Nigerian National Petroleum Corporation, NNPC, yesterday, said it earned $239.10 million from crude oil export and gas in November 2017.
The NNPC, in a statement on its Monthly Financial and Operations Report for November 2017, stated that the crude oil and gas export figure in November was 25.68 per cent 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, or 47.7 per cent of the dollar transactions compared with $227.83 million contribution in the month of October 2017.
It added that export gas sales amounted to $125.13 million during the period, while it added that crude oil and gas export from November 2016 to November 2017 stood at $3.73 billion.
It said: “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 and gas receipt for the period of November 2016 to November 2017 stood at $3.73 billion. Of which $2.60 billion was transferred to Joint Venture, JV, Cash Call as first line charge and the balance of $0.85 billion was paid into the Federation Account.”
The NNPC further stated that it earned N135.14 billion from domestic crude oil and gas sales in the month under review, consisting of N127.93 billion from domestic crude oil, the sum of N7.21billion from domestic gas.
According to the NNPC, of the naira receipt, 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 N54.16 billion into Federation Account and N80.98 Billion to JV Cash Call for the month under review.”