Chevron, ExxonMobil, others to pay NNPC N156bn for crude exports

Chevron, ExxonMobil, others to pay NNPC N156bn for crude exports
NNPC’s Tower

Nine multinational oil companies including Chevron and ExxonMobil will pay the Nigerian National Petroleum Company Limited a total of N156.148bn this for the August 2021 domestic crude oil exports, the NNPC has said.

A document obtained from NNPC in Abuja on Sunday showed that the firms, which were joint venture partners of the national oil company, exported hundreds of thousands of barrels of crude oil in August.

In the August 2021 domestic crude oil payable in November 2021 report, the NNPC explained that the remittance was in line with its payment policy of 90 days period.

Analysts said the N156.148bn expected this month from the JV partners of NNPC would go a long way in boosting the revenue from oil, considering the fact that the country’s oil production dropped in October.

Figures released by the Organisation of Petroleum Exporting Countries on Thursday showed that Nigeria recorded a decrease in crude oil production in October 2021 when compared to volumes produced in the preceding month.

“It is good to know that the country is getting remittances from its joint venture partners in the oil sector because Nigeria needs all the funds it can get now,” a former President of the Association of National Accountants of Nigeria, Dr. Sam Nzekwe, stated.

In the document seen on Friday, the NNPC outlined the nine joint venture companies that would make payments this month for the domestic crude oil they exported in August 2021.

It also listed the volume of oil they exported and the amount expected from them for the already sold product.

In the document, the NNPC said Aiteo, Belema and Chevron Nigeria Limited exported 489,500 barrels, 56,500 barrels and 1.898 million barrels of oil valued at N13.41bn, N1.55bn and N52.15bn respectively.

It said Mobil Producing Nigeria, Seplat and Shell Petroleum Development Company sold 947,548 barrels, 260,000 barrels and 273,542 barrels of crude oil worth N25.59bn, N7.15bn and N7.5bn respectively.

The NNPC further stated that the barrels of crude oil exported in August 2021 by Total Exploration and Production Nigeria, Total and Heirs were 1.098 million, 272,600 and 393,000 respectively.

The amount expected from them in November 2021 for the sales were put at N30.47bn, N7.5bn and N10.8bn respectively.

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