OpeOluwani Akintayo
Lagos — The Nigerian National Petroleum Company, NNPC Limited has said it will remit N322.45bn crude oil proceeds from Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, and First Exploration and Production into the federation account in April.
The NNPC in its latest report to the Federation Account Allocation Committee, FAAC disclosed that the four international oil companies, IOCs will remit the sum of N322.45bn for January 2022 domestic crude oil payable in April 2022 by the NNPC, adding that this was in line with the NNPC’s 90 days payment term.
Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, and First Exploration and Production are NNPC’s Joint Venture, JV partners.
It said N68.1bn for 1.88 million barrels of crude would come from Chevron, while N65.6bn for 1.899 million barrels would be paid by Mobil.
Shell would remit N163.24bn for 4.696 million barrels of crude, while N25.52bn for 682.45 million barrels of oil would come from First E&P.
Overall NNPC crude oil lifting of 9.94 million barrels (export and domestic crude) in January 2022 recorded 22.26 percent increase relative to the 8.13 million barrels lifted in December 2021, according to the report.
It said Nigeria recorded 1.39 million barrels per day of crude oil production in January 2022, according to data from the Organisation of Petroleum Exporting Countries.
The national oil firm also stated that crude oil export revenue received in February 2022 amounted to $2.73m.
Nigeria’s crude oil production has been on the decline despite increasing quota from OPEC. The country’s oil production quota from the Organization revolved around 1.8 million barrels per day.
While officials of NNPC blamed the decline on low investments in the upstream, billionaire businessman, Tony Elumelu blamed the decline on theft.
According to figures from the Nigeria Upstream Petroleum Regulatory Commission, total value of Nigeria’s crude oil stolen between January 2021 and February 2022 was about $3.27bn.
International oil companies and their counterparts in Nigeria also stated recently that the massive oil theft across the country posed a threat to not just their existence, but to the Nigerian economy.
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