Nigeria Earned $476.25m from Crude Oil Sales in December

 

The Nigerian National Petroleum Corporation (NNPC) Tuesday said it recorded a total export receipt worth $476.25 million from its sale of crude oil for Nigeria in December, 2017.

 

NNPC said in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja that the record of sales was contained in its financial and operations report for the period of December 2017.

The statement indicated the December earning was about $275.14 million higher than the $201.11 million oil export sales that NNPC recorded in November 2017.

 

The corporation said its operations report was released yesterday but THISDAY observed it had not uploaded same to its website as at the time of filing this report, and so could not ascertain the volume of crude oil it sold within the period from which the revenue was earned.

 

According to the statement, receipts from crude oil amounted to $342.16 million, while that from gas and miscellaneous receipts amounted to $ 94.85 million and $39.24 million respectively.

 

NNPC explained that on its naira receipts, domestic crude oil and gas sales in the month amounted to N96.68 billion, consisting of N89.11 billion from domestic crude oil and N7.57 billion from domestic gas.

 

It equally noted that of the naira receipts, the sum of N77.57 billion was transferred to the Federation Account in the month under review, while N19.11 billion was paid for Joint Venture Cash Call (JVCC) being a first line charge to guarantee continuous flow of revenue stream to Federation Account through oil production.

 

It further statzd that from January to December, 2017, it has remitted a total of N857.36 billion into the Federation Account, N644.05 billion for Joint Venture financing, and N19 billion to the federal government for debt repayment.

 

NNPC said in terms of natural gas off-take, commercialisation and utilisation, that out of the 234.08 billion cubic feet (bcf) of gas supplied in December, 2017, a total of 138.99bcf was commercialised, comprising of 39.53bcf and 99.46bcf for the domestic and export markets respectively.

 

This, it said, translated to a total daily supply of 1,275.09 million standard cubic feet of gas (mmscf) to the domestic market and 3,209.70mmscf of gas supplied to the export market.

 

It explained that this showed that 60.89 per cent of the average daily gas produced was commercialised, while the balance of 39.11per cent was re-injected, and used as upstream fuel gas 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 (MW), a modest 11.4 per cent increase on the November, 2017, gas-to-power delivery of 743mmscf to generate 3,115MW,” the statement noted.

 

Source: This Day

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