NNPC Crude Oil Sale Slumps by $25.76million in October

The Nigerian National Petroleum Corporation, NNPC, has released its monthly financial and operations reports of October 2016, showing a total crude oil sale of $105.74 million, about $25.76 million lower than in September.

The report revealed that crude oil export sales contributed $21.40 million (or 20.24%) of the dollar transactions compared with $86.80 contribution in the previous month.

Also the export Gas sales amounted to $84.34 million in the month. Twelve month Crude Oil and Gas transactions indicate that Crude Oil & Gas worth $ 2,768.73 million was exported.”

The report however added that total export proceeds of $ 97.29 million were recorded in October 2016 as receipt against $115.57 million in September 2016.

In the month under review, NNPC said contribution from crude oil amounted to $18.90 million after adjusting for $2.50 million lifting deposit utilized earlier.

The report also showed that “gas & other proceeds was $78.39 million. The total receipt of $97.29 Million remitted to fund the JV cash Call for the month of October 2016 to guarantee current and future production.”

It attributed the poor performance to attack and sabotage of oil facilities in the Niger Delta.

NNPC explained that at Forcados Terminal alone about 300,000bopd were shut in since February 2016 following Force majeure declared by Shell Petroleum Development Company (SPDC).

The report noted that a number of crude oil liftings were deferred until the repair is completed. Other major terminal affected by the renewed spate of vandalism includes Bonny, Usan, Que Ibo terminals, and the recent attack on the Nembe Creek Trunk Line (NCTL).

 

 

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