NNPC accrues N3.6trillion from crude oil liftings in 13 months ― Report

It said between this period, a total volume of 800 million barrels of oil and condensate was lifted by all parties – Federal Inland Revenue Service (FIRS) and the Department of Petroleum Resources (DPR).

In its Monthly Financial and Operations Report for June 2020, the total value for federation export was $62,014,611 while domestic is $123,725,918 at an approximated Naira equivalent of N22.3billion and N44.5billion respectively.

It stated that in May 2020, the volume of 56.13 million barrels of crude oil was lifted by all parties, out of which NNPC lifted 19.04 million barrels on behalf of the Federation.

According to the report,13.53 million barrels were lifted on the account of the Corporation (Domestic and Federation Export) while 2.56 million barrels and 2.96 million barrels were managed for FIRS and DPR respectively.

In a breakdown, it said of the 13.53 million barrels lifted on the account of NNPC in May 2020, 5.11 million barrels and 8.42 million barrels were for domestic and export markets respectively.

At an average oil price of $25.27/barrel and an exchange rate of N360/$, the domestic crude oil lifted by NNPC according to the report is valued at $129,210,760 or a Naira equivalent of N46,515,873,525.84 for May 2020.

It added that the remaining crude oil lifted for export was valued at $219,578,800 at an average price of $26.09/barrel, stressing that the total value of crude oil lifted on the account of NNPC in May 2020 was thus $348,789,559 (N125.6billion).

For FIRS and DPR, the total crude oil lifting between May 2019 and May 2020 was valued at $2,769,207,994 and $648,808,882 that is N996.9billion and N233.6billion respectively.

Also, the report disclosed that NNPC in May 2020, NNPC lifted 5,112,868 barrels of crude oil from the daily allocation for domestic utilisation translating to an average volume of 170,429 barrels of oil per day.

The total volume of barrels in 13 months is 123,725,918 at an average of $54.47/bbl and sales value of N2.08trillion.

“In terms of performance. In order to meet domestic product supply requirements for the month of May 2020, the entire 5,112,868 barrels were processed under the Direct-Sales-Direct Purchase (DSDP) scheme while no deliveries to the domestic refineries for processing.”

Similarly, the report stated that in June 2020, the three local refineries Owerri, Portharcourt and Kaduna processed no crude while the combined yield efficiency was put at zero percent.

It blamed this largely on the on-going rehabilitation works in the refineries.

It said there are no associated crude plus freight cost for the three refineries since there was no production but operational expenses amounted to N10.27billion, resulting in operating deficit of N10.23billion.