NNPC Records N304.18b Operating Revenue In Two Months

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PPMC realizes N514.04 billion from sale of petroleum products
THE operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report.

Besides, the Pipelines and Product Marketing Company (PPMC) realised N514.04 billion revenue from sale of white products from January to October this year.

Specifically, the group recorded operating revenue of N130.62 billion and N173.56 billion after subsidy for the months of September and October 2015 respectively representing 42.69 per cent and 56.72 per cent respectively of its monthly budget.

The NNPC disclosed that operating expenditure for the same period were N177.12 billion and N185.78 billion respectively, which also represents 66.31 per cent and 69.55 per cent respectively of budget for the months.

The company however, recorded operating deficits of N46.49 billion and N12.21 billion for September and October 2015 respectively and this was attained as against monthly budgeted surplus of N38.91billion.

According to the group’s report, “total export proceeds of $445.79 million was recorded in October, 2015 with proceeds from crude oil export sales amounting to $325.28 million or 72.97 per cent of the dollar payment compared with 58.55 per cent contribution in previous month of September, 2015 while export Gas sales and NLNG feedstock accounted for $84.57 million i.e. 18.97 per cent contribution compared with 31.21 per cent contribution in the prior month of September 2015.
“The remaining $35.93milion was attributable to other dollar denominated receipts by the corporation. A total of $607.8 million has been paid so far to FAAC in the year 2015 from sales of export Oil and Gas”.

Dwelling on crude oil production, NNPC said that a total of 65.98 million barrels of crude oil and condensate was produced in the month of September 2015 representing an average daily production of 2.20 million barrels.

This, it noted, represents an increase of 4.16 per cent relative to August, 2015 performance. Of the September, 2015 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 32.91 per cent and 39.96 per cent respectively. “While AF, NPDC and Independent accounted for 15.74 per cent, 5.30 per cent and 6.10 per cent respectively”.

Of the total revenue received, Premium Motor Spirit (PMS) contributed about 86.72 per cent of the revenues collected with a value of N445.84 billion.

The company collected N52.85 billion as sales revenue for white products in the month of October 2015 alone.
There was an increase of about N20.12 billion from the N38.66 billion collected in the prior month of September 2015.