02 December 2015, Sweetcrude, Abuja – The Nigerian National Petroleum Corporation, NNPC, said it has remitted N872.90 billion for Domestic Crude Oil & Gas and other receipts to the Federation Account between January and October this year.
According to the October 2015, Financial and Operations Report on the Corporation’s website posted yesterday, it noted that:
“The sum of N872.90billion for Domestic Crude Oil & Gas and other receipts have been paid to the Federation Account from January to October 2015.”
On refinery operations, NNPC noted that, “Total crude processed by the three refineries, in the month of October 2015 was zero. However, 92,332 MT(metric tonnes) of unfinished product was processed which translates to a combined yield efficiency of 78.93 per cent.
“From January to October 2015, the three refineries produced 682,901 MT (5,007,030.13 bbls) of finished petroleum products out of 955,537 MT (7,005,997.28 bbls) of crude processed at an average capacity utilisation 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 $445.79million 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 previous month of September.
It added that, “While export gas sales and NLNG feedstock accounted for $84.57million, that is, 18.97 per cent contribution compared with 31.21 per cent contribution in the prior month of September 2015.”
The remaining $35.93milion was attributable to other dollar denominated receipts by the Corporation. A total of $607.8 million has been paid so far to the Federation Account Allocation Committee (FAAC) in the year 2015 from sales of export oil and gas.”
In the 10 months under review, the total export crude oil and gas receipt is $4.14 billion.
Of the total receipts, according to 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.
“The dwindling oil price has negatively affected the NNPC dollar contribution to the Federation Account. The continued decline in oil price led to insufficient cash availability to meet JV cash calls obligations of about $615.8million monthly as appropriated by the National Assembly.
“To mitigate this effect, NNPC was compelled to sweep all the export receipt to JV cash call funding implying a zero remittance to 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, and miscellaneous receipt amounting to $325.28 million (72.97 per cent), $84.57million, that is, 18.97 per cent and $35.93million (8.06 per cent) respectively.