The Nigerian National Petroleum Corporation (NNPC)  Wednesday, January 24, 2018, said it earned $239.10 million from its sale of crude oil and gas in the month of November 2017. It said between November 2016 and November 2017, it sold crude oil and gas valued at $3.73 billion.

NNPC explained that this was contained in the November 2017 edition of its monthly operations and financial report. According to it, the November crude oil earning was 25.68 percent lower than that of the previous month of October.

It said a breakdown of the transactions showed that crude oil export sales contributed $113.97 million or 47.7 percent of the dollar transactions compared with $227.83 million contributions in the previous month, while the export gas sales amounted to $125.13 million during the period. it said: “Contribution from crude oil amounted to $147.39 million while gas and miscellaneous receipt stood at $ 50.17 million and $3.55 million respectively. Of the export receipts, $121.75 million was remitted to Federation Account while $56.56 million was remitted to fund the JV cost recovery for the month of November 2017 to guarantee current and future production.”

“A broader breakdown (reveals) that total export crude oil and gas receipt for the period of November 2016 to November 2017 stood at $3.73 billion. Out of which the sum of $2.60 billion was transferred to JV Cash Call as first line charge and the balance of $0.85 billion was paid into Federation Account,” said the corporation.

On naira payments to the Federation Account, NNPC said domestic crude oil and gas receipt during the month amounted to N135.14 billion, consisting of N127.93 billion from domestic crude oil, and the sum of N7.21 billion from domestic gas. “Out of the naira receipt, the sum of N54.16 billion was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account. On the receipt of net domestic crude oil and gas, NNPC transferred the sum of N54.16 billion into Federation Account and N80.98 billion to JV cash Call for the month under review. From November 2016 to November 2017, Federation, JV, and FG for debt repayment received the sum N865.59 billion, N726.11 billion and N31.65 billion respectively.”

Oil prices have rallied on heavy volume all week long boosted by a record 10th straight week of decline in U.S. crude inventories. While, the U.S. crude inventories fell by 1.1 million barrels over the weekend, and the 10-week   decline streak represents a record, according to U.S. Energy Information Administration (EIA) data going back to 1982. At 411.6 million barrels, stocks are at their lowest since February 2015.

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