Oil vandals cost FG over N10bn in 60 days

The shutting of Forcados Export Line as a result of activities of pipeline vandals made the Nigerian Petroleum Development Company (NPDC) record a loss of N9.874 billion between February and March.

The Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited also posted losses of N469 million and N69 million, respectively.

This was contained in the Nigerian National Petroleum Corporation (NNPC) monthly financial report for March, which was released in Abuja.

“The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bpd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on February 15,” the report read.

“Hence, all un-lifted February and March cargoes were deferred until the repair is completed.”

According to the report, the corporation also made a loss of N18.89 billion in the month under review.

It said the loss was an improvement from a deficit of N24.23 billion recorded in February.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,’’ it said.

This, it said, resulted to the loss of its entire revenue from crude oil sales of about N20 billion.

The NNPC also paid N69.544 billion into the federation account in March, bringing the total amount paid to the account for domestic crude oil and gas and other receipts from April 2015 to March 2016 to N1.118 trillion.

The report also added that corporation recorded N107.826 billion revenue in the month of March against N104.804 in February.

It said the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month.

It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

The report also put the combined value of output by the three refineries at import parity price in March at N22.93 billion, while the associated crude plus freight cost was N20.02 billion.

It said that this gave negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.

“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion.”

The NNPC recorded total export proceeds of $170.12 million in the month under review, with crude oil export accounting for $98.31 million, while gas export accounted for $71.81 million.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of $141.87 million were recorded in March, consisting of crude oil receipt of $88.36 million.

It added that Liquefied Petroleum Gas (LPG) and Escravos Gas to Liquid (EGTL) recorded proceed of $1.52 million and Miscellaneous receipts amounting to $51.99 million.