Nigeria Makes $2.4bn From Oil Sales In 2016 – NNPC

by Ike Obudulu Last updated on March 13th, 2017,

The Nigerian National Petroleum Corporation (NNPC), yesterday disclosed that total export sales of crude oil and gas for the country from January to December 2016 stands at $2,445,451,363.

According to a statement from the Group General Manager, Group Public Affairs Division, Ndu Ughamadu, the national oil firm recorded a total export sale of $195.40 million in crude oil and gas in December 2016 as against $166.18 million recorded in November 2016. The figure, he noted, is $20.22 million higher than the preceding month.

NNPC, he added, also recorded a 13.4 per cent rise in oil and gas sales in December 2016 over sales in November 2016,” he said.

Ughamadu said that crude oil export sales contributed $100.37 million (or 51.36 per cent) of the dollar transactions compared with $96.31 contribution in the previous month,” the report stated.

He quoted NNPC’s monthly report as indicating that the total export proceeds of $175.04 million for the month of December 2016 was “remitted to fund the Joint Venture cash call for the month of December 2016 to guarantee current and future production.

“In the downstream, a total of 1,392,154,486 litres of white products was distributed and sold by the Pipelines and Products Marketing Company (PPMC) in December 2016 compared to 1,248,831,982 litres in November 2016. Of the total volume of 12.67 billion litres of white products distributed in 2016, petrol accounted for 88.07 per cent,” he stated.

The report, he said, also revealed that about 9,493,640 barrels of crude oil were processed under the Direct-Sales-Direct-Purchase (DSDP) scheme in November 2016.

On vandalism, Ughamadu said the NNPC recorded a marked reduction in the cases of pipeline sabotage.

“Only 18 cases of vandalised points on downstream pipelines were recorded in November 2016 as against 43 in the previous month. The downward trend in the cases of pipeline sabotage, according to the report, was due to sustained engagement with stakeholders by the Federal Government and the corporation,” he noted.

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Ike Obudulu

Ike Obudulu

Versatile Certified Fraud Examiner, Chartered Accountant, Certified Internal Auditor with an MBA in Finance And Investments who has both worked for and consulted with some of the world's largest companies on main street and wall street in over 20 countries, Ike brings his extensive reporting and investigations experience to bear on his role as Chief Editor.
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