NNPC: Revenue from crude oil, gas sales up 37.31% to N223.34bn in November

December 30

13:07 2020

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The gross revenue realised from crude oil and gas sales by the Nigerian National Petroleum Corporation (NNPC) in November 2020 rose by 37.31 percent to N223.34 billion.

This is compared to the N161.93 billion recorded in October 2020.

These figures are contained in the NNPC report presented to the federation account allocation committee (FAAC) at its meeting on December 15 and December 16, 2020.

According to the report, gross revenue realised from joint venture (JV) crude oil was N197.34 billion while N11.24 billion was realised from JV gas sales.

The NNPC said it lost 1.8 million barrels of crude oil from 16 flow stations over unforeseen circumstances and deliberate shutdowns for routine maintenance.

For instance, Batan flow station came down for six days due to protests by staff over non-payment of salaries; while Yoho flow station production shut down for seven days due to low-pressure discharge on the pump.

Other flow stations that suffered shut-ins in October 2020 were: Forcados, Erha, Agbami, Pennington, Escravos, Brass, Bonny, Ugo Ocha, Antan, Okwori, and Ima.

“The overall NNPC crude oil lifting of 12.2 thousand barrels of oil (export and domestic crude) in October 2020 recorded 38 percent increase compared with the 8.79 thousand barrels of oil lifted in September 2020,” the report read.

“Crude oil export revenue received in November amounted to N27.78 billion, representing a 500 percent increase compared with the revenue recorded in October 2020. Gas receipts in the month were N3.28 billion.”

Also, the report showed that total contribution to the federation account in November 2020 amounted to N88.95 billion, which includes JV contribution— royalty (N27.88 billion), tax (N38.2 billion), and profit (N9.01 billion); while production sharing contract (PSC)/miscellaneous was N13.76 billion.

Meanwhile, total pipeline repairs and management costs in November 2020 amounted to N3.67 billion, constituting of N2.17 billion for pipelines and other facilities repairs; N951.48 million for marine distribution; and N551.79 million for strategic holding.