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NNPC, international firms lift N11trn oil in 12 months

By on July 5, 2017

The Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted  crude oil and condensate worth over $36.023 billion between March 2016 and March this year, according to NNPC April statistical report.

This translates to N11.005 trillion at an exchange rate of N304.5 to a US dollar.

The IOCs consist of Chevron Nigeria Limited, Exxonmobil, Total, Nigeria Agip Oil Company (NAOC)/Phillips, Shell Petroleum Development Company (SPDC) and Addax including 24 independent companies among them Seplat Petroleum, Pan Ocean, Newcross, Eroton, Neconde, ND Western, Elcrest, ConOil, Amni, Platform Petroleum and Niger Delta Petroleum Development Company.

Between March 2016 and March this year, the IOCs and independent companies, including NNPC subsidiary, Nigerian Petroleum Development Company (NPDC),  lifted a total of 458,754,086 barrels valued at $28,157,503,045 while NNPC lifted  165,079,126 barrels for the domestic and export markets valued at $7.8trn.

Of the total amount of oil lifted, 33,878,441 barrels were for federation export while 131,200,685 barrels were for domestic consumption.

Further analysis showed that of the volume lifted by both NNPC and oil companies, 85 per cent found buyers in Western Europe.

While a total of 247.231 million barrels went to Western Europe within the period, only Australia among countries in the Oceanic/Pacific took 644,729 barrels.

Netherland remained the highest Nigerian crude oil buyer with a total of 61.562 million barrels during the period under review. This is follow by Spain with 60.353 million barrels, France 45,018,319 barrels, United Kingdom 33,295,315 barrels, Italy 16,238,271 barrels, Germany 11,408,525 barrels and Sweden 15,536,939 barrels.

Since the beginning of the year, crude oil price has been fluctuating at an average of $50 per barrel but the Organisation of Petroleum Exporting Countries saw the worse price in March 2016 when price plummeted to $38.71 per barrel.

However, oil price picked up in December 2016 at $54.09 per barrel, courtesy of the OPEC and non-OPEC members including Russia that agreed to a cut of 1.8 million barrels per day from their outputs. Despite the cut, however the price dropped in March 2017 to $51.85 per barrel.

Meanwhile, the corporation has said that crude oil and gas transactions it conducted from April 2016 to April 2017 were worth $2,729.54 million.

In April 2017, Brent crude oil spot price rose to $53.06 per barrel, against $42.25 per barrel recorded during the same period a year ago.

Total export of crude oil and gas receipt for the period of April, 2016 to April 2017 stood at $2.50 billion, out of which the sum of $ 2.29 billion was transferred to the joint venture cash call in line with the 2016 approved budget and the balance of $0.21 billion was paid to the Federation Account.

The report said the JVCC amount fell short of the 2016 appropriated amount of $8.64 billion. This, it said, was due to the twin effect of production disruption in Niger Delta and low crude oil prices during the year.

In March, 2017, Nigeria recorded a decreased oil production of about 12.04 per cent with  daily output of 1.60 million barrels relative to February 2017 production and also lagged behind March, 2016 performance by 18.32 per cent.

Nigeria’s OPEC quota is 2.2 million barrels per day.

 

[Daily Trust]