Nigeria exports 328,897mbs of crude in four years

*Crude oil vessel.

*Crude oil vessel.

21 March 2016, Lagos — Nigerian Extractive Industrial Transparency Initiative, NEITI, said the Federal Government has exported 328, 897 million barrels of crude oil in the last four years.

The agency, in a paper titled: “NNPC offshore processing and swap arrangements: Revenue loss to the nation’’ obtained at the weekend, showed that the Federal Government allocated 655,235million barrels of crude during the period under review, of which it exported 328, 897 million barrels to generate revenues for the country.

The paper, which gives an account of the number of volumes of crude oil allocated per year, volumes delivered to the refineries for processing into petrol, kerosene, diesel and other finished products, volumes supplied for offshore processing, and those exchanged between Nigeria and her partners abroad, said the government supplied 134, 387 million barrels of crude oil to the refineries during the period.

In the paper presented by former NEITI Acting Executive Secretary, Dr Orji Ogbonaya Orji, the government allocated more crude oil for exports since it derives more than 70 per cent of its earnings from oil exports.

Giving a breakdown of crude oil dealings during the period under review, NEITI said the country allocated 161,914 million of crude oil in 2009; 166, 523millions in 2010; 164,455million in 2011; and 162,343millions in 2012.

It said the government exported 142, 500 million barrels of crude oil in 2009; 97, 792 million barrels in 2010; 39, 341 million barrels in 2011 and 49, 215 million barrels in 2012.

The paper said the government delivered 19, 363 million barrels to the refineries in 2009; 34, 703 million barrels in 2010; 48, 394 million barrels in 2011 and 34, 927 million barrels in 2012.

Others include crude oil offshore processing-27,556 million barrels of crude oil in 2010; 26, 688 million barrels of crude oil 2011; and 22, 755 million barrels of crude oil in 2012.

Also, the paper recalled that the idea of swapping crude oil for refined products began in the mid 80s, adding that the idea was introduced to enable NNPC access funds to meet its obligations in the Joint Venture Agreements (JVAs)

The House of Representatives Ad Hoc Committee conducted investigation into the Refined Product Exchange Agreement/Crude Oil Swap between the Nigerian National Petroleum Corporation (NNPC)/ Product Pipeline Marketing Company (PPMC).

Also, the Committee had planned to invite the former Minister of Petroleum Resources, Mrs Deazani Alison-Madueke for explanation on the issue. The invitation was to enable the former Oil Minister provide explanations into crude oil swap deals contract extensions granted Duke Oil Company Incorporated and Trafigura B.V without valid contracts.
*The Nation

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