Agency Report

The Nigerian National Petroleum Corporation (NNPC) says it earned N135.14 billion from domestic crude oil and gas sales in November 2017.

The Corporation disclosed this in a statement on its Monthly Financial and Operations Report for November 2017 released on Wednesday in Abuja.

It said the earnings consists of N127.93 billion from domestic crude oil and the sum of N7.21billion from domestic gas.

According to the NNPC, out of the naira receipt, the sum of N54.16 billion was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.


“On the receipt from net domestic crude oil and gas, NNPC transferred the sum of N54.16 billion into Federation Account and N80.98 Billion to JV cash Call for the month under review.

“ From November 2016 to November 2017, Federation, JV, and FG for debt repayment received the sum N865.59Billion, N726.11Billion and N31.65 Billion respectively,” it added.

The statement further explained that Federation Crude Oil and Gas liftings were broadly classified into Equity Export and Domestic, adding that both categories were lifted and marketed by NNPC and the proceeds remitted into the Federation Account.

It noted that Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, were also paid directly into Federation Account domiciled in Central Bank of Nigeria (CBN).

“Domestic Crude Oil of 445,000 barrels of oil per day (bopd) is allocated for refining to meet domestic products supply.

“Payments are effected to Federation Account by NNPC after adjusting crude & product losses and pipeline repairs & management cost incurred during the period.

“NNPC also lifts Crude Oil and Gas, other than Equity and Domestic Crude Oil, on behalf of DPR and FIRS proceeds of which are remitted into Federation Account.

“The Third Party finance lifting are crude oil and gas lifting from fields that are financed using alternative finance/loan facility which require the servicing of debt obligations before remitting the balance into the Federation Account as Price Balance.” It said.

On Export, said the corporation earned 239.10 million dollars from crude oil export and gas in the month under review.

It added that the crude oil and gas export figure in November was 25.68 percent lower than the previous month’s performance.

Giving a breakdown of the figures, the NNPC declared that crude oil export sales contributed 113.97 million dollars, or 47.7 percent of the dollar transactions compared with 227.83 million dollars contribution in the month of October 2017.

It added that export gas sales amounted to 125.13 million dollars during the period, while it added that crude oil and gas export from November 2016 to November 2017 stood at 3.73 billion dollars.