Nigeria Earns N1.118trn in One Year from Domestic Crude Sales

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NNPC Towers

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Financial report of the Nigerian National Petroleum Corporation shows that N1.118 trillion was paid into the federation account by the country’s cash cow between April 2015 and March 2016

THE March 2016 edition of the monthly financial and operation report of the Nigerian National Petroleum Corporation, NNPC, shows that the total amount paid into the Federation Account for domestic crude oil and gas and other receipts from April 2015 to March 2016 is N1.118 trillion. The NNPC also has paid N69.544 billion into the federation account in the month of March as proceeds from the sale of domestic crude oil. According to the report, NNPC recorded N107.826 billion revenue in March, slightly higher than the N104.804 in February.

The report said the revenue rose marginally by 2.88 percent and the expenses dipped by 12.92 percent to N112.368 billion from N129, 034 billion recorded in February. But the corporation also made a loss of N18.89 billion in the month. The loss was an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that Nigerian Petroleum Development Company, NPDC, Integrated Data Services Limited, IDSL, and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.

The Nigerian Gas Company recorded a profit of N5.155 billion. “Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million. The PPMC recorded a deficit of N923 million.”

The report obtained from NNPC website, said that the deficit recorded by NPDC in February and March 2016 were due to production shut-in occasioned by vandalism of Forcados Export Line, which resulted in the loss of its entire revenue from crude oil sales of about N20 billion.

The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion. The associated Crude plus freight cost was N20.02 billion. It said that this gave a negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that N85.66 billion was collected as sales revenue from white products sold by PPMC in March 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 percent 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 dollars, while gas export accounted for 71.81 million dollars. On dollar payments to Joint Venture Cash Call, it said total export proceeds of 141.87 million dollars were recorded in March 2016 consisting of crude oil receipt of 88.36 million dollars.

It added that Liquefied Petroleum Gas, LPG, and Escravos Gas to Liquid, EGTL, recorded proceed of 1.52 million dollars and Miscellaneous receipts amounting to 51.99 million dollars. “The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016. Hence, all un-lifted February and March cargoes were deferred until the repair is completed.”

— May 23, 2016 @ 01:00 GMT

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