The Nigerian National Petroleum Corporation (NNPC) said it remitted $180.93million into the Federation Account in August.
It said the performance was poorer than that of the preceding month when the corporation received a total of $212.25million.
The corporation’s monthly financial report explained: “Total export proceeds of $180.93million were recorded in August 2016 as receipt against $212.25million in July 2016. Contribution from crude oil amounted to $120.84 million while a gas and other proceeds was $60.09million. Of the total receipt, the sum of $157.05million and $23.88million were remitted to fund JV (Joint Venture) cash call and Federation Account respectively.
“Poor performance is attributable to attack and sabotage of oil facilities in the Niger Delta. At Forcados Terminal alone about 300,000bpd were shut in since February 2016 following force majeure declared by SPDC. A number of crude oil Liftings were deferred until the repair is completed.”
NNPC added that other major terminals affected by the renewed spate of vandalism includes Bonny, Usan and Que Iboe terminals. Total export of crude oil & gas receipt for the period of September last year and August this year stood at $3.21billion, out of which $3.09billion was transferred to JV cash call in line with 2015/2016 Approved Budget.
On naira payment to the Federation Account, the NNPC said domestic crude oil and gas receipt during the month amounted to N96.15billion, consisting N1.80billion from domestic gas and N88.01billion from domestic crude oil.
Of the N88.01billion receipt from oil, the report said N52.96billion ($268.83million) was transferred to JV cash call being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.
NNPC transferred N35.05 billion into the Federation Account during the month under review from the net domestic crude oil receipt and N1.80billion from gas receipts.
According to the report, the 25th installment of the refund to Federal Government of N6.33billion was remitted to Federation Account.
NNPC said group operating revenue for the months of July and August this were N128.43billion and N181.53billion respectively.
This represents 54.07per cent and 76.42 per cent respectively of monthly budget. Similarly, operating expenditure for the same periods were N152.61billion and N192.75billion respectively, which also represents 72.78per cent and 91.92per cent of budget for the months respectively.
“The Group operating revenue for the month of N181.53billion is about 41per cent higher than the preceding month and meeting about 76 per cent of the monthly budget target. The marked improvement in revenue is majorly due to resumption of NPDC (Nigerian Petroleum Development Company) production from OML (oil mining lease) 119 which was shut in following export line repair completion as well as the improved PPMC (Pipelines and Product Marketing Company) revenue generation from coastal sales,” it stated.