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Nigeria Achieves Zero Revenue On Crude Oil Exportation

Nigeria Achieves Zero Revenue On Crude Oil Exportation

Despite an average daily oil output of 1.417 million barrels in September, Nigeria received no revenue from crude oil export in October, according to the latest report from the Nigeria National Petroleum Corporation, NNPC.

The NNPC revealed that the fuel subsidy for October was N199 billion in its report to the Federation Account Allocation Committee, FAAC, which was released over the weekend.

According to NNPC, “The amount would be deducted from November revenue due to FAAC in December,’’

It stated in the report that “the overall NNPC crude oil lifting of 11.49Mbbls (export & domestic crude) in September 2021 recorded 98.5 percent increase relative to the 5.79Mbbls lifted in August 2021. Nigeria recorded 1.417 million daily productions in September 2021”.

Talking about the export of crude oil, the NNPC stated that “no crude oil export revenue for the month. Domestic gas and other receipts in the month were N6.78 billion.

‘The NNPC added that ’the Domestic Gas (NGL) in the month was N4.07 billion. NLNG: Feedstock valued at $59.43 million was sold to NLNG during the period out of which $52.57 million was received during the month. The difference is MCA obligations, Gas reconciliation, and credit notes.

Crude Oil Agnesisika blog

“Other receipts: The sum of $95.63 million, being miscellaneous receipts, gas and Ullage fees and Interest income was received in October 2021,” the corporation said.

NNPC said that “the sum of N252,968,629,898.13 was the gross domestic crude oil and gas revenue for October 2021.

“The recoveries were: Strategic Holding Cost and Pipeline repairs amounting to N7,757,631,778.84, Product losses worth N143,386,571.87, and value shortfall of N163,709,314,928.61(This comprised the N123,709,314,928.61 for September 2021 and N40,000,000,000.00 value shortfall deferred in June 2021.

“October 2021, value shortfall of N199,007,758,422.75 is to be recovered from the November 2021 proceeds due for sharing at the December 2021 FAAC meeting.’’

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