NNPC exports crude oil worth $263.11 million in one month

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06 June 2017, Naija247news, Abuja — The Nigerian National Petroleum Corporation, NNPC, exported $263.11 million, about N97.35 billion, worth of crude oil and gas in the month of February 2017.

The NNPC, in its February 2017 Monthly Financial and Operations Report, disclosed that the value of crude oil exported in February represented a 30.15 percent or $60.95 million improvements when compared with $202.163 million recorded in January 2017.

According to the NNPC, crude oil export sales contributed $157.65 million or 59.92 percent of the dollar transactions, compared with $93.97 million contributions in the previous month.
On the other hand, the NNPC stated that export gas sales amounted to $105.46 million in the month.

However, the NNPC disclosed that total export proceeds of $168.19 million were recorded in February 2017 as receipt against $171.12 million in January 2017, adding that contribution from crude oil amounted to $157.65 million while gas and miscellaneous receipt stood at $10.54 million and $0.001 million respectively.

It explained that the total export proceeds were remitted to fund the Joint Venture (JV) Cash Call for the month of February 2017 to guarantee current and future production.

“Total export crude oil and gas receipt for the period of February 2016 to February 2017 stood at $2.33 billion. Out of which the sum of $2.26 billion was transferred to JV Cash Call in line with 2016 Approved Budget pending 2017 budget approval and the Exit of JV Cash Call and the balance of $0.073 billion was paid to Federation Account.

“However, this JVCC amount falls short of the 2016 appropriated amount of $8.55 billion. This is due to twin effect of production disruption in Niger-Delta and low crude oil prices during the year,” the NNPC said.

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