NNPC sold $20.9bn crude oil in seven months

 

Andrew Yakubu

Nigerian National Petroleum Corporation realised a total of $20.91bn in the first seven months of this year from the sale of 191,939,235 barrels of crude oil.

The Group Managing Director, NNPC, Andrew Yakubu, disclosed this in a presentation to the House of Representatives Committee on Petroleum Resources (Upstream) in Abuja.

In the presentation, which was done behind close door but obtained by our correspondent, Yakubu said 92,395,063 barrels of oil valued at $10.07bn were allocated for domestic consumption in the first seven months of the year.

The sales statistics of the corporation showed that in the month of January, it realised $4.34bn from 37,675,591 barrels of crude oil. In February, $2.36bn was realised from 20,590,812 barrels of oil.

In the month of March, the corporation sold 30,901,111.67 barrels for $3.35bn. The earning went down to $2.58bn from 25,116,194.39 barrels in the month of April, and $2.98bn from 28,411,526.25 barrels of oil in May.

In June, the NNPC made $2.6bn from 24,708, 531.8 barrels, while in July, it realised the sum of $2.69bn from the sale of 24,535,468 barrels of oil.

The amount realised for the period, according to Yakubu, did not include the Petroleum Profit Tax for the NNPC Joint Venture, which, he said, was paid directly to the Federal Inland Revenue Service.

Statistics presented by the NNPC boss showed that the corporation lost a total of 11,753,217 barrels of crude oil between 2010 and 2012.

At a price of $110 per barrel, this means that the nation lost about $1.29bn to crude oil theft.

On year by year basis, the nation lost 2,316,281 barrels of oil in 2010; 6,391,311 barrels in 2011; and 3,045,625 barrels in 2012.

Yakubu said the corporation had progressed with plans for the rehabilitation of the refineries, beginning with the Port Harcourt refinery.

The NNPC boss added, “Contribution to in-country product supply from the refineries has grown from about four million litres per day of Premium Motor Spirit in 2010 to about 10 million litres/day as of the first quarter of 2013. This has reduced the expenditure on fuel importation.

For domestic use, the NNPC allocated 19,553,358 barrels of oil for the month of January. At $115.11, this was valued at $2.25bn. In February, 10,077,881bbls were allocated for domestic consumption valued at $1.15bn.

A total of 16,018,099bbls valued at $1.73bn was allocated in March; 10,176,614bbls valued at $1.04bn was allocated in April; 12,537,509bbls valued at $1.32bn was allocated in May; 12,596,553bbls valued at $1,32bn was allocated in June; and 11,435,049bbls valued at $1.25bn was allocated in the month of July.

Speaking to journalists at the end of the oversight visit to the NNPC, the Chairman, House of Representatives Committee on Petroleum Resources (Upstream), Muraino Ajibola, said the lawmakers would help the Federal Government to tackle the menace of oil theft in order to increase the funds available to the federation.