NNPC: Nigeria earns $2.5bn from oil, gas export

By Roseline Okere    |   14 June 2017   |   4:34 am  

Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC).


Nigeria’s total crude oil and gas export receipt from March 2016 to March 2017 stood at $2.50 billion, according to the Nigerian National Petroleum Corporation (NNPC).
 
NNPC, which made this disclosure in its latest financial report released at the weekend, said the sum of $2.29 billion was transferred to Joint Venture (JV) Cash Call in line with the 2016 Approved Budget and pending 2017 budget approval.
 
It noted that its share of the JV cash call (JVCC) based on equity holding fell short of the 2016 appropriated amount of $8.64 billion, due to a twin effect of production disruption in Niger-Delta and low crude oil prices during the year.
 
NNPC explained: “A total export sale of $361.95 million was recorded in March 2017. This is $98.84 million higher than the preceding month’s performance. Crude oil export sales contributed $255.50 million of the dollar transactions compared with $157.65 million contribution in the previous month.”
 
The Corporation disclosed that a total value of ₦206.42 billion was collected as sales revenue for white products sold by PPMC in March 2017, compared with ₦179.81billion collected a month earlier.
 
It put the total revenues generated from the sale of white products for the period March 2016 to March 2017 at ₦1,611.09 billion where Premium Motor Spirit (PMS) contributed about 85.11 per cent of the revenues collected with a value of ₦1.371.14 billion.
 
NNPC said that the domestic crude oil and gas receipt during the month amounted to N134.96 billion, consisting of N2.28 billion from domestic gas, N0.18 billion from other miscellaneous receipt and the sum of N132.50 billion from domestic crude oil.
 
Out of the Naira receipt, NNPC added that the sum of N46.46 billion was transferred to JVCC being a first line charge, and to guarantee continuous flow of revenue stream to the Federation Account.
 
NNPC transferred the sum of N88.49 billion (including N2.46 billion from Gas receipts) into the Federation Account during the month under review from the net domestic crude oil receipt of N132.50 billion, while the balance of N46.46 billion was used to fund the JV cash call account as cost of production.
 
Also, the final 32nd instalment of the refund to FG of N6.33 billion was transferred. During the one year period, the Federation Account, JVCC, and the Federal Government received the sum of N772.52 billion, N512.09 billion and N82.30 billion respectively.
 
It  revealed that trading deficit, which has characterised the Corporation’s operations for some time, as a result of massive disruption and sabotage of its facilities, recorded a huge drop from N14.12 billion in February to just about N5.62 billion.
 
The improvement was attributed to the increase in the Nigerian Petroleum Development Company (NPDC) crude oil exports revenue by 86 per cent. NPDC is the upstream (exploration and production) arm of the NNPC.
 
Out of a total cumulative production of 15.7 million barrels from its 10 production fields year-year to, NPDC’s monthly average daily production for March stood at about 39.786 barrels.

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