NNPC records N104.68bn from crude oil sales in October

Crude-Oil - exports

The Nigerian National Petroleum Corporation (NNPC) has said it generated a total of N104.68 billion from the sales of crude oil and gas in the month of October 2016. The amount translates to 22.4 per cent increase when compared with N81.20 billion recorded in the month of September, 2016.

A breakdown of the revenue contained in the October edition of the NNPC Monthly Financial & Operation Report shows that the sum of N101.44Billion was recieved from domestic Crude Oil sales while the balance of N3.24Billion came from domestic Gas. It added that the sum of N59.50 Billion (FUS$302.03Million) was transferred to Joint Venture Cash Call (JVCC).

According to the report, apart from the balance of N45.18 billion, the 27th installment of the refund to federal government of N6.33Billion was remitted to federation account, thus bring the total balance of amount remitted to the government coffers for the period to N51.51 billion.

“The Domestic Crude Oil and Gas receipt during the month amounted to N104.68 billion, consisting of N3.24 billion from domestic Gas and the sum of N101.44Billion from Domestic Crude Oil. Of the N101.44Billion receipt from Crude Oil, the sum of N59.50 Billion (FUS$302.03Million) was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to federation account.”the report read in part.

Reporting on the amount transferred to the federation account, the report said, “NNPC transferred the sum of N41.94Billion into Federation Account during the month under review from the net domestic crude oil receipt and N3.24 billion from Gas receipts. Also, the 27th installment of the refund to FG of N6.33 billion was remitted to Federation Account. The tables below show the Naira proceeds from the sale of domestic Crude Oil as well as Gas and the corresponding Naira remittances to Federation Account.”

The report further stated that the total export sale of $105.74 million was recorded in October. This is $25.76 million lower than the preceding month’s performance. Crude oil export sales contributed $21.40 million (or 20.24 per cent) of the dollar transactions compared with $86.80 contribution in the previous month. Also, export Gas sales amounted to $84.34 million in the month under review. Twelve months Crude Oil and Gas transactions indicate that Crude Oil & Gas worth $ 2,768.73 million was exported.

Also, the report explained that out of the total export proceeds of $ 97.29 million recorded in October 2016 as receipt, contribution from Crude oil amounted to $18.90 million after adjusting for $2.50 million lifting deposit utilized earlier. Gas & other proceeds was $78.39 million. The total receipt of $97.29 million remitted to fund the JV cash call for the month of October 2016 to guarantee current and future production.



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