NNPC’s Crude, Gas Export Receipts Up By $275.14m

NNPC Headquarters, Abuja


An increase of $275.14 million in crude oil and gas export receipts of the Nigerian National Petroleum Corporation (NNPC) was recorded in December 2017, the state oil company announced in its latest monthly financial and operations report released on Tuesday.

According to the report, the NNPC recorded total export receipts of $476.25 million in December 2017 from the sale of crude oil and gas, as against $201.11 million in November.

The oil firm stated that while receipts from crude oil amounted to $342.16m, gas and miscellaneous receipts accounted for $94.85m and $39.24m, respectively.

On naira receipts, the report showed that domestic crude oil and gas sales in the month amounted to N96.68 billion, consisting of N89.11 billion from crude oil and N7.57 billion from gas.

It stated that 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, being a first line charge, to guarantee continuous flow of revenue stream to the Federation Account.

The report further showed that from January to December 2017, the NNPC remitted a total of N857.36 billion to the Federation Account; N644.05 billion for JV financing; and N19 billion to the Federal Government for debt repayment.

In terms of natural gas off-take, commercialisation and utilisation, the report indicated that out of the 234.08 billion cubic feet 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 translates to a total daily supply of 1,275.09 million standard cubic feet of gas to the domestic market and 3,209.7mmscf of gas supplied to the export market.

The report also showed that 60.89 per cent of the average daily gas produced was commercialised, while the balance was re-injected, 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, representing 11.4 per cent increase over the November gas-to-power delivery of 743mmscf to generate 3,115MW.