery received N107.44 in supplies. In order to guarantee continuous supply to the refinery, the Federal Government initiated a naira-for-crude agreement, which included the sales.

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The first quarter saw the delivery of seven cargoes to the Dangote Refinery. Sterling Oil Exploration & Energy Production Company (SEEPCO) operates the Okwuibome onshore oil field in the Niger Delta, which provided the refinery with 915,821 barrels of oil.

Crude oil sales prices ranged from $74.87 to $80.34 per barrel. The African Export-Import (EXIM) Bank's suggested currency rates were used to complete the transactions.

In the first quarter of 2025, the NNPCL made about N228 billion from the sale of crude oil from the Egina, Erha, and Forcados Blend fields through various PSC contracts unrelated to the Dangote Refinery.

Additionally, NNPCL exported 1.95 million barrels of petroleum to overseas refiners, generating N228.93 billion.