Uche Usim, Abuja
The Nigerian National Petroleum Corporation (NNPC) said it recorded total export receipts of $476.25 million in December, 2017, from sale of crude oil and gas as against $201.11 million in November, 2017.
This was contained in the monthly NNPC Financial and Operations Report for December, 2017, which was released on Tuesday.
According to the report, while receipts from crude oil amounted to $342.16 million, gas and miscellaneous receipts accounted for $ 94.85 million and $39.24 million respectively.
On naira receipts, the report showed that domestic crude oil and gas sales in the month amounted to N96.68 billion, consisting of N89.11 billion from domestic crude oil and N7.57billion from domestic gas.
Of the Naira receipts, the sum of N77.57billion was transferred to the Federation Account in the month under review, while N19.11billion was paid for Joint Venture Cash Call (JVCC) being a first line charge to guarantee continuous flow of revenue stream to Federation Account.
The report further showed that from January to December, 2017, NNPC remitted a total of N857.36billion into the Federation Account, N644.05billion for Joint Venture financing, and N19billion to the Federal Government for debt repayment.
In terms of natural gas off-take, commercialization and utilisation, the report indicated that out of the 234.08 Billion Cubic Feet (BCF) of gas supplied in December, 2017, a total of 138.99BCF was commercialized, comprising of 39.53BCF and 99.46BCF for the domestic and export markets respectively.
This translates to a total daily supply of 1,275.09 million Standard Cubic Feet of Gas (MSCF) to the domestic market and 3,209.70MSCF of gas supplied to the export market.
The report also showed that 60.89 peer cent of the average daily gas produced was commercialised, while the balance of 39.11 per cent was re-injected, used as upstream fuel gas or flared.
A total of 828MMSCF of gas per day was delivered to the gas-fired power plants in the month under review to generate an average of 3,342 Mega Watts (MW), a modest 11.4 per cent increase on the November, 2017, gas-to-power delivery of 743MSCF to generate 3,115MW.
Federation Crude Oil and Gas liftings are broadly classified into Equity Export and Domestic. Both categories are lifted and marketed by NNPC and the proceeds remitted into the Federation Account.