NNPC Makes Nn N85.6bn Revenue, Remitted N69bn To Federation Account

Minister of State for Petroleum Resources and GMD, NNPC, Dr. Ibe Kachikwu
Minister of State for Petroleum Resources and GMD, NNPC, Dr. Ibe Kachikwu

THE Nigerian National Petroleum Corporation (NNPC) made a total combined revenue of N85.66 billion from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.

As it begins to reduce its loses and expenditure, the corporation added that it contributed N69.544 billion of the N299.7 billion distributed to beneficiaries of the federation account in April for March 2016.

In its monthly financial report for March just released in Abuja, the corporation added that the amount was part of the N107.826 billion revenues it raked in during the month under review up from N104.804 in February.

So far, NNPC said in the report that the March remittance, thus brought the total amount it paid to the federation account for domestic crude oil and Gas and other receipts from April 2015 to March 2016 to N1.118 trillion.

Combined value of output by the three refineries at import parity price in March 2016 was N22.93 billion, associated crude plus freight cost was N20.02 billion and this gave a negative margin of N3.95 billion after considering overhead of N6.87 billion.

“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion”.

The corporation reported that its revenue rose marginally by 2.88 per cent as expenses reduced by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month, while total loses also decreased to N18.89 billion during the month.

The loss marked an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.

It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,’’ it added.

The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut–in occasioned by vandalism of Forcados Export Line.

This, it said resulted to the loss of its entire revenue from crude oil sales of about N20 billion.

The NNPC recorded total export proceeds of 170.12 million dollars in the month under review with crude oil export accounting for 98.31 million dollars, while gas export accounted for 71.81 million dollars.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of 141.87 million dollars were recorded in March, 2016 consisting of crude oil receipt of 88.36 million dollars.

It added that Liquefied Petroleum Gas (LPG) and Escravos Gas to Liquid (EGTL) recorded proceed of 1.52 million dollars and Miscellaneous receipts amounting to 51.99 million dollars.

NNPC disclosed that the drastic slump in total export receipt in March mainly because of shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016.

As a result, it added, “all un-lifted February and March cargoes were deferred until the repair is completed.”