Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Nigeria’s commitment to upstream JV projects crashes

    Nigeria’s commitment to upstream JV projects crashes

    September 22, 2020
    Share
    Facebook Twitter LinkedIn WhatsApp
    *NNPC-Towers, Central Business District, Garki, Abuja.

    OpeOluwani Akintayo

    Lagos — Nigeria’s commitment to oil and gas Joint Venture, JV projects has dropped to a record low, SweetcrudeReports findings have shown.

    The latest report by the state oil firm, NNPC says the federal government cut spending on such venture by approximately 62 percent in July.

    The cut was necessitated by the ravaging Coronavirus pandemic which hit hard on earnings of mostly oil and gas producing nations, who at the peak of the crisis could not export much of their products as expected.

    According to the Nigerian National Petroleum Corporation, NNPC latest report, cash call payment fell to $94.84m (N34.14bn) in July from $248.48m (N89.45bn) in June.

    NNPC under the JV agreements with private oil and gas firms, makes part payments depending on its share, to fund projects. Produced crude oil from such arrangements are also shared depending on each party’s equity.

    However, the Corporation said total export receipt of $122.44m was recorded in July as against $378.42m in June.

    “Of the export receipts, $67.45m was remitted to the Federation Account while $54.98m was remitted to fund the JV cost recovery for the month of July 2020 to guarantee current and future production,” it added.

    The report said in addition to the dollar allocation of $54.98m to the JV cash call account, the naira portion of N14.35bn ($39.86m) was transferred to the account from domestic crude oil receipts in July.

    In June, the dollar allocation to the JV cash call account was $154.68m while the naira portion was N33.77bn ($93.80m), according to the report, adding that it remitted N70.15bn to the Federation Account Allocation Committee, FAAC.

    The JVs accounted for 33.20 percent of the average daily production of 1.69 million barrels recorded in June, the report said.

    Related News

    Despite NPA’s intervention, export cargoes still stock at EPTs for days

    Crude oil rebound reflects optimism over the U.S.-China dialogue

    Stakeholders hail PINL’s achievements in protecting TNP

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Gold rose amid geopolitical risks, investors await trade developments

    May 9, 2025

    Despite NPA’s intervention, export cargoes still stock at EPTs for days

    May 9, 2025

    Nigeria recommits to fostering enabling environment for inclusive prosperity

    May 8, 2025

    Ogbe reiterates vision of NCDMB, as AMNI celebrates NOGICD Act

    May 8, 2025

    Ghana’s currency to extend gains, Nigeria’s and Uganda’s steady

    May 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.