6 March 2018

Nigeria Earned $476.3 Million From Crude Oil, Gas Exports in December 2017 - NNPC

Photo: Vanguard

The Nigerian National Petroleum Corporation says it earned about $476.25 million from crude oil and gas exports in December, 2017.

The corporation said in its monthly Financial and Operations Report for December, 2017 released on Tuesday that the figure more than doubled the export receipts $201.11 million realised in November, 2017.

The report said while receipts from crude oil amounted to $342.16 million, gas and miscellaneous receipts accounted for $94.85 million and $39.24 million respectively.

Besides, the Naira component of the revenue receipts showed that domestic crude oil and gas sales during the month totaled about N96.68 billion.

This consisted N89.11 billion from domestic crude oil sales revenue and N7.57 billion from domestic gas sales.

Of the total Naira receipts, the report said about N77.57 billion was transferred to the Federation Account during the month.

Another N19.11 billion was paid for Joint Venture Cash Call, a first line charge to guarantee continuous flow of revenue stream to Federation Account.

The report further showed between January and December 2017, the NNPC remitted a total of N857.36billon into the Federation Account, with N644.05billion used for Joint Venture financing.

About N19billion for the Federal Government debt repayment.

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

The figures translated to a total daily supply of 1,275.09 Million Standard Cubic Feet of Gas to the domestic market and 3,209.70MSCF of gas supplied to the export market.

Again, the report said about 60.89 per cent of the average daily gas produced was commercialized, while the balance of 39.11 per cent was re-injected as upstream fuel gas to boost oil production or flared.

A total of 828MMSCF of gas per day was delivered to the gas-fired power plants in the month under review to generate an average of 3,342 megawatts, a modest 11.4 per cent increase on the November, 2017, gas-to-power delivery of 743MSCF to generate 3,115MW.

Federation Crude Oil and Gas liftings are broadly classified into equity crude export and domestic. Both categories are lifted and marketed by NNPC on behalf of the Federal Government and the proceeds remitted into the Federation Account.

Equity Export receipts are paid directly into Federation Account domiciled at the Central Bank of Nigeria after adjusting for Joint Venture Cash Calls.

Domestic Crude Oil of 445,000 barrels of oil per day is usually allocated for refining to meet domestic petroleum products supply.

Payments from this allocation are effected to the Federation Account by NNPC after adjusting for crude oil and product losses, pipeline repairs and management cost incurred during the period.

Apart from Equity and Domestic Crude Oil, NNPC also lifts crude oil and gas on behalf of the Department of Petroleum Resources and the Federal Inland Revenue Service, proceeds of which are usually remitted into the Federation Account.

Third Party Finance liftings are crude oil and gas from fields are financed using alternative finance/loan facility which requires the servicing of debts before remitting the balance into the Federation Account as price balance.


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