NNPC Remits N933.1bn, $607.8m, To FG From January to November, 2015

The Nigerian National Petroleum Corporation (NNPC) remitted a total of N933.1 billion to the Federation Account between January and November, 2015. The amount was for domestic crude oil and gas and other receipts during the period.

The dollar payments to the Federal Accounts and Allocation Committee for the same period amounted to $607.8 million. Total export proceeds for November 2015 was $402.55 million, with crude oil exports accounting for $296.99 million, or 73.78%.

These figures are contained in the NNPC’s financial report for November and December 2015. The report also indicated that the nation’s refineries all operated at zero capacity for November 2015. In other words, there was no processing of any crude oil by the Port Harcourt Refining Company, Warri Refining and Petrochemical Company and the Kaduna Refining and Petrochemical Company in that month.

Meanwhile, there are indications that only two of the refineries, those of Port Harcourt and Kaduna, were able to meet the  90-day deadline given to all the refineries by the Minster of State for Petroleum, Dr. Ibe Kachikwu, for them to resume crude processing. The deadline elapsed on Thursday, December 31, 2015.

The Kaduna refinery resumed production about two weeks ago, while the Port Harcourt refinery went back into operation on Sunday, December 27, 2015.

The nation’s three refineries have a combined production capacity of 445,000 barrels per day. The Warri refinery has a capacity of 125,000 bpd, the Port Harcourt refinery has a total capacity of 210,000 bpd, while the Kaduna refinery has the capacity to process 110,000 bpd.