NNPC makes $3.73bn from offshore crude sales

The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that it raked in $3.73 billion from crude oil and gas export sales between November 2016 and November 2017. The Corporation netted $293.10 million from the same transaction in in November 2017.

The details of the transactions, contained in the recently released November 2017 edition of the monthly NNPC operations and financial report, also indicated that the November 2017 figure is 25.68 per cent lower than the previous month performance.

The breakdown, according to a statement from the Spokesman, Ndu Ughamadu, also showed that Crude oil export sales contributed $113.97 million (or 47.7 per cent) of the dollar transactions compared with $227.83 million contribution in the previous month.

Also, the export gas sales amounted to $125.13 million during the period.

Under US dollar payments to Joint Venture Cost Recovery & Federation Account, a total export receipt of $201.11 million was recorded in November 2017 as receipt against $277.50 million in October, 2017.
Contribution from crude oil amounted to $147.39 million while gas and miscellaneous receipt stood at $ 50.17 million and $3.55 million respectively. Of the export receipts, $121.75 million was remitted to Federation Account while $56.56 million was remitted to fund the JV cost recovery for November, 2017 to guarantee current and future production.

A broader breakdown revealed that the total export crude oil & gas receipt for the period of November, 2016 to November, 2017 stood at $3.73 billion. Out of which the sum of $2.60 billion was transferred to JV Cash Call as first line charge and the balance of $0.85billion was paid into Federation Account.
On naira payments to Federation Account, the report indicated that domestic crude oil and gas receipt during the month amounted to N135.14 billion, consisting of N127.93 billion from domestic crude oil, the sum of N7.21 billion from domestic gas. Out of the naira receipt, the sum of N54.16 billion was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.

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On the receipt from net domestic crude oil and gas, NNPC transferred the sum of N54.16 billion into Federation Account and N80.98 billion to JV cash call for the month under review. From November 2016 to November 2017, Federation, JV, and Federal Government for debt repayment received the sum of N865.59 billion, N726.11 billion and N31.65 billion respectively.

Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly into Federation Account domiciled in Central Bank of Nigeria (CBN). Domestic Crude Oil of 445,000 bpd is allocated for refining to meet domestic products supply. Payments are effected to Federation Account by NNPC after adjusting crude & product losses and pipeline repairs & management cost incurred during the period.

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