The total export proceeds of $ 171.12million were recorded in January 2017 as receipt against $175.04 million in December 2016, the Nigerian National Petroleum... Oil Export Proceeds Down to $171.12m

Maikanti-Kacalla-BaruThe total export proceeds of $ 171.12million were recorded in January 2017 as receipt against $175.04 million in December 2016, the Nigerian National Petroleum Corporation (NNPC) has said.

Its monthly financial report that made this known added that contribution from Crude oil amounted to $93.97 Million while Gas and miscellaneous receipt stood at $69.76 million and $7.39 million.

The total export proceeds were remitted to fund the JV cash Call for the month of January 2017 to guarantee current and future production.

According to the report, “total export crude Oil & Gas receipt for the period of January, 2016 to January 2017 stood at $2.57 billion. Out of which the sum of $ 2.50 billion was transferred to JV Cash Call in line with 2016 Approved Budget pending 2017 budget approval and the Exit of JV Cash Call and the balance of $0.073 billion was paid to Federation Account.

However, this JVCC amount falls short of the 2016 Appropriated amount of $.8.55 billion. This is due to twin effect of production disruption in Niger-Delta and low Crude Oil prices during the year.”

The Domestic Crude Oil and Gas receipt during the month amounted to N132.20 billion, consisting of N1.18Billion from Domestic Gas and the sum of N131.01 billion from Domestic Crude Oil.

Out of the Naira receipt, the sum of N49.17 billion was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.

The report noted that NNPC transferred the sum of N81.84 billion into Federation Account during the month under review from the net domestic crude oil receipt and N1.18Billion from Gas receipts.

It added that “Also, the 30th installment of the refund to FG of N6.33billion was transferred. From January 2016 to January 2017, Federation, JV, and FG received the sum N736.09billion, N404.35 billion and N82.30 billion respectively.”

NNPC said that a total export sale of $202.16 million was recorded in January, 2017. This is $6.76 million higher than the preceding month’s performance. Crude oil export sales contributed $93.97million (or 46.48%) of the dollar transactions compared with $100.37 million contribution in the previous month.

The corporation said that also the export Gas sales amounted to $108.20 million in the month. The January 2016 to January 2017 Crude Oil and Gas transactions indicate that Crude Oil & Gas worth $2,647.61 million was exported.

According to the report, the Group operating revenue for the months of December 2016 and January 2017 were ₦206.40billion and ₦255.43billion respectively.

It said that: “These represent 86.89% and 107.53% respectively of monthly budget. Similarly, operating expenditure for the same periods were ₦223.40billion and ₦269.68billion respectively, which also represents 106.54% and 128.61% of budget for the months respectively.

“NNPC has been operating in a challenging environment which limits its aspiration to profitability. However, this 18th publication (January 2017) is structured to reflect the Corporation’s ongoing restructuring exercise for the implementation of Autonomous Business Unit and the new refineries business model.

“Overall, a trading deficit of ₦14.26Billion was recorded for the month under review as against the reported December, 2016 trading deficit of ₦17.01billion. This represents about 16% improvement compared to previous month.

“This marginal decrease in the deficit is largely attributed to the improved NPDC Revenue and combined Refineries efficiency as well as reduction in the upstream costs by over 32% relative to last month.

Other factors that affected the overall NNPC’s performance include production shutdown of Qua Iboe & Agbami Terminals, TNP & NCTL as well as the subsisting Force Majeure declared by SPDC as a result of the vandalized 48-inch Forcados export line after the restoration on 17th October, 2016 amongst others.”