Links off 3i28 Dec 2017 17:53
NNPC transferred $2.51b to JV account in 12 months
Dec 27, 2017
Within the last one year – between September 2016 and 2017, the Nigerian National Petroleum Corporation (NNPC) said it transferred a total of $2.51 billion from the $3.18 billion Nigeria got from its sales of about 715.69 million barrels of crude oil and condensate directly to the Joint Venture (JV) Cash Call account it maintains to fund oil production with International Oil Companies (IOCs) in the country, THISDAY reports.
NNPC disclosed in a monthly operations and financial report it released for September 2017, that the transfers for the one year period were done as a first-line charge to guarantee current and future oil production. It noted that the balance of $0.68 billion was paid into the Federation Account.
For the period of September 2017, NNPC explained that it specifically got a total oil export receipt of $367.07 million, some $75.4 million less of the its August 2017 receipt which it said was $442.47 million. It explained that in September, the contributions of crude oil sales to its receipt amounted to $239.48 million while gas and miscellaneous receipt stood at $100.28 million and $27.32 million respectively.