NNPC records export sale of $265m in December

A total export sale of $265.15 million was recorded in December by the Nigerian National Petroleum Corporation (NNPC).

The corporation’s 2018 financial report said the revenue is 60.34% lower than the previous month.

Crude oil export sales contributed $145.50 million (54.87%) of the dollar transactions compared with $574.95 million contributions in the previous month.

Also, the export Gas sales amounted to $119.65 million in the month.

The December 2017 to December 2018 Crude Oil and Gas transactions indicated that Crude Oil & Gas worth $5.97 Billion was exported.

On the dollar payments to Joint Venture cost recovery and Federation Account, total export receipt of $345.68 million was recorded in December 2018 as against $605.71 million in November 2018.

Contribution from Crude oil amounted to $180.46 million while Gas and miscellaneous receipt stood at $114.61 million and $50.61 million respectively.

Of the export receipts, $137.08 million was remitted to the Federation Account while $208.60 Million was remitted to fund the JV cost recovery for the month of December 2018 to guarantee current and future production.

Total export crude Oil & Gas receipt for the period December 2017 to December 2018 stood at $6.06 Billion.

From it, the sum of $4.56 Billion was transferred to JV Cash Call as first line charge and the balance of $1.50 Billion was paid into Federation Account.

According to the report, NNPC transferred the sum of N111.26 billion into Federation Account for the month under review.

From December 2017 to December 2018, Federation, and JV received the sum N928.85 Billion and N578.92 Billion respectively.

SOURCE: sweetcrudereports.com