Domestic utilisation gulps 8,621,658 barrels DSDP in November

The Nigerian National Petroleum Corporation (NNPC) in November 2019, lifted 8,621,658 barrels of crude oil from the daily allocation for domestic utilization translating to an average volume of 287,389 barrels of oil per day in terms of performance.

The allocation, according to the corporation in its December 2019 Monthly Financial Report, was in order to meet domestic product supply requirement for the month of November 2019.

NNPC said the entire 8,621,658 barrels were processed under the Direct Sales-Direct Purchase (DSDP) scheme while no deliveries to the domestic refineries for processing.

On Crude Oil & Condensate Lifting & utilization, the report recalled that in November 2019, a total volume of 57.86 million barrels of crude oil and condensate was lifted by all parties.

Out of this volume, 13.97 million barrels were lifted by NNPC on behalf of the Federation, said the document, which our Abuja correspondent sighted on Tuesday.

The report noted that this “comprises 10.78 million barrels lifted on the account of NNPC (Domestic and Federation Export) while 2.92 million barrels and 0.27 million barrels were superintended for FIRS and DPR respectively.”

The corporation said of the 10.78 million barrels lifted on the account of NNPC in November 2019, 8.62 million barrels and 2.16 million barrels were for domestic and export markets respectively.

It added that at an average oil price of $ 65.02/barrel and exchange rate of N306.00/$, the domestic crude oil lifted by NNPC is valued at $560,595,652 or a Naira equivalent of N171,542,269,396.33 for the month of November 2019.

The report said “the remaining crude oil lifted for export was valued at $136,360,677 at an average price of $63.08/barrel. The total value of crude oil lifted on the account of NNPC in November 2019 was thus $696,956,329. From November 2018 to November 2019, a total volume of 787 million barrels of crude oil and condensate was lifted by all parties.”

The report said the total export receipt of $305.41 million was recorded in December 2019 as against $475.71 million in November 2019.

Contribution from Crude oil amounted to $116.00 million while Gas and miscellaneous receipts stood at $65.36 million and $124.05 million respectively, according to the report.

NNPC said that of the export receipts, $187.15 million was remitted to the Federation

Account while $118.26 million was remitted to fund the JV cost recovery for the month of December 2019 to guarantee current and future production.

The corporation noted that total export crude Oil & Gas receipt for the period December 2018 to December 2019 stood at $5.19 billion.

The report said “Out of which the sum of $3.63 Billion was transferred to JV Cash Call as first line charge and the balance of $1.56 Billion was paid into Federation Account.

“In December 2019, NNPC remitted the sum of N189.32 Billion to the Federation Account Allocation Committee (FAAC). From December 2018 to December 2019, total NNPC remittances to FAAC is N1,683.32 Billion; out of which Federation and JV received the sum of N712.31 Billion and N971.01 Billion respectively.”