The crude oil lifting on the account of the Nigerian National Petroleum Corporation (NNPC) between May 2019 and May 2020 is valued at $9,864,670,742 a Naira equivalent of N3.6trillion at N360/$, the corporation has disclosed.
It said between this period, a total volume of 800 million barrels of oil and condensate was lifted by all parties – Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR).
In its Monthly Financial and Operations Report for June 2020, the total value for federation export was $62,014,611 while domestic is $123,725,918 at an approximated Naira equivalent of N22.3billion and N44.5billion respectively.
It stated that in May 2020, the volume of 56.13 million barrels of crude oil was lifted by all parties, out of which NNPC lifted 19.04 million barrels on behalf of the Federation.
According to the report,13.53 million barrels were lifted on the account of the Corporation (Domestic and Federation Export) while 2.56 million barrels and 2.96 million barrels were managed for FIRS and DPR respectively.
In a breakdown, it said of the 13.53 million barrels lifted on the account of NNPC in May 2020, 5.11 million barrels and 8.42 million barrels were for domestic and export markets respectively.
At an average oil price of $25.27/barrel and an exchange rate of N360/$, the domestic crude oil lifted by NNPC according to the report is valued at $129,210,760 or a Naira equivalent of N46,515,873,525.84 for May 2020.
It added that the remaining crude oil lifted for export was valued at $219,578,800 at an average price of $26.09/barrel, stressing that the total value of crude oil lifted on the account of NNPC in May 2020 was thus $348,789,559 (N125.6billion).
For FIRS and DPR, the total crude oil lifting between May 2019 and May 2020 was valued at $2,769,207,994 and $648,808,882 that is N996.9billion and N233.6billion respectively.
Also, the report disclosed that NNPC in May 2020, NNPC lifted 5,112,868 barrels of crude oil from the daily allocation for domestic utilisation translating to an average volume of 170,429 barrels of oil per day.
The total volume of barrels in 13 months is 123,725,918 at an average of $54.47/bbl and sales value of N2.08trillion.
“In terms of performance. In order to meet domestic product supply requirements for the month of May 2020, the entire 5,112,868 barrels were processed under the Direct-Sales-Direct Purchase (DSDP) scheme while no deliveries to the domestic refineries for processing.”
Similarly, the report stated that in June 2020, the three local refineries Owerri, Portharcourt and Kaduna processed no crude while the combined yield efficiency was put at zero percent.
It blamed this largely on the on-going rehabilitation works in the refineries.
It said there are no associated crude plus freight cost for the three refineries since there was no production but operational expenses amounted to N10.27billion, resulting in operating deficit of N10.23billion.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
CBN Pegs Exchange Rate At 386/$
Central Bank of Nigeria (CBN) has pegged naira exchange rate at 386 units to the United States dollar as it plans to resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international…
Council Of State Pardons Ex-Gov Ambrose Alli, Three Others
The Council of State has ratified the presidential pardon extended to late former Bendel State Governor, Prof. Ambrose Alli and three others. The meeting presided over by President Muhammadu Buhari at the presidential villa, Abuja on Thursday also ratified the pardon granted to Col Moses Effiong, Major E.J Olarenwaju and…
Blasphemy: I Will Not Hesitate To Sign Death Warrant If Yahya Sharif Fails To Appeal, Says Ganduje
Kano State governor, Abdullahi Umar Ganduje, has said he would not hesitate to sign the death warrant passed on Kano-based singer, Yahya Aminu Sharif if he fails to appeal the judgment. This was just as governor Ganduje said the state government has accepted the judgement passed on Sharif and is ready to abide by it. However, the Nigerian constitution gives the right of appeal to Shariff…
Southern Kaduna Crisis: We Won’t Sweep Issues Under Carpet ― Osinbajo
Vice President Yemi Osinbajo has assured that the Federal Government will not sweep the major issues underlying the conflict in Southern Kaduna under the carpet so as to effectively deal with the situation. Speaking, on Thursday, at the ongoing Nigeria Bar Association Annual General Conference during a Special Conversation, he identified the major issues to include “ensuring justice, fixing economic marginalisation and the…
Details Emerge Of How Akinwumi Adesina Got 100% Votes For Second Term As AfDB President
Dr Akinwumi Adesina was on Thursday unanimously endorsed by all the 81-member countries of African Development Bank (AfDB) for another term of five years as the 55th annual meetings of the bank ended in Cote d’Ivoire. A globally-renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate … NNPC accrues N3.6trillion | NNPC accrues N3.6trillion | NNPC accrues N3.6trillion
The Academic Staff Union of Universities (ASUU) has accused the Federal Government of frustrating the…
NIGERIAN banks must rethink their operating models to provide more value to customers, drive inclusive…
THE latest African brand equity rankings have revealed a concerning trend for Nigeria’s banking sector.…
IN a bid to strengthen security operations and safeguard assets amid rising operational risks, six…
THE International Monetary Fund (IMF) has highlighted a set of policy recommendations aimed at helping…
Being Smart – The best art is to be smart. Smartness to me, is everything…
This website uses cookies.