Dangote Petroleum Refinery accounted for over 32% of NNPCL’s N336.37 billion crude oil sales in Q1 2025, according to internal documents obtained by The PUNCH. The mega-refinery purchased N107.44 billion worth of crude at prices ranging from 74.87 to $80.34 per barrel, with transactions executed using Afreximbank-recommended exchange rates between N1,501.22/ and N1,562.91/$. Seven cargoes totaling 915,821 barrels were delivered from the Okwuibome field operated by Sterling Oil Exploration & Energy Production Company. The naira-for-crude initiative, while temporarily suspended in March, has been reinstated as part of government efforts to conserve foreign exchange and support domestic refining. Meanwhile, NNPCL earned an additional N228.93 billion from selling 1.95 million barrels to foreign refiners from Egina, Erha, and Forcados Blend fields.
Source: Punch Ng
