20 December 2016, Sweetcrude, Abuja — The Nigerian Petroleum Development Company, NPDC, Independents and International Oil Companies, IOC, lifted crude oil valued at $18.08 billion within a 12-month period, from October 2015 to September 2016, according to latest data released by the Nigerian National Petroleum Corporation, NNPC.
The NNPC, in its Monthly Financial and Operations Report for October 2016, disclosed that the amount represents 64.09 percent of total crude oil lifting value of $28.207 billion recorded in the 12-month period.
On the other hand, the report noted that crude oil valued at $9.51 billion was lifted in the 12-month period on behalf of the Federal Government, representing 33.7 percent of the total crude oil lifted in the period under review.
Giving a breakdown of the figures, the report explained that crude oil valued at $2.092 billion and $364.7 billion was lifted on behalf of the Federal Inland Revenue Service, FIRS and the Department of Petroleum Resources, DPR, respectively, for Production Sharing Contracts, PSC.
In addition, the report stated that the NNPC lifted $7.058 billion crude oil on behalf of the Government, broken down into $1.766 billion and $5.29 billion for the export and domestic markets respectively. This brings total government to $9.51 billion.
NPDC, Independents and International Oil Companies, IOC, lifted crude oil valued at $18.08 billion, while Alternative Financing Companies lifted crude oil valued at $613.7 million.
In volume terms, 50.13 billion barrels and 9.4 billion barrels of crude were lifted on behalf of the FIRS and the DPR respectively, while the NNPC lifted 42.52 million barrels and 128.681 for the export and domestic market respectively, on behalf of the country.
NPDC, Independents and IOCs lifted 457.34 million barrels in the 12-month period while Alternative Financing Companies lifted 14.5 million barrels, bringing the total crude oil lifted in the 12-month period by all parties to 702.55 million barrels.
In its analysis of August and September 2016 data, the report stated that a total volume of 53.61 million barrels of crude oil and condensate was lifted in the month of August 2016 by all parties. Out of this volume, the report noted that 16.27 million barrels were lifted by NNPC on behalf of the Federation, adding that this comprises 10.82 million barrels lifted on the account of NNPC (Domestic and Federation Export) while 5.13 million and 0.33 million was superintended for FIRS and DPR respectively.
In addition, it said, “Of the 5.61 million barrels lifted on the account of NNPC in September 2016, 5.16 million barrels and 0.45 million barrels were for domestic and export markets respectively.
“At an average oil price of $47.65 per barrel and exchange rate of N278.95 to a dollar, the domestic crude oil lifted by NNPC is valued at $245.814 million or a Naira equivalent of N74.973 billion for the period. The remaining crude oil lifted for export was valued at $21.401 million at an average price of $47.28 per barrel. The total value of crude oil lifted on the account of NNPC in September 2016 was thus $267.215 million.