NNPC Records $2.45bn Export Sale in One Year

• NNPC Records $2.45bn Crude oil Export Sale in One Year

The Nigerian National Petroleum Corporation (NNPC) has said that $2.4 billion export sale was recorded in 12 months of 2016.

The corporation’s monthly Financial and Operations Report for the month of December 2016 just released indicated a 13.4 per cent rise in oil and gas sales for December 2016 as against the previous month.

The report also indicated a total export sale of $195.4 million for crude oil and gas in the month of December 2016 as against the sum of $166.18 million recorded in the previous month.

“This is $20.22 million higher than the preceding month’s performance. Crude oil export sales contributed $100.37 million (or 51.36 percent) of the dollar transactions compared with $96.31million contribution in the previous month”, the report stated.

According to the report, only 18 cases of vandalized points on downstream pipelines were recorded in December 2016 as against 43 in the previous month.

The drop in the cases of pipeline sabotage, according to the report, was due to sustained engagement with stakeholders by the Federal Government and the Corporation.

Total export proceeds

The report also indicated that the total export proceeds of $175.04 million in December 2016 was remitted to fund the JV cash call for the month to guarantee current and future production.

In the downstream, a total of 1,392,154,486 litres of white products were distributed and sold by the Pipelines and Products Marketing Company (PPMC) in December 2016 compared to 1,248,831,982 litres in November 2016.

According to the report, of the total volume of 12.67 billion litres of white products distributed, petrol accounted for 88.07 percent. The report also showed that about 9,493,640 barrels of crude oil were processed under the Direct-Sales-Direct-Purchase (DSDP) scheme in December, 2016.