NNPC Posts Export Sales Of $239 Million

NNPC Posts Export Sales Of $239 Million

By Associate Editor | The Trent on January 25, 2018
Ibrahim Idris, Maikanti Baru, NNPC
Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation, NNPC

The Nigerian National Petroleum Corporation (NNPC) has reported that it posted a total crude oil and gas export sale of $239.10 million in the month of November, 2017.

The corporation in a statement on Wednesday said details of the transactions contained in the recently released November 2017 edition of the Monthly NNPC Operations and Financial Report also indicated that the figure is 25.68 percent lower than the previous month performance.

The breakdown also showed that crude oil export sales contributed $113.97 million (or 47.7%) of the dollar transactions compared with$227.83 million contribution in the previous month.

NNPC said export gas sales amounted to $125.13 million during the period. A broader analysis of Crude Oil & Gas transactions from November 2016 – November 2017, however indicated that Crude Oil & Gas worth $3.73 Billion was exported

Under US Dollar Payments to Joint Venture Cost Recovery & Federation Account, a total export receipt of $201.11 Million was recorded in November 2017 as receipt against $277.50 Million in October, 2017.
Contribution from Crude oil amounted to $147.39 Million while Gas and miscellaneous receipt stood at $ 50.17 Million and $3.55 Million respectively. Of the export receipts, $121.75 Million was remitted to Federation Account while $56.56 Million was remitted to fund the JV cost recovery for the month of November, 2017 to guarantee current and future production.

A broader breakdown revealed that Total export crude Oil & Gas receipt for the period of November, 2016 to November, 2017 stood at$3.73 Billion. Out of which the sum of $2.60 billion was transferred to JV Cash Call as first line charge and the balance of $0.85 billion was paid into Federation Account.


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