NNPC records 13.4% rise in crude oil sales for 2016


The Nigerian National Petroleum Corporation (NNPC) in its  monthly Financial and Operations Report for the month of December 2016  recorded 13.4% rise in oil and gas sales in December 2016 against sales in November 2016.

The company recorded a total export sale of USD195.40 million for crude oil and gas in December 2016 compared to sum of USD166.18 million recorded in November 2016.

This is USD20.22 million higher than the preceding month’s performance. Crude oil export sales contributed USD100.37 million (or 51.36%) of the dollar transactions compared with USD96.31 contribution in November.

According to the report, the total export sales of crude oil and gas from January to December 2016 was USD2,445,451,363.

A total export proceeds of USD175.04 million for the month of December 2016 was remitted to fund the JV 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.

According to the report, of the total volume of 12.67 billion litres of white products distributed in 2016, petrol accounted for 88.07%.

About 9,493,640 barrels of crude oil were processed under the Direct-Sales-Direct-Purchase (DSDP) scheme in November, 2016.