OpeOluwani Akintayo
Lagos — Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, MidWestern, Pillar and First Exploration and Production will remit a total of N249.3bn to Nigeria in January next year.
Latest report by the national oil company, the Nigerian National Petroleum Company Limited, NNPC said the money is for October 2021 domestic crude oil sales.
According to the report, while the October 2021 crude oil exports of 50,000 barrels under Production Sharing Contract, valued at $4.18m was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is valued at N249.3bn.
The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at N73.85bn, while MPN would remit N123.22bn for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at N26.966bn and N3.25bn, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at N249.3bn.
