The Nigerian National Petroleum Company (NNPC) Limited, has said that it will remit N322.45billion crude oil proceeds from the four international oil companies (IOCs) to the Federation Account April, 2022.
The country’s apex oil company made this known recently in its report presentation to members of the Federation Account Allocation Committee (FAAC), during the committee meeting in Abuja.
NNPC stated that the N322.45billion was for January 2022 domestic crude oil payable in April 2022 by itself in line with its 90 days payment term.
The four international oil firms, which are also NNPC joint-venture partners include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company and First Exploration and Production.
The nation’s oil firm explained that N68.1billion for 1.88 million barrels of crude would come from Chevron, while N65.6billon for 1.899 million barrels would be paid by Mobil.
Similarly, Shell would remit N163.24billion for 4.696 million barrels of crude while N25.52billion for 682.45 million barrels of oil would come from First E&P.
NNPC further stated that its crude oil lifting of 9.94 million barrels (export and domestic crude) in January 2022 recorded 22.26 percent increase relative to the 8.13 million barrels lifted in December 2021.
According to NNPC, data from the Organization of Petroleum Exporting Countries (OPEC) showed that Nigeria recorded 1.39 million barrels of crude oil production per day in January 2022.
In February 2022, NNPC stated that Nigeria’s received crude oil export revenue was $2.73million.
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