Wednesday, 10 August 2016

NNPC Spent $3.4bn Oil and Gas Earnings In One Year

Image result for NNPC IMAGEThe monthly financial and production report of the Nigerian National Petroleum Corporation (NNPC) for June 2016 has revealed  that the corporation transferred a total of $3.41 billion it earned as proceeds from the export of oil and gas for one year to fund its joint venture operations.
It was gathered that  the corporation had from July 2015 mandatorily transferred its monthly dollar earnings from export of federation oil and gas into the joint venture account, the one year transfers so far amounted to $3.42 billion, according to report, this was part of the corporation’s outstanding joint venture debts.
According  to the report, “the total export of crude oil and gas receipt for the period of July 2015 – June 2016 stood at $3.42 billion. Out of which the sum of $3.41 billion was transferred to JV Cash Call in line with 2016 approved budget, and the balance of $0.487 billion was paid to Federation Account,” said a portion of the report which was lately released in Abuja.
A breakdown of the report portrays  that in July 2015, the corporation transferred $419.4 million to the cash call pool; in August 2015, it paid $225.7 million; $272 million was paid in September 2015; $445.8 million in October; $402.5 million in November; and $197.2 million in December 2015.
Furthermore, it resumed the mandatory transfer in 2016 when it paid $407.9 million in January; $236.7 million in February; $141.9 million in March; $300.6 million in April; $149.9 in May; and then $219.3 million in June.
The NNPC also pointed out that its poor transfer performance for the period was attributable to upsurge in attack and sabotage of oil facilities in the Niger Delta.
It noted that the Forcados Terminal alone had been shut since February 2016 following a force majeure declared by Shell Petroleum Development Company (SPDC), and about 380,000 barrels per day (bpd) of crude oil shut in.  THISDAY
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