New Telegraph

February 25, 2024

Six IOCs to remit N380bn for sales in October –NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has said that six international oil companies (IOCs) will remit N380.04 billion in October as proceeds from the sale of domestic crude oil in July 2022.

The company explained that the expected amount was for the sale of 8.44 billion barrels of oil.

These were contained in NNPCL’s monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Friday, September 23.

NNPCL stated in the report that July 2022 domestic crude oil payable in October 2022 by the company was in line with the 90 days payment terms and that the IOCs are joint venture (JV) partners.

The report identified the IOC to include, Shell Petroleum Development Company (SPDC); Total Exploration and Production Nigeria; Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Universal and First Exploration and Production (First E&P).

According to the report, CNL would be paying N80.02 billion for 1.74 million barrels of crude, while MPN would pay N128.66 billion for 2.85 million barrels of oil.

SPDC and Total would remit N28.03 billion and N112.63 billion for 643,904 and 2.54 million barrels of crude oil, respectively.

The document also showed that First E&P would pay N30.24 billion for 650,069 barrels of oil and Universal would pay N30.24 million for 10,000 barrels of oil.

NNPC, in the FAAC presentation, also explained that July’s crude oil exports of 50,000 barrels under the production sharing contract (PSC) were valued at $5.84 million payable in August 2022.

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