NNPC Generated N223.3bn From Crude, Gas Sales In November

The Nigerian National Petroleum Corporation said that it generated a total of N223.34bn as gross revenue in November this year.

The amount represents a 37.31 per cent increase from the N161.93bn recorded in October.

According to the Corporation’s report presented to the Federation Account Allocation Committee, Joint Venture revenue amounted to N197.34bn while N11.24bn was realised from JV gas sales.

The Corporation, lost 1.8 million barrels of crude oil from 16 flow stations over unforeseen circumstances and deliberate shutdowns for routine maintenance in the period.

The report showed that Batan flow station came down for six days due to protests by staff over non-payment of salaries; while Yoho flow station was 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 report stated, “The overall NNPC crude oil lifting of 12.2 thousand barrels of oil (export and domestic crude) in October 2020 recorded 38 per cent increase compared with the 8.79 thousand barrels of oil lifted in September 2020.

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

Further details of the report showed that total contribution to the federation account in November this year amounted to N88.95bn, which includes JV contribution royalty at N27.88bn, tax at N38.2bn, and profit at N9.01bn.

Similarly the production sharing contract was N13.76bn, while total pipeline repairs and management costs in November 2020 amounted to N3.67bn.

This is made up of N2.17bn for pipelines and other facilities repairs; N951.48m for marine distribution; and N551.79m for strategic holdings.