Six international oil companies are to remit a total of N442.37bn in August 2022, being proceeds from the sale of domestic crude oil in May 2022, figures obtained from the Nigerian National Petroleum Company Limited on Monday showed.
NNPC explained that the N422.37bn was for 8.887 million barrels of oil for May 2022 domestic crude payable in August 2022, adding that the six companies were joint venture partners of the national oil company.
It outlined the companies to include: Chevron Nigeria Limited, Mobil Producing Nigeria, and Nigerian Petroleum Development Company, the flagship upstream subsidiary of NNPC.
Others include: Total Exploration and Production Nigeria, First Exploration and Production, as well as Addax Petroleum.
Figures from the oil firm showed that Chevron will pay N162.24bn for 3.49 million barrels of crude oil, while N90.06bn for 1.9 million barrels of crude is expected from Mobil this month.
NPDC and Total are to remit N41.13bn and N47.26bn for 948,296 and 948,776 barrels of crude oil respectively.
Similarly, the recently commercialised company stated that First E&P and Addax will pay N33.498bn and N48.188bn for 650,071 and 948,251 barrels of crude oil in August.https://6122dd10ce99c2abd5da6b557702d4bd.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html?n=0
In its remarks on the funds to be remitted by the firms, the national oil company stated that it was for “May 2022 domestic crude oil payable in August 2022 by NNPC in line with the 90 days payment terms.”
NNPC makes remittances from crude oil sale to the Federation Account, which are shared by the three tiers of government monthly.
However, it has not been able to make remittances since this year due to the humongous amount it spends on the subsidy of Premium Motor Spirit, popularly called petrol.
Source:Punch Newspapers
AFrica NewsDay 
Leave a comment