NNPC remits N872.90b to Government’s Coffers

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The Financial and Operations Report of the Nigerian National Petroleum Corporation (NNPC) is out. It was posted for the October and it says that between January and October 2015 the NNPC, remitted “ the sum of N872.90 billion for domestic crude oil, gas, and other receipts paid into the Federation Account.”
The NNPC report said: “Total crude processed by the three refineries, in the month of October 2015 was zero. However, 92,332 metric tonnes (mt) of unfinished product was processed and this translates to a combined yield efficiency of 78.93 per cent”. It further says that from January to October 2015, the three refineries produced 682,901mt (5,007,030.13 bbls) of finished petroleum products out of 955,537mt (7,005,997.28 bbls) of crude processed at an average capacity utilization of 5.18 per cent and yield efficiency of 78.93 per cent.”
According to the report, crude oil export revenue increased by 14.42 per cent between September and October this year. In the month under review, the NNPC said its total export proceeds was $445.79 million with proceeds from crude oil export sale amounting to $325.28 million or 72.97 per cent of the dollar payment compared with 58.55 per cent contribution in the month of September. It added, that “export gas sales and NLNG feedstock accounted for $84.57 million and this represents, 18.97 per cent contribution compared with 31.21 per cent contribution in the preceding month. The sum of $35.93 million was attributed to other dollar denominated receipts by the corporation.
In the 10 months under review, the total crude oil and gas export receipt came to $4.14 billion, while a total of $607.8 million has been paid so far to the Federation Account Allocation Committee (FAAC) from sales of export oil and gas.” According to the NNPC, the sum of $0.61billion was remitted to the Federation Account while the balance of $3.53 billion was used to fund the JV cash call for the period. Meanwhile “the dwindling oil price has negatively affected the NNPC dollar contribution to the Federation Account. Sources say the decline in oil price has led to insufficient cash call to meet the JV obligations of $615.8million monthly. NNPC says “To mitigate this effect, it is compelled to sweep all the export receipt to JV cash call funding implying a zero remittance to the Federation Account since the month of April 2015.”
On dollar payments to JV cash call and Federation Account, NNPC said the total export proceeds of $445.79million was recorded in October, with proceeds from crude oil sales, LPG & NLNG feedstock, including miscellaneous receipts amounting to $325.28 million or 72.97 per cent, $84.57million, or 18.97 per cent and $35.93 million (8.06 per cent) respectively.
Source: energy news

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