NNPC, firms lift 685.62m barrels of crude in one year

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The Nigeria National Petroleum Corporation (NNPC) and oil companies operating in Nigeria lifted 685.62 barrels of crude oil and condensate from November 2015 to October 2016. This was contained in a data released by the Corporation.

The NNPC in its monthly financial and operations report for November 2016, listed the oil companies involved as Alternative Finance Companies, International Oil Companies, Independent Oil Companies and the Nigerian Petroleum Development Company (NPDC).

According to the report, Alternative Finance Companies lifted $496.44 million worth of crude oil while IOCs, Independents and the NPDC lifted crude oil with a combined value of $17.7 billion.

A monthly break down showed that the IOCs, independents and NPDC lifted crude oil valued at $1.96 billion, $1.65 billion, $1.21 billion, $72.3 million, $1.33 billion and $1.66 billion from October 2015 to April 2016 respectively.

From the month of May 2016 to October 2016, crude oil valued at $1.69 billion, $1.54 billion, $1.34 billion, $1.75 billion, $1.76 billion and $1.75 billion were lifted respectively.

Also, Alternative Financing companies lifted crude oil valued at $62.1 million, $47.38 million, $58.01 million, $32.39 million, $43.47 million and $42.89 million were lifted from October 2015 to April 2016 respectively, while $11.36 million, $68.36 million, $47.11 million, $9.11 million, $67.81 million and $6.44 million worth of crude oil were lifted from May to October 2016.

The report stated that IOCs, independents and NPDC lifted 449.77 million barrels of crude oil, while Alternative Financing companies lifted 12.13 million barrels of crude oil in the 12-month period.

On the other hand, the report stated that the NNPC lifted 166.8 million barrels of crude oil on behalf of the Federation, while total government lifting was 223.72 million barrels from November 2015 to October 2016.

The report showed that this amounted to $6.87 billion on the part of the NNPC, while total government lifting was valued at $9.21 billion.

It noted that a total volume of 53.38 million barrels of crude oil and condensate was lifted in the month of October 2016 by all parties. Out of this volume, 18.05 million barrels was lifted by NNPC on behalf of the Federation.

“This comprises of 13.84 million barrels lifted on the account of NNPC (Domestic and Federation Export) while 4.02 million and 0.19 million was superintended for Federal Inland Revenue Service, FIRS, and Department of Petroleum Resources, DPR, respectively.

“Of the 13.84 million barrels lifted on the account of NNPC in October 2016, 11.90 million barrels and 1.94 million barrels were for domestic and export markets respectively. At an average oil price of $49.87 per barrel and exchange rate of N304.29 to a dollar, the domestic crude oil lifted by NNPC is valued at $593.576 million or a naira equivalent of N180.622 billion for the period.

“The remaining crude oil lifted for export was valued at $96.311 million at an average price of $49.57 per barrel. The total value of crude oil lifted on the account of NNPC in October, 2016 was thus $689.887 million,” the report declared.

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