7 March 2018

Nigeria: NNPC Doubled Crude Oil Sales in December At $476m

The Nigerian National Petroleum Corporation (NNPC) recorded total export receipts of $476.25m in December, 2017, from sale of crude oil and gas as against $201.11m in November, 2017.

This is contained in the monthly NNPC Financial and Operations Report for December, 2017, which was released today.

According to the report, while receipts from crude oil amounted to $342.16m, gas and miscellaneous receipts accounted for $ 94.85m and $39.24m respectively.

On Naira receipts, the report showed that domestic crude oil and gas sales in the month amounted to N96.68bn, consisting of N89.11bn from domestic crude oil and N7.57bn from domestic gas.

Of the Naira receipts, the sum of N77.57bn was transferred to the Federation Account in the month under review, while N19.11bn was paid for Joint Venture Cash Call (JVCC) being a first line charge to guarantee continuous flow of revenue stream to Federation Account.

The report further showed that from January to December, 2017, NNPC remitted a total of N857.36bn into the Federation Account, N644.05bn for Joint Venture financing, and N19bn to the Federal Government for debt repayment.

In terms of natural gas off-take, commercialization and utilization, the report indicated that out of the 234.08 Billion Cubic Feet (BCF) of gas supplied in December, 2017, a total of 138.99BCF was commercialized, comprising of 39.53BCF and 99.46BCF for the domestic and export markets respectively.

Federation Crude Oil and Gas liftings are broadly classified into Equity Export and Domestic. Both categories are lifted and marketed by NNPC and the proceeds remitted into the Federation Account.

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