NNPC rakes in $239m from crude oil

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    NNPC Corporate headquarters in Abuja
    NNPC releases November sale of crude, gasoline

    The Nigerian National Petroleum Corporation (NNPC) posted $239.10 million from the export of crude oil and gasoline in November, 2017.

    The gross sales report was revealed within the November 2017 version of the Monthly NNPC Operations and Financial Report which additionally indicated that determine to be 25.68 per cent decrease than the earlier month efficiency.

    The breakdown additionally confirmed that Crude oil export gross sales contributed $113.97 million (or 47.7%) of the greenback transactions in contrast with $227.83 million contribution within the earlier month.

    Mr. Ndu Ughamadu, Group General Manager, Group Public Affairs Division of NNPC, stated in an announcement on Wednesday in Abuja.

    He stated the export gasoline gross sales amounted to $125.13 Million in the course of the interval.

    “A broader evaluation of Crude Oil & Gas transactions from November 2016 – November 2017, nevertheless indicated that Crude Oil & Gas price $three.73 Billion was exported

    “Under US Dollar Payments to Joint Venture Cost Recovery & Federation Account, a complete export receipt of $201.11 million was recorded in November 2017 as receipt in opposition to $277.50 Million in October, 2017.’’

    He stated that the contribution from Crude oil amounted to $147.39 million whereas gasoline and miscellaneous receipt stood at $ 50.17 Million and $three.55 Million respectively.

    “Of the export receipts, $121.75 million was remitted to Federation Account whereas $56.56 million was remitted to fund the JV price restoration for the month of November, 2017 to ensure present and future manufacturing.

    “A broader breakdown revealed that complete export crude Oil & Gas receipt for the interval of November, 2016 to November, 2017 stood at $three.73 billion.

    “Out of which the sum of $2.60 billion was transferred to JV Cash Call as first line cost and the steadiness of $zero.85 billion was paid into Federation Account

    On Naira Payments to Federation Account, he stated, the report indicated that Domestic Crude Oil and Gas receipt in the course of the month amounted to N135.14 Billion, consisting of N127.93Billion from Domestic Crude Oil, the sum of N7.21Billion from Domestic Gas.

    “Out of the Naira receipt, the sum of N54.16 Billion was transferred to Joint Venture Cash Call (JVCC) being a primary line cost and to ensure steady movement of income stream to Federation Account.

    On the receipt from web home crude oil and gasoline, NNPC transferred the sum of N54.16 Billion into Federation Account and N80.98 Billion to JV money Call for the month underneath evaluate.

    “From November 2016 to November 2017, Federation, JV, and FG for debt compensation obtained the sum N865.59Billion, N726.11Billion and N31.65 Billion respectively.

    About Crude oil &Gas Revenue and Remittances Federation Crude Oil and Gas liftings are broadly categorised into Equity Export and Domestic. Both classes are lifted and marketed by NNPC and the proceeds remitted into the Federation Account.

    Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid immediately into Federation Account domiciled in Central Bank of Nigeria (CBN).

    Domestic Crude Oil of 445,000bopd is allotted for Refining to satisfy home merchandise provide. Payments are effected to Federation Account by NNPC after adjusting crude & product losses and pipeline repairs & administration price incurred in the course of the interval.

    NNPC additionally lifts Crude Oil and Gas, apart from Equity and Domestic Crude Oil, on behalf of DPR and FIRS proceeds of that are remitted into Federation Account.

    The Third Party finance lifting are Crude Oil and Gas lifting from fields which are financed utilizing different finance/mortgage facility which require the servicing of debt obligations earlier than remitting the steadiness into the Federation Account as Price Balance

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