nnpc...(jvs) and production sharing contracts (psc) contributed about 34.40% and 34.65%...
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December 2018
Monthly Report
Financial and Operations
Report
NNPC
2 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Disclaimer
This publication presents information on the Nigerian oil and gas
industry. Its content reflects individual as well as general analysis and
trend of activities that characterized the industry within the country.
Although NNPC endeavors to ensure accuracy of information in this
unaudited report, it cannot guarantee 100% accuracy nor can it be
held liable for errors that may be contained therein. Users are to note
that use of any information herein is purely at their own discretion.
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Outline
1.0 Introduction
2.0 National Crude Oil & Natural Gas Production, Lifting and Utilization
3.0 Refinery Operations
4.0 Petroleum Product Supply & Distribution
5.0 Budget Performance Report
6.0 Federation Crude Oil & Gas Revenue
7.0 Key Determinants For Change
8.0 Glossary
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Introduction
The average crude oil price further dropped in a row by $8.26 or 13.10% m-o-m to
$54.77/b in December 2018; the lowest since October 2017. This decrease is due to
concerns over unforeseen rise in global oil supply with decreased demand amidst
ambiguity about worldwide economic growth. Likewise, the OPEC Reference Basket
(ORB) plunged by $8.39 or 12.8% m-o-m to average $56.94/b. However, y-o-y, average
ORB increased significantly by $17.35 or 33% in 2018 compared with the previous year.
This consecutive rise resulted from a more stable worldwide oil market during the year,
supported by the deliberate production adjustments under the ‘Declaration of
Cooperation’ as well as steady growth in 2018 oil demand. ICE Brent was lower by
$8.27 or 12.5% m-o-m to average $57.67/b, while NYMEX WTI shrunk by $7.71 or
13.6% m-o-m to close at $48.98/b.
As reported in the OPEC Oil Market Report, global economic growth forecast is
unadjusted at 3.7% for 2018 and 3.5% for 2019. In the OECD, US growth is retained at
2.9% and 2.6% for 2018 and 2019 respectively. Also, Euro-zone growth is maintained at
1.9% for 2018 and at 1.7% for 2019. GDP growth in Japan was slightly lowered to 0.8%
in 2018 but remains at 1.1% for 2019. For the non-OECD countries, growth forecasts in
China and India were unaffected at 6.5% and 7.5% for 2018, respectively and at 6.1%
and 7.2% for 2019 respectively. Also, Brazil’s growth remains unaffected at 1.1% in
2018 and at 1.8% in 2019 and so is Russia’s GDP growth forecast at 1.6% and 1.7% in
2018 and 2019 respectively. While there is a limitation to upside global growth
potential, there is prediction for increased downside risk amidst geopolitical challenges,
monetary tightening and ongoing trade tensions.
As reported by the National Bureau of Statistics, the Nigerian real GDP growth rate for
Q4, 2018 was 2.38% compared with 2.11% in Q3, 2018. Nigeria emerged from
recession in 2017 which is attributed to upsurge in Crude Oil prices.
Global oil demand forecast is maintained to grow at 1.50 mb/d and average 98.78
mb/d in 2018. Also for 2019, predictions for growth is preserved at 1.29 mb/d to
average 100.08 mb/d. Growth forecasts in the OECD and non-OECD regions were
unadjusted from predictions last month with Oil demand growth expected mainly
from Other Asia, particularly India, then China and OECD Americas. In 2019, demand
growth in OECD is projected to rise by 0.25 mb/d while growth in the non-OECD
region is pegged at 1.04 mb/d. In 2018, demand for OPEC crude stood at 31.7 mb/d,
about 1.2 mb/d lower than demand in 2017. In 2019, demand for OPEC crude is
forecast to drop by 0.9 mb/d to average 30.8 mb/d.
In 2018, Non-OPEC oil supply growth is appraised at 2.61mb/d to average 62.06
mb/d, an upward revision of 0.05 mb/d from assessment in the previous month and
compares to an average of 60.03 mb/d. In 2019 Non-OPEC oil supply growth was
revised down by 0.06 mb/d at 2.10 mb/d and to average 64.16 mb/d for the year. This
was primarily due to a downward revision in Canada’s supply forecast. For OPEC,
5 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
crude oil production decreased by 751 tb/d to average 31.58 mb/d in December 2018.
Globally, oil supply decreased by 0.35 mb/d to average 100.02 mb/d in December
2018, translating to a total increase in global oil output of 2.83 mb/d y-o-y. The stake
of OPEC crude oil in total global production declined by 0.6% to 31.6% in December
compared with the previous month.
In November 2018, total crude oil production in Nigeria decreased by 8.17 mb or
13.12% to average approximately 1.80 mb/d. Production in the month was cut back by
shut-down of BONNY terminal and TRP due to leakages at the Odimodi area and
planned maintenance at Okoloma and Imor facilities respectively. Production was also
disrupted at ABO, BRASS, AKPO, QUA IBOE, USAN, TULJA and ERHA terminals due to
maintenance, technical issues, flooding, leakages and system upgrade.
This month, National Gas production increased by 12.22% at 240.64BCF compared to
output in November 2018; translating to an average daily production of
8,021.21mmscfd. The daily average natural gas supply to gas power plants hiked by
5.36% to 774mmscfd, equivalent to power generation of 3,131MW.
To ensure continuous increased PMS supply and effective distribution across the
country, a total of 1.80bn litres of PMS translating to 58.17mn liters/day were supplied
for the month; in the downstream sector. The Corporation has continued to diligently
monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution
of petroleum products and zero fuel queue across the Nation.
In this last month of the year 2018, a total of 257 pipeline points were vandalized; out of
which 1 pipeline points failed to be welded and 6 pipeline points were ruptured. The
situation further worsened by 34% from the 197 vandalized points recorded in
November 2018. Ibadan-Ilorin, Mosimi-Ibadan, and ATC-Mosimi accounted for 90, 69
and 57 points respectively or approximately 34%, 26% and 22% of the vandalized
points respectively. The Aba-Enugu accounted for 7%, and other locations accounted for
the remaining 11% of the pipeline breaks.
This 41st edition of the report indicates a trading surplus of ₦12.13Billion which is a
quantum leap in trading surplus relative to NNPC recent past performances. This
increased performance is attributable to NPDC’s higher revenue recorded during the
period following NPDC continues revenue drive arising from recent average weekly
production of 332,000bpd making the target of 500,000bpd for 2020 achievable. This
also includes the updated previous months revenue and expenses.
This report highlights NNPC’s activities for the period of December 2017 to December,
2018. In line with the Corporation’s commitment to becoming more accountable,
responsive and transparent and a FACTI based Organization; the Corporation has
continued to sustain effective communication with stakeholders through this report via
publications on its website and in national dailies. NNPC in return demands continued
6 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
support from Nigerians especially in areas of security to achieve zero vandalism of the
Nation’s oil & gas infrastructure.
Activity update
Baru Directs NNPC Retail to Attain 30 Per cent Market Share
$1.05bn NLNG Dividend Not Missing, says Senate Committee Chairman
NNPC, NCDMB to Grow Nigerian Content to 70%
Baru Seeks Investors to Unlock 10billion Barrels Deep-Water Resources
NNPC Clarifies Trans Forcados Pipeline Surveillance Contract
7 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
2 National Crude Oil & Natural Gas Production, Lifting and Utilization 2.1 National Crude Oil & Condensate Production
In November 2018, a total of 54.10 million barrels of crude oil & condensate was
produced representing an average daily production of 1.80million barrels. This
translates to a decrease of 10.23% in the average daily production compared to October
2018 average daily performance. Of the November 2018 Production, Joint Ventures
(JVs) and Production Sharing Contracts (PSC) contributed about 34.40% and 34.65%
respectively. While AF, NPDC and Independents accounted for 12.76%, 8.15% and
10.03% respectively. The tables and charts below provide details of the National Crude
Oil Production for the period November 2017 to November 2018.
Table 2.1.1: Fiscalised National Crude Oil & Condensate Production
JVs PSC AF NPDCIndependent /
Marginal FieldsTotal
Average Daily Production
Barrels Barrels Barrels Barrels Barrels Barrels Barrels
Nov-17 19,363,865 23,743,061 7,920,080 3,806,080 3,921,240 58,754,326 1,958,478
Dec-17 19,551,104 24,370,374 8,324,954 4,059,375 4,357,980 60,663,787 1,956,896
Jan-18 21,637,764 23,253,975 7,922,333 4,688,259 4,402,587 61,904,918 1,996,933
Feb-18 18,808,641 21,451,962 7,623,086 4,115,610 4,242,481 56,241,780 2,008,635
Mar-18 19,950,334 24,133,001 8,441,597 3,830,063 3,950,565 60,305,560 1,945,341
Apr-18 19,201,118 23,216,779 7,982,997 4,219,576 4,335,005 58,955,475 1,965,183
May-18 18,097,509 23,033,348 8,097,128 2,386,521 3,529,292 55,143,798 1,778,832
Jun-18 13,620,002 23,050,872 7,494,093 3,124,348 6,192,791 53,482,106 1,782,737
Jul-18 19,329,899 23,266,534 8,181,356 3,533,223 3,134,513 57,445,525 1,853,081
Aug-18 19,973,453 24,118,465 8,082,088 4,346,779.49 5,379,950 61,900,735 1,996,798
Sep-18 18,964,640 22,915,115 7,817,183 4,573,419 4,447,270 58,717,627 1,957,254
Oct-18 20,536,053 23,092,627 8,420,600 4,719,450 5,501,515 62,270,245 2,008,718
Nov-18 18,612,068 18,745,390 6,900,890 4,410,454 5,428,523 54,097,325 1,803,244
PTD 247,646,450 298,391,503 103,208,385 51,813,157 58,823,712 759,883,207 1,923,755
Month
Note:
Crude oil Production is reported 1 month in arrears & still subject to further reconciliation with DPR and IOCs NPDC’s Crude production was based on NPDC’s wholly owned assets and percentage holding in JV assets.
NPDC 60 Series production is included in JVs & MCA production, the volume included in November ‘18 was 1,660,303bbls.
For more details on production by company, streams and well-head productions (Non-Fiscalised) click on these links:
company streams and well-head respectively.
Chart 2.1.1: Crude Oil & Condensate Production: November ’17 – November ‘18
19.4 19.6 21.6 18.8 20.0 19.2 18.1 13.6
19.3 20.0 19.0 20.5 18.6
23.7 24.4 23.3 21.5
24.1 23.2 23.0 23.1
23.3 24.1 22.9 23.1 18.7
7.9 8.3 7.9
7.6 8.4
8.0 8.1
7.5
8.2 8.1 7.8
8.4
6.9
58.75 60.66 61.90
56.24 60.31 58.96
55.14 53.48 57.45
61.90 58.72
62.27
54.10
0
10
20
30
40
50
60
70
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
Total Monthly Crude Oil & Condensate Production (Million Barrels)
JVs PSC AF NPDC Independent / Marginal Fields
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Chart 2.1.2: Average Daily Crude Oil & Condensate Production & Percentage distribution
Table 2.1.2: NPDC monthly Crude oil & Condensate Production Field/Company Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 PTD
NPDC Owned Direct Operated Assets Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels
Abura OML 65 184,221 155,948 164,019 144,023 234,245 236,235 108,552 129,446 185,848 122,771 262,231 250,255 238,177 2,415,971
Oredo OML 111 40,580 67,671 116,315 143,882 116,789 135,434 69,888 160,622 176,351 130,313 125,540 222,266 193,670 1,699,320
Oziengbe OML 111 11,154 14,072 3,976 0 9,700 5,385 2,176 818 398 0 0 0 20 47,699
Okono_Okpoho OML 119 590,686 604,756 582,499 521,973 599,892 540,471 553,731 534,451 549,144 495,377 446,496 467,041 90,315 6,576,832
SUB-TOTAL 826,641 842,446 866,809 809,878 960,626 917,525 734,347 825,337 911,741 748,460 834,266 939,562 522,183 10,739,822
Ogini_Isoko/FHN OML 26 0 84,825 92,326 73,012 66,381 95,775 54,071 66,863 68,657 47,922 132,536 179,020 204,387 1,165,774
Opuama/Elcrest OML 40 220,923 233,951 295,697 289,240 297,582 328,399 206,858 323,013 207,361 234,997 232,644 424,462 435,580 3,730,706
Batan_Odidi/Neconde OML 42 759,122 717,024 1,059,730 921,487 722,093 935,825 286,335 528,197 633,032 1,071,843 1,041,699 948,135 958,362 10,582,885
Afiesere_Kokori/Shoreline OML 30 845,605 905,106 1,016,461 855,771 701,883 671,800 355,739 462,711 637,214 886,649 1,033,882 1,021,417 1,021,861 10,416,099
Utorogu_Ughelli/NDW OML 34 260,813 320,124 267,215 238,119 257,872 255,809 185,525 200,451 272,895 274,383 344,147 314,775 326,350 3,518,479
NPDC JV Direct Operated Assets
Block
SUB-TOTAL 2,086,465 2,261,030 2,731,429 2,377,629 2,045,811 2,287,608 1,088,528 1,581,235 1,819,159 2,515,793 2,784,907 2,887,810 2,946,540 29,413,943 0.1269 11,097,183 OBEN_Amukpe_Sapele/SEPLAT
NPDC JV Non-Operated Assets
OBEN_Amukpe_Sapele/SEPLAT OML 4,38&41 892,974 955,899 1,090,021 928,103 823,626 1,014,443 563,646 717,776 802,323 1,082,526 954,246 892,078 941,732 11,659,393
SUB-TOTAL 892,974 955,899 1,090,021 928,103 823,626 1,014,443 563,646 717,776 802,323 1,082,526 954,246 892,078 941,732 11,659,393
GRAND TOTAL 3,806,080 4,059,375 4,688,259 4,115,610 3,830,063 4,219,576 2,386,521 3,124,348 3,533,223 4,346,779 4,573,419 4,719,450 4,410,454 51,813,158
Average Daily Production 126,869 130,948 151,234 146,986 123,550 140,653 76,985 104,145 113,975 140,219 152,447 152,240 147,015 131,173
NPDC JV Non-Operated Assets
The NPDC November 2017 to November 2018 cumulative production from all fields
totaled 51,813,158 barrels of Crude oil translating to an average daily production of
131,173 barrels per day. Comparing PTD NPDC performance to National Production, the
company’s production share is 6.82%. NPDC is projected to ramp-up production level to
250,000bp/d in the near future.
PTD production from NPDC wholly operated assets amounted to 10,739,822 barrels (or
20.73% of the total NPDC production) with Okono Okpoho (OML 119) alone producing
61.24% of the NPDC wholly owned operated assets or 12.69% of the total NPDC
production. Also on the NPDC operated JV assets, in which NPDC owns 55% controlling
1.96 1.96 2.00 2.01 1.95 1.97 1.78 1.78 1.85
2.00 1.96 2.01 1.80
0.0
0.5
1.0
1.5
2.0
2.5
Average Daily Crude Oil & Condensate Production (Million Barrels/Day)
32.6%
39.3%
13.6%
7% 8%
PTD Percentage Distribution of Crude Oil Production by Commercial Arrangements
JVs
PSC
AF
NPDC
Independent /MarginalFields
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interest, crude oil production amounted to 29,413,943 barrels (or 56.77% of the NPDC
total production). On the non-operated assets, production level stood at 11,659,393
barrels or 22.50% of the company’s production.
Chart 2.1.3 NPDC Monthly Crude Oil & Condensate Productions
Chart 2.1.4 NPDC Monthly Average Daily Crude Production by Field
2.2. National Gas Production
A total of 240.64 Billion Cubic Feet (BCF) of natural gas was produced in the month of
December 2018 translating to an average daily production of 8,021.21 Million Standard
Cubic Feet Per Day (mmscfd). For the period December 2017 to December 2018, a total
of 3,073.07 BCF of gas was produced representing an average daily production of
7,867.36 mmscfd during the period. Period-to-date Production from Joint Ventures
(JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.11%,
20.86% and 9.03% respectively to the total national gas production. The tables and
charts overleaf provide details of the national gas production for the period December
2017 to December 2018.
827 842 867 810 961 918 734 825 912 748 834 940 522
2,086 2,261 2,731
2,378 2,046 2,288
1,089 1,581
1,819 2,516
2,785 2,888
2,947
893 956
1,090
928 824
1,014
564
718
802
1,083 954
892 942
3,806 4,059
4,688 4,116
3,830
4,220
2,387
3,124
3,533
4,347 4,573 4,719 4,410
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
NPDC Crude Monthly Production (Thousand Barrels)
NPDC Owned Direct Operated Assets NPDC JV Direct Operated Assets NPDC JV Non-Operated Assets
127 131
151 147
124
141
77
104 114
140
152 152 147
0
20
40
60
80
100
120
140
160
180
NPDC Average Daily Crude Oil Production (Thousand Barrels/Day)
48
1,166
1,699
2,416
3,731
3,518
6,577
9,765
9,926
11,659
0 10,000
Oziengbe
Ogini_Isoko/FHN
Oredo
Abura
Opuama/Elcrest
Utorogu_Ughelli/NDW
Okono_Okpoho
Afiesere_Kokori/Shoreline
Batan_Odidi/Neconde
OBEN_Amukpe_Sapele/SEPLAT
NPDC PTD Ranking by Field (Thousand Barrels)
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Table 2.2.1: National Gas Production by Regime
Total Monthly Production Daily Average Production JV PSC NPDC TOTAL
BCF BCF BCF BCF
Dec-17 163.80 51.05 19.23 234.08
Jan-18 174.86 54.25 19.67 248.78
Feb-18 166.68 49.25 19.18 235.10
Mar-18 181.06 49.01 23.00 253.06
Apr-18 168.65 49.29 23.70 241.63
May-18 166.51 46.20 18.88 231.59
Jun-18 138.25 51.68 21.58 211.51
Jul-18 155.62 51.96 22.77 230.35
Aug-18 174.65 53.56 23.23 251.44
Sep-18 169.71 51.29 19.95 240.94
Oct-18 166.70 53.09 19.75 239.54
Nov-18 155.64 35.95 22.83 214.42
Dec-18 172.41 44.48 23.75 240.64
Total 2,154.53 641.03 277.51 3,073.07
PERIOD
JV PSC NPDC TOTAL
mmscfd mmscfd mmscfd mmscfd
Dec-17 5,284.03 1,646.65 620.41 7,551.09
Jan-18 5,640.60 1,749.86 634.54 8,025.01
Feb-18 5,952.77 1,758.74 684.87 8,396.38
Mar-18 5,840.90 1,580.90 741.78 8,163.58
Apr-18 5,621.57 1,642.88 790.02 8,054.46
May-18 5,550.32 1,540.08 694.62 7,785.01
Jun-18 4,608.38 1,722.58 725.26 7,056.22
Jul-18 5,187.16 1,732.09 758.93 7,678.17
Aug-18 5,821.54 1,785.28 774.47 8,381.29
Sep-18 5,656.85 1,709.49 664.94 8,031.28
Oct-18 5,556.75 1,769.72 658.32 7,984.78
Nov-18 5,187.98 1,198.32 760.96 7,147.26
Dec-18 5,746.97 1,482.49 791.75 8,021.21
Average 5,511.99 1,639.93 715.45 7,867.36
PERIOD
Chart 2.2.1: Average Daily National Gas Production for the period
Chart 2.2.2: Monthly National Gas Production & Percentage Distribution
5,284 5,641 5,953 5,841 5,622 5,550 4,608
5,187 5,822 5,657 5,557 5,188
5,747
1,647 1,750
1,759 1,581 1,643 1,540
1,723 1,732
1,785 1,709 1,770
1,198
1,482
620 635
685 742 790 695
725
759
774 665 658
761
792
7,551 8,025 8,396 8,164 8,054
7,785
7,056
7,678 8,381 8,031 7,985
7,147
8,021
0.00
1,000.00
2,000.00
3,000.00
4,000.00
5,000.00
6,000.00
7,000.00
8,000.00
9,000.00
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Average Daily National Gas Production (mmscfd)
JV PSC NPDC
234 249
235 253
242 232 212
230 251
241 240 214
241
0
50
100
150
200
250
300
Total Monthly Natural Gas Production (BCF)
70.1%
20.9%
9.0%
Percentage Distribution of Upstream Gas Production-
December '17 - December '18 Average
JV
PSC
NPDC
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2.3 Crude Oil & Condensate Lifting & utilization
In November 2018, a total volume of 54.10 million barrels of crude oil and condensate
was lifted by all parties. Out of this volume, 15.12 million barrels was lifted by NNPC on
behalf of the Federation. This comprises 11.58 million barrels lifted on the account of
NNPC (Domestic and Federation Export) while 2.96 million barrels and 0.58 million
barrels were superintended for FIRS and DPR respectively.
Table 2.3.1: Crude Oil & Condensate Lifting and utilization
NNPC
Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels
Nov-17 6,737,220 350,000 5,424,555 5,766,199 11,190,754 18,277,974 40,649,805 1,027,800 59,955,579Dec-17 4,481,518 1,472,942 4,695,969 9,767,455 14,463,424 20,417,884 38,576,868 1,924,476 60,919,228
Jan-18 2,604,590 767,529 7,721,289 8,447,137 16,168,426 19,540,545 40,333,246 2,197,539 62,071,330Feb-18 2,735,826 330,513 2,661,229 13,905,930 16,567,159 19,633,498 35,897,340 2,405,761 57,936,599Mar-18 3,998,312 721,535 4,081,250 13,476,680 17,557,930 22,277,777 35,136,157 1,957,403 59,371,337Apr-18 5,801,047 459,582 3,269,099 6,273,617 9,542,716 15,803,345 35,055,768 5,074,734 55,933,847May-18 3,821,881 1,622,504 3,551,457 6,156,880 9,708,337 15,152,722 35,931,693 4,580,728 55,665,143Jun-18 5,401,824 1,820,367 3,744,609 8,063,090 11,807,699 19,029,890 34,468,928 2,013,876 55,512,694Jul-18 4,688,091 218,000 4,567,079 8,059,831 12,626,910 17,533,001 38,794,037 2,211,321 58,538,359Aug-18 3,528,139 1,656,887 6,981,137 7,722,680 14,703,817 19,888,843 36,869,447 3,101,822 59,860,112Sep-18 3,904,043 915,016 5,242,801 6,653,042 11,895,843 16,714,902 39,421,710 5,094,224 61,230,836Oct-18 3,799,594 244,040 7,665,216 8,514,146 16,179,362 20,222,996 37,484,427 2,232,868 59,940,291Nov-18 2,955,861 582,066 2,286,962 9,293,740 11,580,702 15,118,629 35,813,407 3,165,289 54,097,325
TOTAL 54,457,946 11,160,981 61,892,652 112,100,427 173,993,079 239,612,006 484,432,833 36,987,841 761,032,680
NIGERIAN GOVERNMENT
FIRS (PSC)AF GRAND TOTAL
DPR (PSC)SUB-TOTAL
GOVERNMENT LIFTING
FEDERATION EXPORT
SUB-TOTAL (NNPC)
IOCs & INDEPENDENTS
(INC. NPDC)DOMESTIC LIFTING MONTH
Note:
Crude oil lifting is reported one month in arrears
For more details on crude oil lifting under each AF lifting arrangement and MCA performance
analysis follow the link
Of the 11.58 million barrels lifted on the account of NNPC in November 2018, 9.29
million barrels and 2.29 million barrels were for domestic and export markets
respectively. At an average oil price of $ 63.94/barrel and exchange rate of N305.60/$,
the domestic crude oil lifted by NNPC is valued at $594,198,889.67 or a Naira equivalent
of N181,587,180,683.76 for the month of November 2018. The remaining crude oil
lifted for export was valued at $145,499,630 at an average price of $63.62/barrel. The
total value of crude oil lifted on the account of NNPC in November 2018 was thus
$739,698,519.
From November 2017 to November 2018, a total volume of 761 million barrels of crude
oil and condensate was lifted by all parties. The tables 2.3.1 above and charts 2.3.1
overleaf provide the details of crude oil and condensate lifting and their corresponding
accrual values for the period November 2017 to November 2018.
12 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 2.3.1: Crude Oil & Condensate Monthly Lifting Entitlements
Table 2.3.2: Crude Oil Lifting Values
NNPC
USD USD USD USD USD USD USD USD USD
Nov-17 426,704,785 21,378,000 342,184,908 368,796,216 710,981,124 1,159,063,909 2,564,219,517 65,225,673 3,788,509,099
Dec-17 299,603,014 98,248,681 308,608,053 637,170,711 945,778,763 1,343,630,458 2,535,181,154 130,319,826 4,009,131,438
Jan-18 177,896,620 53,689,989 535,505,021 588,718,855 1,124,223,876 1,355,810,485 2,797,286,275 151,985,105 4,305,081,865
Feb-18 180,386,813 21,008,185 175,603,492 903,588,307 1,079,191,799 1,280,586,798 2,368,716,963 158,696,046 3,807,999,807
Mar-18 269,929,162 48,545,609 277,242,971 914,568,466 1,191,811,437 1,510,286,208 2,386,830,645 135,637,283 4,032,754,136
Apr-18 432,302,349 34,490,355 244,721,551 444,487,096 689,208,647 1,156,001,351 2,624,240,472 376,244,663 4,156,486,485
May-18 299,424,722 122,889,083 273,781,466 475,825,424 749,606,889 1,171,920,694 2,769,970,626 351,358,131 4,293,249,452
Jun-18 406,236,939 135,039,629 283,433,274 606,282,407 889,715,681 1,430,992,250 2,608,988,314 149,611,719 4,189,592,284
Jul-18 344,896,927 15,726,890 337,620,716 594,863,755 932,484,471 1,293,108,288 2,867,844,097 159,731,438 4,320,683,823
Aug-18 263,357,128 119,751,029 508,540,747 566,188,588 1,074,729,334 1,457,837,492 2,685,753,925 226,465,435 4,370,056,852
Sep-18 313,083,964 74,586,559 425,003,725 541,440,514 966,444,239 1,354,114,761 3,195,691,309 412,360,569 4,962,166,639
Oct-18 288,340,916 19,780,656 574,948,496 673,145,074 1,248,093,570 1,556,215,142 2,811,612,213 168,424,996 4,536,252,351
Nov-18 193,329,849 35,177,831 145,499,630 594,198,890 739,698,519 968,206,199 2,278,497,613 199,534,807 3,446,238,619
TOTAL 3,895,493,188 800,312,497 4,432,694,049 7,909,274,301 12,341,968,351 17,037,774,035 34,494,833,123 2,685,595,691 54,218,202,849
AF GRAND TOTALFIRS (PSC) DPR (PSC)LIFTING MONTH
IOCs &
INDEPENDENTS
(INC. NPDC)
NIGERIAN GOVERNMENT
SUB-TOTAL
(NNPC)DOMESTIC
SUB-TOTAL
GOVERNMENT
LIFTINGFEDERATION
EXPORT
Note:
IOCs, Independents, & AF values include government taxes and royalties superintended by FIRS and DPR respectively.
For more information on crude oil lifting by Company and Crude Destination click the link.
11.2 14.5 16.2 16.6 17.6 9.5 9.7 11.8 12.6 14.7 11.9 16.2
11.6
6.7 4.5 2.6 2.7 4.0
5.8 3.8 5.4 4.7 3.5
3.9 3.8
3.0
40.6 38.6 40.3 35.9 35.1
35.1 35.9 34.5 38.8 36.9 39.4
37.5
35.8
59.96 60.92 62.07 57.94 59.37
55.93 55.67 55.51 58.54 59.86 61.23 59.94
54.10
0
10
20
30
40
50
60
70
80
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
Monthly Lifting Entitlement (Million Barrels)
SUB-TOTAL (NNPC) FIRS (PSC) DPR (PSC) IOCs & INDEPENDENTS (INC. NPDC) AF
13 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 2.3.2 Government Crude Oil Lifting and utilization on Account of NNPC
2.4 Utilization of Crude Oil for Domestic Product Supply
In November 2018, NNPC lifted 9,293,740 barrels of Crude Oil for domestic utilization
translating to an average volume of 309,791.33 barrels of oil per day in terms of
performance. In order to meet domestic product supply requirement for the month of
November 2018 about 8,593,396 barrels were processed under the Direct-Sales-Direct
Purchase (DSDP) scheme and 700,344 barrels were delivered to the domestic refineries
for processing. Tables and charts below provide details of NNPC’s Utilization of Crude
Oil for Domestic Product Supply for the period of November 2017 to November 2018.
Table 2.4.1 Domestic Crude Purchased By NNPC
Volume Ave. Price Sales Value Sales Value Average Lifting
Barrels $/bbl USD NGN Barrels Per Day
Nov-17 5,766,199.00 63.96 368,796,215.94 112,409,086,619.12 192,206.63
Dec-17 9,767,455.00 65.23 637,170,710.68 194,337,066,757.10 315,079.19
Jan-18 8,447,137.00 69.69 588,718,854.85 179,559,250,729.25 272,488.29
Feb-18 13,905,930.00 64.98 903,588,306.75 275,323,357,066.42 496,640.36
Mar-18 13,476,680.00 67.86 914,568,465.85 278,851,925,236.14 434,731.61
Apr-18 6,273,617.00 70.85 444,487,096.00 135,412,993,796.10 209,120.57
May-18 6,156,880.00 77.28 475,825,423.89 144,984,006,658.06 198,609.03
Jun-18 8,063,090.00 75.19 606,282,406.86 184,885,819,970.74 268,769.67
Jul-18 8,059,831.00 73.81 594,863,755.02 181,284,729,341.74 259,994.55
Aug-18 7,722,680.00 73.32 566,188,587.74 172,630,900,400.40 249,118.71
Sep-18 6,653,042.00 81.38 541,440,514.03 165,220,572,855.34 221,768.07
Oct-18 8,514,146.00 79.06 673,145,074.05 205,544,848,359.95 274,649.87
Nov-18 9,293,740.00 63.94 594,198,889.67 181,587,180,683.76 309,791.33
Total/Ave 112,100,427.00 926.56 7,909,274,301.31 2,412,031,738,474.11 3,702,967.88
Period
5.8
9.8 8.4
13.9 13.5
6.3 6.2 8.1 8.1 7.7 6.7
8.5 9.3
5.4
4.7 7.7
2.7 4.1
3.3 3.6
3.7 4.6 7.0
5.2
7.7
2.3
11.19
14.46
16.17 16.57 17.56
9.54 9.71
11.81 12.63
14.70
11.90
16.18
11.58
0
2
4
6
8
10
12
14
16
18
20
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
Government Crude Oil Lifting & Utilisation (Million Barrels)
DOMESTIC FEDERATION EXPORT
14 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 2.4.1: NNPC Crude Oil Utilization for Domestic Product Supply
Table 2.4.2 Breakdown of NNPC Utilization of Crude oil for Domestic Product Supply
Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn
Nov-17 0.00 0.00 0.00 0.00 0.00 0.00 1,967.71 126.69 38,613.78 3,798.49 242.11 73,795.31 5,766.20 368.80 112,409.09
Dec-17 0.00 0.00 0.00 0.00 0.00 0.00 2,174.00 143.49 43,764.01 7,593.45 493.68 150,573.06 9,767.46 637.17 194,337.07
Jan-18 0.00 0.00 0.00 0.00 0.00 0.00 1,813.80 127.34 38,837.91 6,633.34 461.38 140,721.34 8,447.14 588.72 179,559.25
Feb-18 0.00 0.00 0.00 0.00 0.00 0.00 1,594.03 104.65 31,886.81 12,311.90 798.94 243,436.55 13,905.93 903.59 275,323.36
Mar-18 0.00 0.00 0.00 0.00 0.00 0.00 1,074.73 73.69 22,469.47 12,401.95 840.87 256,382.45 13,476.68 914.57 278,851.93
Apr-18 0.00 0.00 0.00 0.00 0.00 0.00 1,524.58 110.66 33,712.07 4,749.03 333.83 101,700.92 6,273.62 444.49 135,412.99
May-18 0.00 0.00 0.00 0.00 0.00 0.00 2,358.28 183.31 55,853.03 3,798.60 292.52 89,130.97 6,156.88 475.83 144,984.01
Jun-18 0.00 0.00 0.00 0.00 0.00 0.00 2,371.65 177.64 54,171.12 5,691.44 428.64 130,714.70 8,063.09 606.28 184,885.82
Jul-18 0.00 0.00 0.00 0.00 0.00 0.00 1,391.57 103.31 31,484.55 6,668.27 594.86 149,800.18 8,059.83 698.18 181,284.73
Aug-18 0.00 0.00 0.00 0.00 0.00 0.00 132.34 9.60 2,927.13 7,590.34 566.19 169,703.77 7,722.68 575.79 172,630.90
Sep-18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,653.04 541.44 165,220.57 6,653.04 541.44 165,220.57
Oct-18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,514.15 673.15 205,544.85 8,514.15 673.15 205,544.85
Nov-18 0.00 0.00 0.00 0.00 0.00 0.00 700.34 45.97 14,048.40 8,593.40 548.23 167,538.79 9,293.74 594.20 181,587.18
PTD 0.00 0.00 0.00 0.00 0.00 0.00 17,103.02 1,206.34 367,768.26 94,997.41 6,815.85 2,044,263.47 112,100.43 8,022.19 2,412,031.74
Month
EXPORT TOTAL OFFSHORE PROCESSING DELIVERIES TO REFINERIES DIRECT SALES DIRECT PURCHASE
Chart 2.4.2: Percentage Distribution for November 2018 Domestic Crude Utilization
3.8
7.6 6.6
12.3 12.4
4.7
3.8
5.7 6.7 7.6 6.7 8.5 8.6 1.97
2.17 1.81
1.59 1.07
1.52 2.36
2.37 1.39 0.13 -
8.5 0.70
5.8
9.8
8.4
13.9 13.5
6.3 6.2
8.1 8.1
0.0
7.7
6.7
9.3
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
NNPC Crude Oil Utilisation For Domestic Product Supply (Million Barrels)
DSDP REFINERY DIRECT EXPORT
92.5%
November 2018 Crude Oil Utilization For Domestic Product Consumption
REFINERY
DSDP
7.5%
16.1%
83.1%
0.8%
PTD Crude Oil Utilization For Domestic Product Consumption
REFINERY
DSDP
DIRECTEXPORT
15 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
2.5 Natural Gas Off take, Commercialization & Utilization
Out of the 240.59 BCF of gas supplied in December 2018, a total of 151.13BCF of gas
was commercialized consisting of 38.61BCF and 112.52BCF for the domestic and export
market respectively as shown in Table 2.5.1 below. This translates to a total supply of
1,245.48 mmscfd of gas to the domestic market and 3,748.47 mmscfd of gas supplied to
the export market for the month as shown in Table 2.5.2 on page 16.
This implies that 62.61% of the average daily gas produced was commercialized while
the balance of 37.39% was re-injected, used as upstream fuel gas or flared. Gas flare rate
was 9.15% for the month under review i.e. 729.55mmscfd compared with average Gas
flare rate of 9.92 % i.e. 777.37mmscfd for the period December 2017 to December 2018.
Table 2.5.1 Total Gas Commercialization and utilization
Domestic Gas To Power Domestic Gas to IndustryTotal Domestic Gas
SupplyWAPG EGTL NGL/ LPG NLNG Total Export Gas
BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF
Dec-17 25.66 13.87 39.53 1.30 4.82 2.35 90.99 99.46 57.13 10.40 31.88 99.41 238.40
Jan-18 22.66 11.35 34.01 1.21 4.40 2.04 102.52 110.18 66.48 10.92 31.68 109.07 253.26
Feb-18 23.07 13.79 36.86 1.21 4.76 2.64 94.82 103.43 62.08 10.30 27.25 99.62 239.91
Mar-18 26.49 14.03 40.52 2.35 6.51 2.88 100.34 112.08 64.24 10.95 26.88 102.07 254.68
Apr-18 25.06 14.66 39.71 2.43 7.96 2.75 91.30 104.45 63.73 11.21 23.06 98.00 242.16
May-18 22.27 14.44 36.71 1.45 7.80 2.69 92.19 104.13 59.37 10.73 21.20 91.30 232.14
Jun-18 22.33 13.90 36.23 1.43 7.50 2.66 65.26 76.85 63.81 11.01 21.66 96.47 209.55
Jul-18 22.35 13.20 35.55 2.74 5.75 3.02 80.14 91.65 67.36 11.45 21.21 100.02 227.21
Aug-18 20.03 13.47 33.51 2.70 4.68 3.82 100.45 111.66 69.02 11.26 22.42 102.70 247.87
Sep-18 18.44 11.92 30.36 2.83 4.75 3.03 101.11 111.73 64.83 11.46 20.54 96.82 238.91
Oct-18 18.82 13.18 32.00 2.79 4.69 3.33 92.89 103.69 68.69 12.44 20.51 101.63 237.33
Nov-18 22.05 14.10 36.14 1.99 4.50 3.40 77.26 87.15 54.90 10.96 23.78 89.64 212.93
Dec-18 24.00 14.61 38.61 2.18 5.88 3.32 101.14 112.52 55.61 11.96 21.89 89.46 240.59
Total 293.22 176.51 469.73 26.62 74.00 37.94 1,190.41 1,328.98 817.25 145.04 313.93 1,276.22 3,074.92
Domestic Gas Export Gas
Gas Commercialisation
Grand TotalPeriod
Non-Commercialized Gas
Re-Injection Fuel Gas Flare
Total Non-
Commerialized
Gas
Note: For more details on Gas Liftings follow this link
Total gas supply for the period December 2017 to December 2018 stood at 3,074.92BCF
out of which 469.73BCF and 1,328.98 BCF were commercialized for the domestic and
export market respectively. Gas –Injected, Fuel gas and Gas flared stood at 1,276.22
BCF. The table 2.5.1 and chart 2.5.1 provides more details of the gas utilization and
commercialization for the period December 2017 to December 2018.
16 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 2.5.1 December ’17 – December ‘18 Percent Distribution of Gas Utilization
As shown below in Table 2.5.2, out of the 1,245.48 mmscfd of gas supplied to the
domestic market in November 2018, about 774.27mmscfd of gas representing 62.17%
was supplied to Gas-Fired power plants while the balance of 471.21mmscfd or 37.83%
was supplied to other industries. Similarly, for the period of December 2017 to
December 2018 an average of 1,198.63mmscfd of gas was supplied to the domestic
market comprising an average of 747.89mmscfd or (62.40%) as gas supply to the power
plants and 450.74mmscfd or (37.60%) as gas supply to industries.
Table 2.5.2 Total Average Daily Gas Commercialization and utilization
Domestic Gas To Power Domestic Gas to Industry Total Gas To Domestic WAPG EGTL NGL/LPG NLNG Total Gas To Export
mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd
Dec-17 827.76 447.34 1,275.09 43.36 155.42 75.94 2,934.99 3,209.70 1,842.91 335.61 701.81 2,880.33 7,365.12
Jan-18 731.01 365.98 1,096.99 39.13 142.02 65.68 3,307.21 3,554.04 2,144.44 352.20 1,021.83 3,518.47 8,169.51
Feb-18 823.82 492.60 1,316.41 43.21 169.96 94.23 3,386.51 3,693.90 2,217.10 367.68 973.19 3,557.97 8,568.28
Mar-18 854.40 452.69 1,307.09 75.83 209.97 93.00 3,236.82 3,615.62 2,072.37 353.26 867.10 3,292.73 8,215.44
Apr-18 835.27 489.52 1,324.78 81.02 265.44 91.80 3,043.25 3,481.51 2,124.47 374.00 769.00 3,267.47 8,073.77
May-18 742.32 481.18 1,223.51 48.17 260.03 89.69 3,073.12 3,471.01 1,978.99 357.67 706.65 3,043.31 7,737.83
Jun-18 744.41 463.33 1,207.74 47.50 250.00 88.78 2,175.42 2,561.70 2,126.86 367.05 721.83 3,215.74 6,985.18
Jul-18 744.86 439.95 1,184.81 91.37 191.77 100.51 2,671.35 3,055.00 2,245.39 381.51 706.96 3,333.85 7,573.66
Aug-18 667.73 449.10 1,116.83 90.14 156.13 127.39 3,348.33 3,721.99 2,300.80 375.44 747.21 3,423.45 8,262.27
Sep-18 614.55 397.41 1,011.96 94.39 158.40 101.15 3,370.32 3,724.26 2,160.82 381.92 684.69 3,227.43 7,963.65
Oct-18 627.33 439.35 1,066.68 92.92 156.33 111.03 3,096.18 3,456.46 2,289.53 414.73 683.49 3,387.75 7,910.89
Nov-18 734.84 469.92 1,204.76 66.42 149.83 113.36 2,575.45 2,905.06 1,830.06 365.00 792.49 2,987.54 7,097.36
Dec-18 774.27 471.21 1,245.48 70.43 195.97 110.76 3,371.31 3,748.47 1,853.74 398.64 729.55 2,981.93 7,975.88
Average 747.89 450.74 1,198.63 67.99 189.33 97.18 3,045.40 3,399.90 2,091.34 371.13 777.37 3,239.84 7,838.37
Gas Commercialisation
Export GasDomestic Gas
Grand Total
Non-Commercialized Gas
Re-Injection Fuel Gas FlarePeriodTotal Non-
Commerialized Gas
About 3,371.31 mmscfd or 89.94% of the export gas was sent to Nigerian Liquefied
Natural Gas Company (NLNG) Bonny for December 2018 compared with the period,
December 2017 to December 2018 average of 3,045.40mmscfd or 89.57% of the export
gas.
15.3%
43.4%
41.3%
PTD Year Average Percentage Distribution of Gas Utilisation
Total GasToDomestic
Total GasTo Export
TotalNon-Commerialized Gas
15.6%
47.0%
37.4%
December 2018 Percentage Distribution of Gas Utilisation
Total GasToDomestic
Total GasTo Export
Total Non-Commerialized Gas
17 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 2.5.2 Average Daily National Gas to Domestic, Export & Gas Non-Commercialized
1,275 1,097 1,316 1,307 1,325 1,224 1,208 1,185 1,117 1,012 1,067 1,205 1,245
3,210 3,554 3,694 3,616 3,482 3,471 2,562 3,055 3,722 3,724 3,456 2,905
3,748
2,880 3,518 3,558 3,293 3,267 3,043
3,216 3,334
3,423 3,227 3,388 2,988
2,982
7,365 8,170
8,568 8,215 8,074 7,738 6,985
7,574 8,262 7,964 7,911
7,097 7,976
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Average Daily National Gas to Domestic, Export & Gas Non-Commericlized (mmscfd)
Total Gas To Domestic Total Gas To Export Total Non-Commerialized Gas
18 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
3 Refinery Operations
3.1 Capacity Utilization
In December 2018 refineries processed total crude of 67,139 MT which is 54,941MT
addition relative to November, 2018. This translates to combined yield efficiency of
48.20% reversing -82.20% recorded in November, and this positive outlook is credited
to WRPC performance as the two refineries, KRPC & PHRC, processed no crude oil over
the two months.
Table 3.1.1: Monthly Consolidated Refineries Operational Performance
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Total
Opening Stock (A) MT 636,970 414,105 453,317 426,945 336,974 387,659 327,658 278,309 383,305 341,331 342,055 342,897 427,144 5,650,731
Crude Received (B) MT 294,006 244,608 210,529 178,430 175,626 318,113 322,431 189,951 19,997 1,066 1,055 95,844 84,445 2,316,798
Crude Transferred to KRPC (C) MT 9,995 519 0 2,633 520 520 267 72 1,336 0 0 711 929 6,737
Total Crude Available (D=A+B-C) MT 920,981 658,194 663,846 608,008 513,120 706,292 650,356 468,188 401,966 342,397 343,110 439,452 512,518 7,961,187
Closing Stock (E=D-F) MT 413,249 453,317 426,945 336,793 385,644 327,658 274,171 377,316 345,162 342,397 343,110 427,254 445,379 5,523,011
Crude Processed (F) MT 507,732 204,877 236,901 271,215 127,476 378,634 376,185 90,872 56,804 0 0 12,198 67,139 2,435,768
(i) Finished Products MT 300,264 154,676 151,809 159,424 252,843 214,328 272,930 116,433 53,881 1,279 3,513 15,265 27,486 1,772,292
(ii) Intermediate Products MT 151,554 29,661 41,681 67,428 177,976 131,810 54,984 49,350 8,017 16,452 12,778 25,292 4,784 231,599
(iii) Plant Consumption MT 47,466 17,301 28,597 27,800 44,224 28,838 32,874 11,743 6,943 12,034 15,821 16,935 22,153 321,958
(iv) Losses MT 8,448 3,239 14,814 16,564 8,385 3,658 15,397 12,050 3,997 3,139 470 5,290 12,716 111,937
Plant Capacity kpd 445 445 445 445 445 445 445 445 445 445 445 445 445 445
Capacity Utilization % 26.99% 10.89% 13.94% 14.41% 7.00% 20.12% 20.66% 4.83% 3.02% 0.00% 0.00% 0.67% 3.57% 10.13%
Losses % 1.66% 1.58% 6.25% 6.11% 6.58% 0.97% 4.09% 13.26% 7.04% 0.00% 0.00% 43.37% 18.94% 4.60%
Plant Consumption % 9.35% 8.44% 12.07% 10.25% 34.69% 7.62% 8.74% 12.92% 12.22% 0.00% 0.00% 138.83% 33.00% 13.22%
Yields Efficiency based on CDU, CRU & FCC
(%)% 88.99% 89.97% 81.68% 83.64% 58.73% 91.42% 87.17% 73.82% 80.74% 0.00% 0.00% -82.20% 48.06% 82.27%
Operational Parameters UnitsConsolidated Refineries Operations
Note: KRPC received their crude via WRPC.
For the month of December 2018, WRPC and PHRC produced 27,486MT of finished Petroleum Products and while the three refineries produced 4,784MT of intermediate products out of the 67,139MT of Crude processed at 3.57% combined capacity utilization. The lower operational performance recorded is attributable to the ongoing revamping of the refineries which is expected to further enhance capacity utilization once completed.
Chart 3.1.1: Monthly Refineries Consolidated Capacity Utilization
26.99%
10.89%
13.94% 14.41%
7.00%
20.12% 20.66%
4.83% 3.02%
0.00% 0.00% 0.67%
3.57%
0%
5%
10%
15%
20%
25%
30%
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Refineries Consolidated Capacity Utilisation
19 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Table 3.1.2 Refineries Monthly Operations
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Total
Opening Stock (A) MT 205,832 197,285 196,766 157,318 67,347 180,900 77,246 107,645 140,601 102,458 103,524 104,579 188,936 1,830,437
Crude Received (B) MT 0 0 0 178,430 130,218 141,865 164,304 123,900 19,997 1,066 1,055 95,844 84,445 941,124
Crude Transferred to KRPC (C) MT 9,995 519 0 2,633 520 520 267 -72 -1,336 0 0 711 929 6,342
Total Crude Available (D=A+B-C) MT 195,837 196,766 196,766 338,381 198,085 323,285 241,817 231,473 159,262 103,524 104,579 201,134 274,310 2,765,219
Closing Stock (E=D-F) MT 195,837 196,766 157,318 67,166 180,900 77,246 103,507 140,601 102,458 103,524 104,579 188,936 207,171 1,826,009
Crude Processed (F) MT 0 0 39,448 271,215 17,185 246,039 138,310 90,872 56,804 0 0 12,198 67,139 939,210
(i) Finished Products MT 24,343 8,037 68,818 155,162 89,422 129,809 124,828 111,052 52,852 925 407 15,098 26,441 806,380
(ii) Intermediate Products MT 25,697 9,395 55,109 87,778 84,514 102,720 18,873 30,464 2,324 4,055 3,887 18,825 26,431 36,214
(iii) Plant Consumption MT 1,354 1,358 13,662 16,211 10,413 12,466 19,093 8,602 5,776 3,130 4,294 11,843 10,058 118,260
(iv) Losses MT 0 0 12,077 12,065 1,864 1,044 13,262 1,686 500 0 0 4,082 4,209 50,789
Plant Capacity kpd 125 125 125 125 125 125 125 125 125 125 125 125 125 125
Capacity Utilization % 0.00% 0.00% 8.26% 51.32% 3.36% 46.55% 27.04% 17.19% 10.75% 0.00% 0.00% 2.38% 12.70% 13.91%
Losses % 0.00% 0.00% 30.61% 4.45% 10.85% 0.42% 9.59% 1.86% 0.88% 0.00% 0.00% 33.46% 6.27% 5.41%
Plant Consumption % 0.00% 0.00% 34.63% 5.98% 60.59% 5.07% 13.80% 9.47% 10.17% 0.00% 0.00% 97.09% 14.98% 12.59%
Yields Efficiency based on CDU, CRU & FCC (%) % 0.00% 0.00% 34.75% 89.57% 28.56% 94.51% 76.61% 88.68% 88.95% 0.00% 0.00% -30.55% 78.75% 82.00%
Operational Parameters Units
Opening Stock (A) MT 195,592 117,324 177,718 190,794 190,794 127,926 171,579 91,831 163,871 160,040 159,698 159,485 159,375 2,066,027
Crude Received (B) MT 291,857 243,416 210,529 0 45,408 176,248 158,127 66,051 0 0 0 0 0 1,191,636
Total Crude Available (C=A+B) MT 487,449 360,740 388,247 190,794 236,202 304,174 329,706 157,882 163,871 160,040 159,698 159,485 159,375 3,257,663
Closing Stock (D=C-E) MT 117,324 177,718 190,794 190,794 125,911 171,579 91,831 157,882 163,871 160,040 159,698 159,485 159,375 2,026,302
Crude Processed (E) MT 370,125 183,022 197,453 0 110,291 132,595 237,875 0 0 0 0 0 0 1,231,361
(i) Finished Products MT 229,579 138,773 75,663 3,066 162,543 83,758 148,102 5,381 1,029 2,155 3,106 1,376 1,045 836,170
(ii) Intermediate Products MT 116,439 31,019 109,465 7,675 86,393 38,606 80,594 16,262 5,693 1,828 17 835 13,528 243,892
(iii) Plant Consumption MT 17,283 10,181 9,588 6,242 27,620 7,617 7,044 517 1,167 844 2,653 1,003 2,970 94,729
(iv) Losses MT 6,824 3,049 2,737 4,499 6,521 2,614 2,135 10,364 3,497 3,139 470 1,208 9,513 56,570
Plant Capacity kpd 210 210 210 210 210 210 210 210 210 210 210 210 210 210
Capacity Utilization % 41.69% 20.61% 24.62% 0.00% 12.84% 14.93% 27.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.86%
Losses % 1.84% 1.67% 1.39% 0.00% 5.91% 1.97% 0.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.59%
Plant Consumption % 4.67% 5.56% 4.86% 0.00% 25.04% 5.74% 2.96% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 7.69%
Yields Efficiency based on CDU, CRU & FCC (%) % 93.49% 92.77% 93.76% 0.00% 69.04% 92.28% 96.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 87.71%
Operational Parameters Units
Opening Stock (A) MT 235,546 99,496 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 1,202,205
Crude Received (B) MT 2,149 1,192 0 0 0 0 0 0 0 0 0 0 0 3,341
Total Crude Available (C=A+B) MT 237,695 100,688 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 1,205,546
Closing Stock (D=C-E) MT 100,088 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 1,046,084
Crude Processed (E) MT 137,607 21,855 0 0 0 0 0 0 0 0 0 0 0 159,462
(i) Finished Products MT 46,342 7,866 7,328 7,328 878 761 0 0 0 2,509 1,543 0 74,555
(ii) Intermediate Products MT 60,812 8,037 12,675 12,675 7,069 9,516 6,737 2,624 0 10,569 8,874 5,632 8,119 15,641
(iii) Plant Consumption MT 28,829 5,762 5,347 5,347 6,191 8,755 6,737 2,624 0 8,060 8,874 4,089 9,125 99,740
(iv) Losses MT 1,624 190 0 0 0 0 0 0 0 0 0 0 1,006 808
Plant Capacity kpd 110 110 110 110 110 110 110 110 110 110 110 110 110 110
Capacity Utilization % 29.59% 4.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.68%
Losses % 1.18% 0.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.51%
Plant Consumption % 20.95% 26.36% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 62.55%
Yields Efficiency based on CDU, CRU & FCC (%) % 77.87% 72.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 36.95%
Operational Parameters Units
PHRC
KRPC
WRPC
Note: For more details on breakdown for Refineries Crude grade received, follow this link.
Chart 3.1.2: Refineries Capacity Utilization
0.0
%
0.0
% 8
.3%
51
.3%
3.4
%
46
.6%
27
.0%
17
.2%
0.0
%
0.0
%
2.4
%
12
.7%
41
.7%
20
.6%
24
.6%
0.0
%
12
.8%
14
.9%
27
.7%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
29
.6%
4.7
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
0%
10%
20%
30%
40%
50%
60%
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Refineries Capacity Utilisation
WRPC PHRC KRPC
20 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
3.2 Refineries Economics for period of December 2018
The Corporation has been adopting a Merchant Plant Refineries Business Model since
January 2017. The model takes cognizance of the Products Worth and Crude Costs. The
combined value of output by the three refineries (at import parity price) for the month
of December 2018 amounted to ₦10.86billion while the associated Crude plus freight
costs and operational expenses were ₦8.89billion and ₦19.29billion respectively. This
resulted to an operating deficit of ₦17.32billion by the refineries as shown in Table 3.2
beneath.
Table 3.2 Refinery Financial Performance December 2017 - December 2018
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million
Revenue 36.16 9.21 9,560.32 36,910.01 6,678.61 39,554.21 23,275.19 13,453.84 8,666.09 66.18 67.78 1,990.72 9,587.44
Crude + Frieght (COGS) 0.00 0.00 -5,978.08 -42,888.01 -2,991.84 -43,942.55 -23,700.40 -15,636.34 -9,782.80 0.00 0.00 -1,688.01 -8,890.47
Opex -1,781.39 -2,687.32 -3,452.33 -3,219.74 -3,111.61 -2,775.63 -2,744.48 -2,598.81 -2,531.13 -2,775.11 -2,931.44 -3,286.91 -3,217.83
Operating Surplus/Deficit-1,745.23 -2,678.12 129.91 -9,197.73 575.16 -7,163.96 -3,169.69 -4,781.31 -3,647.84 -2,708.93 -2,863.66 -2,984.20 -2,520.86
Revenue 15,477.03 -902.89 -849.62 1,845.44 27,208.01 -807.96 77.12 305.75 2.30 1,369.92 1,192.53 883.79 1,245.52
Crude + Frieght (COGS)-17,475.12 0.00 0.00 -1,946.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Opex -2,404.89 -3,275.62 -2,965.13 -2,528.82 -24,250.68 -3,415.96 -3,057.28 -2,655.99 -2,684.80 -2,904.67 -3,289.52 -3,573.08 -3,074.19
Operating Surplus/Deficit-4,402.98 -4,178.51 -3,814.75 -2,629.45 2,957.33 -4,223.92 -2,980.16 -2,350.24 -2,682.50 -1,534.75 -2,096.99 -2,689.29 -1,828.67
Revenue 50,714.89 27,069.34 27,304.10 3,638.98 27,065.53 19,530.67 36,173.00 18.54 6.35 4.81 2.21 2.85 26.99
Crude + Frieght (COGS)-51,662.65 -28,883.61 -28,264.60 0.00 -17,306.52 -20,919.42 -40,399.48 0.00 0.00 0.00 0.00 0.00 0.00
Opex -3,999.32 -4,915.22 -3,409.71 -3,701.32 -6,969.88 -7,305.17 -4,133.68 -3,336.18 -4,469.03 -2,734.11 -4,367.88 -3,914.40 -12,994.49
Operating Surplus/Deficit-4,947.08 -6,729.48 -4,370.22 -62.33 2,789.14 -8,693.92 -8,360.16 -3,317.64 -4,462.68 -2,729.30 -4,365.67 -3,911.55 -12,967.50
Revenue 66,228.08 26,175.66 36,014.80 42,394.44 60,952.16 58,276.92 59,525.30 13,778.13 8,674.74 1,440.91 1,262.52 2,877.36 10,859.95
Crude + Frieght (COGS)-69,137.76 -28,883.61 -34,242.68 -44,834.08 -20,298.36 -64,861.97 -64,099.88 -15,636.34 -9,782.80 0.00 0.00 -1,688.01 -8,890.47
Opex -8,185.60 -10,878.16 -9,827.17 -9,449.87 -34,332.17 -13,496.76 -9,935.44 -8,590.98 -9,684.96 -8,413.89 -10,588.84 -10,774.39 -19,286.51
Operating Surplus/Deficit-11,095.28 -13,586.11 -8,055.05 -11,889.51 6,321.63 -20,081.80 -14,510.02 -10,449.19 -10,793.02 -6,972.98 -9,326.32 -9,585.04 -17,317.03
KRPC
PHRC
Consolidated
WRPC
Description
21 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
4 Petroleum Product Supply & Distribution
4.1 Petroleum Product Supply from Direct sales Direct Purchase (DSDP)
In December 2018, 1,780.20million litres of PMS were supplied into the country
through the DSDP arrangement as against the 1,608.17million litres of PMS supplied in
the month of November 2018. The table and chart below provide more details of the
total petroleum products supply from DSDP.
Table 4.1.1: Monthly Imported Petroleum Products via DSDP in litres
PMS DPK TOTAL
Litres Litres Litres
Dec-17 1,140,066,542.00 - 1,140,066,542.00
Jan-18 1,463,656,364.62 33,794,490.58 1,497,450,855.20
Feb-18 1,791,617,371.19 27,208,294.96 1,818,825,666.15
Mar-18 2,383,455,664.26 - 2,383,455,664.26
Apr-18 1,510,350,610.87 - 1,510,350,610.87
May-18 1,096,448,744.20 - 1,096,448,744.20
Jun-18 1,194,926,906.98 43,427,408.64 1,238,354,315.62
Jul-18 1,190,714,128.66 46,693,719.07 1,237,407,847.73
Aug-18 1,666,719,542.50 44,294,402.77 1,711,013,945.27
Sep-18 1,663,244,552.88 - 1,663,244,552.88
Oct-18 1,752,007,984.65 - 1,752,007,984.65
Nov-18 1,608,167,721.00 - 1,608,167,721.00
Dec-18 1,780,200,862.90 - 1,780,200,862.90
TOTAL 20,241,576,996.71 195,418,316.02 20,436,995,312.72
Period
Chart 4.1.1: Petroleum Products Supply from DSDP (Million Litres)
4.2 Petroleum Products Supply from Domestic Refineries
Table 4.2.1 shows comparison of 35.04 million litres of petroleum products (PMS &
DPK) produced by the domestic refineries in December 2018 as against 13.94 million
litres production in November 2018; reflecting over 100% increased production due to
improved activities.
1,140 1,464
1,792 2,383
1,510 1,096 1,195 1,191
1,667 1,663 1,752 1,608 1,780 0
34 44
1,140
1,497
1,819
2,383
1,510
1,096 1,238 1,237
1,711 1,663 1,752 1,608 1,780
0
500
1,000
1,500
2,000
2,500
3,000
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Petroleum Products from Direct Sales Direct Purchase (Million Litres)
PMS DPK
22 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Table 4.2.1: Monthly Refined White Petroleum Products from Local Refineries PMS DPK Total (PMS+DPK)
Litres Litres Litres
Dec-17 157,074,337 75,482,224 232,556,561
Jan-18 77,802,208 34,079,280 111,881,488
Feb-18 96,666,284 39,941,262 136,607,546
Mar-18 104,480,057 48,890,528 153,370,585
Apr-18 101,109,090 24,752,902 125,861,992
May-18 96,155,210 65,755,180 161,910,390
Jun-18 136,076,546 69,654,042 205,730,588
Jul-18 23,083,560 15,555,082 38,638,642
Aug-18 11,755,796 9,755,127 21,510,923
Sep-18 1,731,231 0 1,731,231
Oct-18 0 0 0
Nov-18 11,720,112 2,222,658 13,942,770
Dec-18 23,145,632 11,891,655 35,037,287
Total 840,800,063 397,979,940 1,238,780,003
Period
Chart 4.2.1 Total White Petroleum Product Supply from NNPC (DSDP + Refineries)
Table 4.2.2 Total White Petroleum Product Supply from NNPC (DSDP+ Refineries)
PMS DPK Total PMS DPK Total
Litres Litres Litres Litres/Day Litres/Day Litres/Day
Dec-17 1,297,140,879.00 75,482,224.00 1,372,623,103.00 41,843,254.16 2,434,910.45 44,278,164.61
Jan-18 1,541,458,572.62 67,873,770.58 1,609,332,343.20 49,724,470.08 2,189,476.47 51,913,946.55
Feb-18 1,888,283,655.19 67,149,556.96 1,955,433,212.15 67,438,701.97 2,398,198.46 69,836,900.43
Mar-18 2,487,935,721.26 48,890,528.00 2,536,826,249.26 80,255,991.01 1,577,113.81 81,833,104.81
Apr-18 1,611,459,700.87 24,752,902.00 1,636,212,602.87 53,715,323.36 825,096.73 54,540,420.10
May-18 1,192,603,954.20 65,755,180.00 1,258,359,134.20 38,471,095.30 2,121,134.84 40,592,230.14
Jun-18 1,331,003,452.98 113,081,450.64 1,444,084,903.62 44,366,781.77 3,769,381.69 48,136,163.45
Jul-18 1,213,797,688.66 62,248,801.07 1,276,046,489.73 39,154,764.15 2,008,025.84 41,162,789.99
Aug-18 1,678,475,338.50 54,049,529.77 1,732,524,868.27 54,144,365.76 1,743,533.22 55,887,898.98
Sep-18 1,664,975,783.88 - 1,664,975,783.88 55,499,192.80 - 55,499,192.80
Oct-18 1,752,007,984.65 - 1,752,007,984.65 56,516,386.60 - 56,516,386.60
Nov-18 1,619,887,833.00 2,222,658.00 1,622,110,491.00 53,996,261.10 74,088.60 54,070,349.70
Dec-18 1,803,346,494.90 11,891,655.00 1,815,238,149.90 58,172,467.58 383,601.77 58,556,069.35
Total 21,082,377,059.71 593,398,256.02 21,675,775,315.72 693,299,055.63 19,524,561.88 712,823,617.52
Total Product Supply (OPA, DSDP+Refineries)
Period
Average Daily Supply
1,297 1,541
1,888
2,488
1,611
1,193 1,331 1,214
1,678 1,665 1,752 1,620 1,803
75
68
67
49
25
66 113
62
54 0 0
2
12
1,373
1,609
1,955
2,537
1,636
1,258
1,444 1,276
1,733 1,665 1,752
1,622 1,815
0
500
1,000
1,500
2,000
2,500
3,000
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Total Petroleum Products Supply From NNPC Via DSDP + Refineries (Million Litres)
PMS DPK
23 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 4.2.2 Average Daily Petroleum Product Supply from NNPC
4.3 Downstream Petroleum Product Distributions
A total of 1.96billion litres of white products were sold and distributed by PPMC in the
month of December 2018 compared with 1.09billion litres in the month of November
2018. This comprised 1.94billion litres of PMS, 0.0070billion litres of DPK and
0.014billion litres of AGO. Total sale of white products for the period December 2017 to
December 2018 stood at 21.84billion litres and PMS accounted for 20.17billion litres or
92.36%. The tables and charts below provide more details of white products sold by
NNPC/PPMC for the period December 2017 to December 2018. In the month, about
0.0084billion litres of special products (LPFO and others) were sold.
Table 4.3.1 Downstream Petroleum product sales by PPMC
PMS AGO DPK Total White Products LPFO Other Special
Products Total Special Products
Litres Litres Litres Litres Litres Litres Litres
Dec-17 1,474,209,069 123,419,122 50,058,400 1,647,686,591 67,077,378 50,759,241 117,836,619
Jan-18 995,894,911 76,829,235 62,564,825 1,135,288,971 32,507,595 83,133,789 115,641,384
Feb-18 1,333,269,067 117,950,930 71,824,208 1,523,044,205 3,122,342,725 46,249,504 3,168,592,229
Mar-18 1,301,321,775 88,586,558 38,015,061 1,427,923,394 13,953,195 28,821,528 42,774,723
Apr-18 2,748,946,982 76,374,906 29,560,350 2,854,882,238 29,074,408 991,100 30,065,508
May-18 2,134,595,580 49,119,635 36,567,551 2,220,282,766 31,551,577 390,000 31,941,577
Jun-18 1,319,172,251 77,420,900 66,668,622 1,463,261,773 26,621,655 121,744,157 148,365,812
Jul-18 1,841,941,665 212,497,790 130,484,222 2,184,923,677 9,834,892 870,000 10,704,892
Aug-18 1,164,825,902 89,949,796 26,001,577 1,280,777,275 2,376,000 36,121,012 38,497,012
Sep-18 1,153,665,055 45,277,653 881,851 1,199,824,559 924,863 360,000 1,284,863
Oct-18 1,771,106,814 77,968,886 384,001 1,849,459,701 15,880,762 300,000 16,180,762
Nov-18 992,090,457 98,734,115 588,000 1,091,412,572 0 0 0
Dec-18 1,937,233,569 6,978,910 14,226,922 1,958,439,401 8,213,782 150,000 8,363,782
Total 20,168,273,097 1,141,108,436 527,825,590 21,837,207,123 3,360,358,832 369,890,331 3,730,249,163
Period
41.8 49.7
67.4 80.3
53.7 38.5 44.4 39.2
54.1 55.5 56.5 54.0 58.2
2.4 2.2
2.4
1.6
0.8
2.1 3.8
2.0
1.7 0.0 0.0 0.1 0.4 44.28
51.91
69.84 81.83
54.54
40.59 48.14
41.16
55.89 55.50 56.52 54.07 58.56
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Daily Average Petroleum Products Supply From NNPC Via DSDP & Refineries (Million Litres)
PMS DPK
24 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 4.3.1 Monthly White Product sales by PPMC
Table 4.3.2 Average Daily Petroleum Product Sales by PPMC
PMS AGO DPK Total White
Products LPFO
Other Special
Products
Total Special
Products
Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day
Dec-17 47,555,131 3,981,262 1,614,787 53,151,180 2,163,786 1,637,395 3,801,181
Jan-18 32,125,642 2,478,362 2,018,220 36,622,225 1,048,632 2,681,735 3,730,367
Feb-18 47,616,752 4,212,533 2,565,150 54,394,436 111,512,240 1,651,768 113,164,008
Mar-18 41,978,122 2,857,631 1,226,292 46,062,045 450,103 929,727 1,379,830
Apr-18 91,631,566 2,545,830 985,345 95,162,741 969,147 33,037 1,002,184
May-18 68,857,922 1,584,504 1,179,598 71,622,025 1,017,793 12,581 1,030,373
Jun-18 43,972,408 2,580,697 2,222,287 48,775,392 887,389 4,058,139 4,945,527
Jul-18 59,417,473 6,854,767 4,209,168 70,481,409 317,255 28,065 345,319
Aug-18 37,575,029 2,901,606 838,761 41,315,396 76,645 1,165,194 1,241,839
Sep-18 38,455,502 1,509,255 29,395 39,994,152 30,829 12,000 42,829
Oct-18 57,132,478 2,515,125 12,387 59,659,990 512,283 9,677 521,960
Nov-18 33,069,682 3,291,137 19,600 36,380,419 0 0 0
Dec-18 62,491,405 225,126 458,933 63,175,465 264,961 4,839 269,799
Average 50,929,983 2,881,587 1,332,893 55,144,462 8,485,755 934,066 9,419,821
Period
Chart 4.3.2 Average Daily White Products Distribution by PPMC
1,474 996
1,333 1,301
2,749
2,135
1,319 1,842
1,165 1,154
1,771
992
1,937
50
63
72 38
30
37
67
130
26 1
0
1
14
123
77
118 89
76
49
77
212
90 45
78
99
7 1,647.69
1,135.29
1,523.04 1,427.92
2,854.88
2,220.28
1,463.26
2,184.92
1,280.78 1,199.82
1,849.46
1,091.41
1,958.44
0
500
1,000
1,500
2,000
2,500
3,000
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Total Montly PPMC Product Distribution Sales Volume (Million Litres)
PMS DPK AGO
48
32
48 42
92
69
44
59
38 38
57
33
62
2
2
3 1
1
1
2
4
1 0
0
0
0
4
2
4
3
3
2
3
7
3 2
3
3
0 53.15
36.62
54.39
46.06
95.16
71.62
48.78
70.48
41.32 39.99
59.66
36.38
63.18
0
10
20
30
40
50
60
70
80
90
100
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Average Daily PPMC Product Distribution Sales Volume (Million Litres)
PMS DPK AGO
25 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
A total sum of ₦241.46 billion was made on the sale of white products by PPMC in the
month of December 2018 compared to ₦146.56 billion sales in the previous month of
November 2018. Total revenues generated from the sales of white products for the
period December 2017 to December 2018 stood at ₦2,778.32 billion, where PMS
contributed about 89.63% of the total sales with a value of ₦2,490 billion. The table and
chart below provide details accordingly.
Table 4.3.3 Revenue from Sales of White Product
PMS AGO DPK Total White Products
Revenue LPFO
Other Special
Products Total Special
Products Revenue
Naira Naira Naira Naira Naira Naira Naira
Dec-17 180,552,465,110 18,615,956,456 7,258,468,000 206,426,889,566 6,456,672,159 6,963,408,515 13,420,080,674
Jan-18 138,559,003,137 12,444,440,550 9,192,476,576 160,195,920,263 3,260,390,497 10,605,833,223 13,866,223,720
Feb-18 166,019,116,844 19,249,856,552 10,672,628,042 195,941,601,438 33,129,608 5,820,824,259 5,853,953,867
Mar-18 163,494,231,809 14,960,079,863 5,567,999,745 184,022,311,417 1,348,018,169 4,934,822,262 6,282,840,431
Apr-18 331,051,964,513 12,306,507,836 4,434,052,500 347,792,524,849 2,820,139,681 319,275,354 3,139,415,034
May-18 260,308,585,610 8,768,673,918 6,492,770,750 275,570,030,278 12,749,164,736 44,736,900 12,793,901,636
Jun-18 162,778,602,877 14,275,534,351 12,660,173,430 189,714,310,658 2,894,502,391 19,574,423,989 22,468,926,380
Jul-18 223,641,703,040 37,714,706,299 22,489,229,039 283,845,638,378 1,072,494,973 99,797,700 1,172,292,673
Aug-18 143,565,478,540 16,664,702,726 4,974,961,176 165,205,142,442 310,804,560 6,843,589,780 7,154,394,340
Sep-18 141,658,888,157 8,415,527,270 172,849,167 150,247,264,593 120,981,329 50,490,000 171,471,329
Oct-18 215,898,989,169 15,357,859,776 74,880,195 231,331,729,140 2,077,362,477 42,075,000 2,119,437,477
Nov-18 125,567,847,592 20,878,634,588 115,746,000 146,562,228,180 0 0 0
Dec-18 237,122,677,370 1,307,846,496 3,030,397,176 241,460,921,042 1,082,658,605 21,187,500 1,103,846,105
Total 2,490,219,553,769 200,960,326,682 87,136,631,794 2,778,316,512,244 34,226,319,186 55,320,464,483 89,546,783,668
Period
Chart 4.3.3 Monthly Sales Revenue from Petroleum Product Distribution
4.4 Domestic Gas Supply to the Power Sector
A total of 774mmscfd was delivered to gas fired power plants in the month of December
2018 to generate an average power of about 3,131MW compared with November 2018
where an average of 735mmscfd was supplied to generate 2,849MW. The table 4.4.1
and chart 4.4.1 below provide more details.
181 139 166 163
331 260
163 224
144 142 216
126
237
7
9 11 6
4
6
13
22
5 0
0
0
3
19
12 19 15
12
9
14
38
17 8
15
21
1 206.43
160.20
195.94 184.02
347.79
275.57 283.85
165.21
241.46
0
50
100
150
200
250
300
350
400
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Sales Revenue From PPMC Product Distribution (Billion Naira)
PMS DPK AGO
150.25
231.33
146.56
26 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Table 4.4.1 Domestic Gas Supply to the Power Sector & Generation
Gas Supply To Gas-Fired Power Plants (mmscfd)
Power Generated from Gas-Fired Power Plants (MW)
% of Total Generation including Hyrdo
mmscfd MW %
Dec-17 828 3,342 MW 81.4%
Jan-18 731 3,076 MW 76.7%
Feb-18 824 3,346 MW 86.9%
Mar-18 854 3,492 MW 84.1%
Apr-18 835 3,283 MW 82.9%
May-18 742 2,940 MW 80.8%
Jun-18 744 2,970 MW 83.4%
Jul-18 745 2,898 MW 84.7%
Aug-18 668 2,510 MW 75.5%
Sep-18 615 2,303 MW 68.8%
Oct-18 627 2,349 MW 65.6%
Nov-18 735 2,849 MW 71.5%
Dec-18 774 3,131 MW 75.4%
Average 748 2,961 MW 78.3%
Period
Chart 4.4.1 Domestic Gas Supply to the Power Sector & Generation
828 731
824 854 835 742 744 745
668 615 627 735 774
3,342 MW
3,076 MW 3,346 MW
3,492 MW 3,283 MW
2,940 MW
2,970 MW
2,898 MW
2,510 MW
2,303 MW
2,349 MW
2,849 MW 3,131 MW
0 MW
500 MW
1,000 MW
1,500 MW
2,000 MW
2,500 MW
3,000 MW
3,500 MW
4,000 MW
0
100
200
300
400
500
600
700
800
900
1,000
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
mm
scfd
Gas Supply to Thermal Power plants vs Generation from Thermal Power Plants
Gas Supply To Gas-Fired Power Plants (mmscfd) Power Generated from Gas-Fired Power Plants (MW)
27 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
5.1 Summary of Group Operating Revenue and Expenditure for November 2018
Group operating revenue for the month of December 2018 stood at N731.88 Billion
which is N439.59 Billion higher than the previous month performance while
expenditure for the month surged by N429.52 Billion reflecting the increase in revenue
especially from NPDC. This month revenue is far more than the budgeted revenue which
resulted in marked increase in trading surplus despite the drag in operating
expenditure in the month.
This 41st edition of the report indicates a trading surplus of ₦12.13Billion (with year to
date surplus of ₦81.67Billion) which is a quantum leap in trading surplus relative to
NNPC recent past performances. This increased performance is attributable to NPDC’s
higher revenue recorded during the period following NPDC continuous revenue drive
arising from recent average weekly production of 332,000bpd making the target of
500,000bpd for 2020 achievable. This also captured the updated previous months
revenue and expense.
Table 5.1.0: Group Financial Performance by Entity
Revenue ExpenseSurplus/
(Deficit)Revenue Expense
Surplus/
(Deficit)Revenue Expense
Surplus/
(Deficit)Revenue Expense
Surplus/
(Deficit)Revenue Expense
Surplus/
(Deficit)
NPDC 94,937 17,631 77,305 91,236 63,663 27,573 426,593 373,268 53,325 1,139,239 211,576 927,664 1,359,386 1,057,508 301,878
IDSL 2,778 2,096 683 1,445 1,343 102 1,897 1,316 581 33,339 25,148 8,191 19,513 14,240 5,273
NETCO 2,212 1,703 509 3,673 3,581 92 8,910 7,382 1,528 26,540 20,431 6,109 36,533 31,404 5,129
Sub-Total 99,927 21,430 78,497 96,354 68,587 27,766 437,400 381,966 55,434 1,199,118 257,155 941,964 1,415,432 1,103,152 312,280
NGC 17,217 13,482 3,735 7,729 4,364 3,364 7,138 3,321 3,817 206,606 161,785 44,821 126,784 68,222 58,562
NGMC 9,327 1,681 7,646 14,105 12,777 1,327 14,552 12,952 1,600 111,921 20,172 91,748 209,192 186,394 22,798
Sub-Total 26,544 15,163 11,381 21,833 17,142 4,692 21,689 16,273 5,417 318,527 181,958 136,569 335,976 254,616 81,360
KRPC 26,800 24,113 2,687 883 3,573 (2,690) 1,246 3,074 (1,829) 321,596 289,357 32,239 4,361 37,807 (33,447)
PHRC 40,130 34,289 5,841 3 3,914 (3,912) 27 12,994 (12,968) 481,563 411,470 70,093 140,843 198,025 (57,181)
WRPC 31,643 27,802 3,842 1,991 4,975 (2,984) 9,587 12,108 (2,521) 379,719 333,618 46,101 149,820 190,831 (41,011)
Sub-Total 98,573 86,204 12,369 2,876 12,462 (9,586) 10,860 28,177 (17,317) 1,182,878 1,034,445 148,433 295,024 426,663 (131,639)
RETAIL 23,159 21,955 1,204 18,827 18,655 172 19,133 19,697 (564) 277,911 263,461 14,450 227,605 223,842 3,764
PPMC 144,859 142,763 2,096 147,327 146,547 780 232,305 230,773 1,533 1,738,305 1,713,158 25,147 2,602,024 2,565,896 36,128
NPSC 6,603 4,903 1,700 2,174 3,474 (1,300) 3,580 6,129 (2,548) 79,235 58,838 20,397 35,852 60,066 (24,214)
SHIPPING 4,572 5,090 (518) 2,576 4,075 (1,499) 6,581 13,896 (7,315) 54,868 61,085 (6,217) 32,265 57,800 (25,535)
Sub-Total 179,193 174,712 4,481 170,904 172,752 (1,848) 261,600 270,494 (8,894) 2,150,319 2,096,542 53,777 2,897,746 2,907,603 (9,857)
CHQ 18,223 15,109 3,114 239 17,494 (17,255) 185 20,765 (20,580) 170,681 172,094 (1,413) 2,425 161,069 (158,644)
VENTURES 1,377 3,130 (1,753) 88 1,794 (1,706) 149 2,076 (1,928) 16,529 37,564 (21,035) 1,385 13,211 (11,826)
Sub-Total 19,601 18,239 1,361 328 19,289 (18,961) 334 22,841 (22,508) 187,210 209,658 (22,448) 3,810 174,280 (170,470)
Grand Total 423,838 315,748 108,090 292,295 290,232 2,063 731,883 719,751 12,132 5,038,053 3,779,758 1,258,295 4,947,988 4,866,314 81,674
PTD (=N= MILLION) (=N= MILLION)
2018 BUDGET
(=N= MILLION)
NOVEMBER, 2018CHQ
MONTHLY BUDGET
(=N= MILLION) 2018 ACTUALDECEMBER, 2018
Note:
• SBUs/CSUs retained the excess revenue generated but share Head Office Cost through Corporate Overhead Cost Allocation.
• NNPC Trading (Duke Oil) and NIDAS Performance are yet to be reported here. However for their details, please refer to
quarterly Consolidated Management Account
• GPIC Performance was captured under the CHQ.
• NGPTC is now merged with NGC which was interchanged with NGMC in the previous report.
28 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 5.1.1: Group Operating Revenue: December 2017 – December 2018
Chart 5.1.2: Group Operating Expenditure: December 2017 – December 2018
Chart 5.1.3: Monthly Group Surplus/Deficit: December 2017 – December 2018
82 71 79 76 84 86 80 90 80 106 88 91
427
25 27 26 6 7 8 7 6 8 8 8 8
7
0 0 0 27 27 27 27 27 16 15 15 14
15
66 26 36 42 34 58 60 14 9 1 1 3
11
16 26 29 26 17
15 13 16
16 12 19 19
19
215
165 196 179
342 278 206 302
174 147 232
147
232
406.83
323.19 374.41 366.31
520.40 482.55
401.53
468.51
309.37 304.44
373.08
292.30
731.88
0
100
200
300
400
500
600
700
800
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
NNPC Group Revenue: December'17 - December'18 (Billion Naira)
NPDC IDSL NETCO NGC NGMC REFINERIES RETAIL PPMC NPSC SHIPPING CHQ/VENTURES
58 42 47 54 68 51 55 69 73 76 85 64
373
16 20 23 1 1 2 1 4 3 1 4 4
4
0 0 0 23 24 24 24 24 14 14 14 14
13
77 40 44 54 33 78 74 24 19 8 11 12
28
16 24 28 26 17 14 13
16 16 12 18 19
20
226
167 196 176
342 269 200 296
166 146 230
147
231 413.64
324.76 357.69 354.58
503.25 464.43
394.37
463.63
313.28 294.60
385.74
290.23
719.75
0
100
200
300
400
500
600
700
800
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
NNPC Group Expendiure: December'17 -December'18 (Billion Naira)
NPDC IDSL NETCO NGC NGMC REFINERIES RETAIL PPMC NPSC SHIPPING CHQ/VENTURES
(6.81)
(1.56)
16.72
11.73
17.16 18.12
7.15 4.88
(3.90)
9.84
(12.66)
2.06
12.13
(15)
(10)
(5)
0
5
10
15
20
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Monthly NNPC Group Surplus/Deficit: Dec'17 - Dec '18 (Billion Naira)
29 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Chart 5.1.4: NNPC Group Surplus/Deficit for the period December 2018
301,878
58,562
36,128 22,798 5,273 5,129 3,764 11,826
24,214 25,535
33,447
41,011
57,181
158,644
81,674
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
NNPC Group Surplus/Deficit in YTD 2018 (Million Naira)
Surplus
Deficit
30 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
6 Federation Crude Oil & Gas Revenue
Federation Crude Oil and Gas lifting are broadly classified into Equity Export and
Domestic. Both categories are lifted and marketed by NNPC and the proceeds remitted
into the Federation Account.
Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly
into Federation Account domiciled in Central Bank of Nigeria (CBN). Domestic Crude Oil
of 445,000bopd is allocated for Refining to meet domestic products supply. Payments
are effected to Federation Account by NNPC after adjusting crude & product losses and
pipeline repairs & management cost incurred during the period.
6.1 Flow of Oil Revenue into Federation Account.
NNPC also lifts Crude Oil and Gas, other than Equity and Domestic Crude Oil, on behalf
of DPR and FIRS proceeds of which are remitted into Federation Account.
The Third Party finance lifting are Crude Oil and Gas lifting from fields that are financed
using alternative finance/loan facility which require the servicing of debt obligations
before remitting the balance into the Federation Account as Price Balance as shown
below:
Oil Field Terminals
Equity Crude Export
3rd Party Finance Liftings
Other Liftings
Domestic Crude (445kbpd)
CBN/NNPC JP Morgan USD Crude
Oil Accounts
Debt Service
Payment to CBN/NNPC
JVCC Account
CBN/DPR JP Morgan USD Crude
Oil Account
CBN/FIRS JP Morgan USD
Crude Oil Account
Local Refining
Direct Export
Adjustment for Subsidy,
Losses & Pipeline Mgt.
Costs
Royalty to DPR
PPT/CIT to FIRS
Federation Account
CBN/NNPC Naira Crude Oil Account
Price Balance
IOC Partners & PSC Contractor Liftings
Direct Sales Direct Purchase
17,229 22,539
11,923
10,141
22,539 21,793 28,684 19,695 20,540
10,606
17,550
8,358
92,444 107,766
118,070
31 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
6.2 Accounting for Federation Crude Oil & Gas
The summary of Oil & Gas Sales and inflow into Federation Account can be depicted as
follows:
6.3 Dollar Payments to Federation Account
A total export sale of $265.15 million was recorded in December, 2018 which is 60.34%
lower than the previous month. Crude oil export sales contributed $145.50 million
(54.87%) of the dollar transactions compared with $574.95 million contribution in the
previous month. Also the export Gas sales amounted to $119.65 million in the month.
The December 2017 to December 2018 Crude Oil and Gas transactions indicated that
Crude Oil & Gas worth $5.97 Billion was exported. See Table 6.3.1 & Chart 6.3.1 overleaf
for details.
32 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Table 6.3.1 NNPC/FGN Export Crude Oil & Gas Dollar Accruals, Receipts & Payments
Crude Oil Sales
ProceedGas Sales Proceed
Total Oil & Gas Sales
Proceed
Crude Oil Proceed
Receipts
Gas Proceed Reciepts
(NLNG,EGTL,NGLs,N-
GAS)
Other ReceiptsTotal Sales Proceed
ReceiptsJV Cost Recovery
Balance Remitance to
FAAC
USD USD USD USD USD USD USD USD USD
Dec-17 342,184,845 105,437,356 447,622,202 342,158,481 94,847,246 39,240,874 476,246,601 388,464,081 87,782,520
Jan-18 308,608,053 130,991,054 439,599,107 305,764,103 113,139,139 15,216,178 434,119,420 327,436,285 106,683,135
Feb-18 535,505,021 101,047,957 636,552,978 464,427,225 87,419,454 22,314,566 574,161,245 446,472,513 127,688,732
Mar-18 175,603,492 153,809,118 329,412,611 244,290,483 137,929,297 30,117,111 412,336,891 283,551,482 128,785,409
Apr-18 277,242,971 161,181,723 438,424,694 277,222,244 151,686,492 18,667,213 447,575,949 322,803,054 124,772,896
May-18 244,721,551 61,703,572 306,425,123 244,707,646 75,648,320 22,723,884 343,079,851 237,911,156 105,168,695
Jun-18 274,946,497 141,123,548 416,070,045 274,160,215 129,520,044 14,378,460 418,058,719 305,606,731 112,451,988
Jul-18 283,433,274 108,476,430 391,909,704 282,937,400 96,822,677 2,894,167 382,654,244 294,705,508 87,948,736
Aug-18 337,620,716 132,384,653 470,005,369 336,427,993 101,331,418 12,483,155 450,242,566 307,928,104 142,314,463
Sep-18 508,540,747 118,075,209 626,615,955 482,950,026 43,883,278 870,558 527,703,862 489,520,890 38,182,972
Oct-18 425,003,725 105,045,307 530,049,032 450,441,987 173,916,784 15,989,567 640,348,337 436,393,777 203,954,560
Nov-18 574,948,496 93,620,406 668,568,902 509,632,266 79,573,838 16,507,372 605,713,476 508,119,091 97,594,385
Dec-18 145,499,630 119,649,502 265,149,131 180,464,837 114,610,575 50,608,250 345,683,662 208,598,861 137,084,801
Total 4,433,859,018 1,532,545,836 5,966,404,854 4,395,584,906 1,400,328,562 262,011,355 6,057,924,824 4,557,511,532 1,500,413,292
NNPC/FGN Export Lifting Only
Allocation of Proceeds to FederationExport Sales Proceed Reciepts
Payment Month
Export Sales Proceed Value Due
Note:
Export Crude Oil Sales proceeds are received 30 days after bill of lading date.
In December 2018, Naira portion of N63,100,253,079 equivalent to a functional Dollar of $206,886,075.67 at a budgeted
exchange rate of N305/$ was transferred to JVCR from Domestic Crude Oil receipts in addition to the $208,598,861.
Chart 6.3.1 Monthly dollar receipts from NNPC/Federation Oil & Gas Exports
6.3.2 Dollar Payments to JV Cost Recovery & Federation Account
Total export receipt of $345.68 million was recorded in December 2018 as against
$605.71 million in November 2018. Contribution from Crude oil amounted to $180.46
million while Gas and miscellaneous receipt stood at $114.61 million and $50.61 million
respectively.
342.16 305.76
464.43
244.29 277.22 244.71 274.16 282.94 336.43
482.95 450.44 509.63
180.46
94.85 113.14
87.42
137.93 151.69
75.65
129.52 96.82
101.33
43.88 173.92 79.57
114.61
476.25 434.12
574.16
412.34 447.58
343.08
418.06 382.65
450.24
527.70
640.35 605.71
345.68
-
100
200
300
400
500
600
700
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Monthly Dollar Reciepts from NNPC/Federation Oil & Gas Exports (Million Dollars)
Crude Oil Proceed Receipts Gas Proceed Reciepts (NLNG,EGTL,NGLs,N-GAS) Other Receipts
33 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Of the export receipts, $137.08 million was remitted to the Federation Account while
$208.60 Million was remitted to fund the JV cost recovery for the month of December,
2018 to guarantee current and future production.
Total export crude Oil & Gas receipt for the period December 2017 to December 2018
stood at $6.06 Billion. Out of which the sum of $4.56 Billion was transferred to JV Cash
Call as first line charge and the balance of $1.50 Billion was paid into Federation
Account (See Table & Chart 6.3.1).
Chart 6.3.2.1 Monthly Dollar Allocation to JV Cost Recovery & Federation Account
In December 2018, Naira portion of N63,100,253,079 equivalent to a functional Dollar of $206,886,075.67 at a budgeted
exchange rate of N305/$ was transferred to JVCR from Domestic Crude Oil receipts in addition to the $208,598,861.
Chart 6.3.2.2 NNPC Federation Lifted Volumes vs. Crude Oil Prices
Source: NNPC Average monthly lifting in tables 2.3.1 and 2.3.2 of pages 11 & 12 respectively.
6.4 Naira Payments to Federation Account
NNPC transferred the sum of N111.26 Billion into Federation Account for the month
under review. From December 2017 to December 2018, Federation, and JV received the
sum N928.85 Billion and N578.92 Billion respectively. The tables below show the Naira
388.5 327.4
446.5
283.6 322.8 237.9
305.6 294.7 307.9
489.5 436.4
508.1
208.6
88 107
128
129 125
105
112 88 142
38 204 98
137
476.25 434.12
574.16
412.34 447.58
343.08
418.06 382.65
450.24
527.70
640.35 605.71
345.68
-
100
200
300
400
500
600
700
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Monthly Allocation of Dollar Proceeds from NNPC/Federation Oil & Gas Exports (Million Dollar)
JV Cost Recovery Balance Remitance to FAAC
11.19 14.46 16.17 16.57 17.56
9.54 9.71 11.81 12.63 14.70 11.90
16.18 11.58
63.53 65.39 69.53
65.14 67.88 72.22
77.21 75.35 73.85 73.09 81.24 77.14
63.87
0
10
20
30
40
50
60
70
80
90
0
5
10
15
20
25
30
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18
$/
bb
l
Mil
lio
ns
Ba
rre
ls
NNPC/Federation Lifted Volumes and Crude Prices
NNPC Lifted Volumes Crude Price
34 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
proceeds from the Sale of Domestic Crude Oil as well as Gas and the corresponding
Naira remittances to Federation Account.
Table 6.4.1: Naira Proceed from Sale of Domestic Crude Oil & Gas
Proceed Value Due
Total Domestic Sales Proceed
due
Domestic Crude Proceed
ReceiptsGas Proceed Receipts Other Receipts
Total Sales Proceed
Receipts
NGN NGN NGN NGN NGN
Dec-17 112,740,544,869 89,106,972,513 7,570,748,042 0 96,677,720,555
Jan-18 161,645,129,794 108,983,340,894 2,754,079,093 0 111,737,419,987
Feb-18 112,409,086,619 39,103,438,453 13,481,404,990 0 52,584,843,443
Mar-18 194,337,066,757 150,489,893,074 11,437,713,999 0 161,927,607,072
Apr-18 179,559,250,729 86,990,840,818 7,242,240,328 0 94,233,081,146
May-18 275,323,357,066 173,709,826,756 15,435,290,596 0 189,145,117,352
Jun-18 278,851,925,236 196,254,956,169 8,852,677,154 0 205,107,633,323
Jul-18 135,412,993,796 76,469,837,643 7,945,126,375 0 84,414,964,018
Aug-18 144,984,006,658 75,091,885,310 9,187,247,229 0 84,279,132,539
Sep-18 184,885,819,971 93,683,903,736 10,076,222,260 0 103,760,125,996
Oct-18 181,284,729,342 109,857,787,090 10,227,563,906 0 120,085,350,995
Nov-18 172,630,900,400 86,770,962,813 5,786,620,653 0 92,557,583,465
Dec-18 165,220,572,855 100,514,846,391 10,745,690,156 0 111,260,536,547
TOTAL 2,299,285,384,094 1,387,028,491,658 120,742,624,779 0 1,507,771,116,437
Receipt/ Payment Month
Domestic Sales Proceed Recipets
Chart: 6.4.1 Monthly Naira Crude Oil, Gas and other Receipts
7.57 2.75 13.48 11.44 7.24 15.44 8.85 7.95 9.19 10.08 10.23 5.79 10.75
89.11 108.98
39.10
150.49
86.99
173.71 196.25
76.47 75.09 93.68
109.86
86.77 100.51
96.68
111.74
52.58
161.93
94.23
189.15
205.11
84.41 84.28
103.76
120.09
92.56
111.26
0
50
100
150
200
250
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Domestic Crude Oil , Gas Sales & Other Reciepts (Billion Naira )
Gas Proceed Receipts Domestic Crude Proceed Receipts Other Receipts
35 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Table 6.4.2: Allocation of Naira Proceeds from Sale of Domestic Crude Oil: Payment to FAAC
Proceed Value Due
Domestic Crude CostDomestic Crude
PaymentsUnder Recovery Crude Losses Product Losses
Pipeline Repairs &
Managmet Cost
Gas & Other
Receipts
JV Cost Recovery
(Naira Only)
Transfer to
Federation
Account
Debt Repayemt
To FG (N450bn)
Total Payment
To FAAC
=N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N=
Sep-17 Dec-17 112,740,544,869 89,106,972,513 15,676,576,185 26,092,436 60,085,708 8,453,678,323 7,570,748,042 120,894,153,206 19,110,881,195 77,566,839,360 0 96,677,720,555
Oct-17 Jan-18 161,645,129,794 108,983,340,894 45,782,705,844 60,707,873 1,005,560,330 5,812,814,853 2,754,079,093 164,399,208,887 32,092,865,135 79,644,554,852 0 111,737,419,987
Nov-17 Feb-18 112,409,086,619 39,103,438,453 59,519,058,738 9,534,649 1,307,038,346 12,470,016,434 13,481,404,990 125,890,491,609 17,431,311,293 35,153,532,150 0 52,584,843,443
Dec-17 Mar-18 194,337,066,757 150,489,893,074 34,032,433,839 1,172,905,320 81,102,505 8,560,732,020 11,437,713,999 205,774,780,756 88,902,683,486 73,024,923,587 0 161,927,607,072
Jan-18 Apr-18 179,559,250,729 86,990,840,818 77,905,112,378 110,320,000 1,345,548,413 13,207,429,121 7,242,240,328 186,801,491,057 20,069,183,970 74,163,897,176 0 94,233,081,146
Feb-18 May-18 275,323,357,066 173,709,826,756 88,911,776,373 633,371,626 2,840,450,565 9,227,931,746 15,435,290,596 290,758,647,663 93,767,485,329 95,377,632,022 0 189,145,117,352
Mar-18 Jun-18 278,851,925,236 196,254,956,169 68,607,545,942 422,583,109 1,303,576,925 13,171,176,219 8,852,677,154 288,612,515,518 121,267,654,795 83,839,978,528 0 205,107,633,323
Apr-18 Jul-18 135,412,993,796 76,469,837,643 52,508,301,875 197,076,741 781,099,326 5,456,678,212 7,945,126,375 143,358,120,171 15,441,534,826 68,973,429,192 0 84,414,964,018
May-18 Aug-18 144,984,006,658 75,091,885,310 60,611,382,734 -200,918,637 1,463,547,680 8,018,109,571 9,187,247,229 154,171,253,888 25,774,184,922 58,504,947,617 0 84,279,132,539
Jun-18 Sep-18 184,885,819,971 93,683,903,736 80,169,671,129 0 2,372,958,065 17,261,047,885 10,076,222,260 203,563,803,075 13,514,232,608 90,245,893,388 0 103,760,125,996
Jul-18 Oct-18 181,284,729,342 109,857,787,090 51,181,755,133 0 3,486,870,694 16,758,316,426 10,227,563,906 191,512,293,247 63,640,639,994 56,444,711,002 0 120,085,350,995
Aug-18 Nov-18 172,630,900,400 86,770,962,813 65,864,565,312 0 4,460,097,827 16,758,316,426 5,786,620,653 179,640,563,031 4,811,602,321 87,745,981,144 0 92,557,583,465
Sep-18 Dec-18 165,220,572,855 100,514,846,391 45,764,391,935 44,629,953 5,022,434,622 13,874,269,954 10,745,690,156 175,966,263,011 63,100,253,079 48,160,283,468 0 111,260,536,547
TOTAL TOTAL 2,299,285,384,094 1,387,028,491,658 746,535,277,416 2,476,303,070 25,530,371,007 149,030,517,188 120,742,624,779 2,431,343,585,118 578,924,512,951 928,846,603,486 0 1,507,771,116,437
Tramsfers To JV Cost Recovery, FG & Federation Account
Total RemittancesReceipt/ Payment
Month
Lifting Month
Allocation of Domestic Sales Proceeds
Chart: 6.4.2 Monthly Naira Payments to JV Cash Call, FG and Federation Account
Note:
In December 2018, Naira portion of N63,100,253,079 equivalent to a functional Dollar of $206,886,075.67 at a budgeted
exchange rate of N305/$ was transferred to JVCR from Domestic Crude Oil receipts in addition to the $208,598,861.
19.11 32.09 17.43
88.90
20.07
93.77 121.27
15.44 25.77 13.51
63.64
4.81
63.10
77.57 79.64
35.15
73.02
74.16
95.38
83.84
68.97 58.50 90.25
56.44
87.75
48.16
96.68 111.74
52.58
161.93
94.23
189.15 205.11
84.41 84.28 103.76
120.09
92.56
111.26
0
50
100
150
200
250
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Tranfers to JV Cash Call and FG & Federation Account (Billion Naira)
JV Cost Recovery (Naira Only) Transfer to Federation Account Debt Repayemt To FG (N450bn)
36 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
7.0 Key Determinants for Change
7.1 Key events and activities during the period
DSDP Crude Oil Allocation
In December 2018, NNPC allocated about 92.46% of domestic crude oil to Direct
Sale-Direct Purchase (DSDP) arrangement to ensure petroleum products
availability. So far the arrangement guarantees products stability and creates
room for savings.
The DSDP arrangement is constantly being reviewed to ensure value is delivered
to the Corporation and Nigeria as envisaged/promised.
Other Achievements
Baru Directs NNPC Retail to Attain 30 Per cent Market Share
The Group Managing Director of the Nigerian National Petroleum Corporation,
Dr. Maikanti Baru, has charged the Corporation Downstream Company, NNPC
Retail, to increase its current 14 per cent market share to 30 per cent by 2020.
Speaking in Abuja during the first Triennial Delegates Conference of the
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN),
NNPC Retail Branch, Dr. Baru stated that the charge was an assignment that must
be accomplished. Chairman of the occasion, Dr. Jackson Gaius-Obaseki, who is a
former Group Managing Director of NNPC, described the National Oil Company
as an accountable and transparent going concern, saying nothing should deter it
from sustaining its core values. The former NNPC GMD stated that the current
Management of the corporation deserved commendation for public
accountability, pitched against its periodic and prompt reporting of the
company’s operations and financial transactions.
In his presentation entitled: “NNPC Retail Limited: Yesterday, Today and
Tomorrow”, guest speaker, Mr. Adeyemi Adetunji, Managing Director of NNPC
Retail Limited, said the company was moving from a cost centre to profit making
entity. Mr. Adetunji assured the Group Managing Director of NNPC that his
company would hit the 30 per cent market share target set by corporation’s
helmsman. In the same vein, PENGASSAN President, Comrade Francis Johnson
assured that union members will be encouraged to assist the NNPC Retail
management in achieving its target, pointing out that “the NNPC Retail has
continued to serve as a vehicle of intervention in the market during periods of
emergency and avoidable supply interruptions”.
$1.05bn NLNG Dividend Not Missing, says Senate Committee Chairman
The Chairman of the Senate Committee on Gas, Senator Bassey Albert, Thursday
in Abuja, clarified that the ongoing investigation of the application of $1.05billion
37 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Nigeria Liquefied Natural Gas (NLNG) dividend to support the importation of
petroleum products into the country has nothing to do with any missing funds
since no such money was missing in the first place. Senator Albert, who doubled
as the Chairman of the Senate Committee on the Application of the NLNG
Dividend, explained that the clarification became necessary due to sensational
and misleading reports in some sections of the media. He said the mandate of the
Committee was to determine the instrument under which NNPC relied upon to
affect the said withdrawal and subsequent application of the NLNG dividend to
meet pressing national demand for fuel supply, noting that the Committee relies
on NNPC to provide informed perspective on the issues.
The Senate Committee Chairman emphasized that the engagement with NNPC
was to understand the rudiments of the account flow and also to discover how
the Committee, working in harmony with NNPC, could make the NLNG dividend
more effective and beneficial to the nation. Responding, Mr. Isiaka Abdulrazaq,
Chief Financial Officer (CFO) of NNPC, who represent the corporation’s Group
Managing Director, Dr. Maikanti Baru, pledged the willingness of the corporation
to support the Committee in its assignment, saying that relevant documents have
been supplied to the panel to enable it determine the veracity or otherwise of
NNPC’s perspective.
NNPC, NCDMB to Grow Nigerian Content to 70%
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content
Development and Monitoring Board (NCDMB) have committed to growing Local
Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent
by 2027 as part of strategies to sustain economic development in country. NNPC
Group Managing Director, Dr. Maikanti Baru, made this commitment while
delivering a keynote address at the 8th Practical Nigerian Content Conference in
Yenogoa, Bayelsa State, saying strategies for implementing the NCDMB Local
Content development includes closing human capacity gaps, skills acquisition
and assets ownership by indigenous companies, among others. He explained that
the theme of this year’s Conference: “Driving Economic Development and
Sustainability” is very relevant to NNPC, the Industry and the country at large
given the considerable gains recorded in the Nation’s Oil and Gas landscape.
The Executive Secretary of NCDMB, Engr. Simbi Wabote, applauded the NNPC for
driving sustainable economic development through the Board and assured of the
benefits of the initiative to the country going forward.
Baru Seeks Investors to Unlock 10billion Barrels Deep-Water Resources
Ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to
increase Nigeria’s crude oil reserve was taken a notch higher with the unveiling
of multi-billion dollar investment opportunities in the nation’s deep-offshore
38 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
frontiers at the 10th World Energy Capital Assembly in London, United Kingdom.
Delivering an address at the panel session entitled: Spotlight on Africa”, Group
Managing Director of the NNPC Corporation, Dr. Maikanti Baru said that “globally
Nigeria has the highest untapped deep water resource of about 10 billion barrels
of oil equivalent, in addition to other vast opportunities in the oil and gas value
chain”. The NNPC GMD who was represented at the event by the Group General
Manager Corporate Planning & Strategy of the NNPC, Mr. Bala Wunti, explained
that Nigeria has the largest and one of the most vibrant economies in Africa with
lots of potentials, especially in the gas, refining and infrastructure space.
NNPC Clarifies Trans Forcados Pipeline Surveillance Contract
The Management of the Nigerian National Petroleum Corporation (NNPC) has
proffered informed perspective on the reported award of oil infrastructure
surveillance contract to an indigenous firm, Ocean Marine Solutions for the
protection of the strategic 87-kilometre Trans Forcados Pipeline (TFP). The
NNPC in a detailed press release by its Group General Manager, Group Public
Affairs Division, Ndu Ughamadu, explained that the decision to assign the TFP
surveillance package to Ocean Marine Solutions was reached after consideration
of huge losses on TFP and rigorous appraisal of the company’s impressive record
of performance on the Bonny-Port Harcourt and Warri-Escravos crude
evacuation lines. The Corporation clarified that the new contract which requires
the contractor to pay for any damage to any inch of pipeline under its watch,
offers immeasurable benefits to the NNPC, its Joint Venture partners, the host
communities and the entire Federation.
Review of PSC Agreement
The Corporation (NNPC) has secured approval from the President to undertake a
review of all Production Sharing Contracts (PSCs) between it and its various
partners to reflect the current realities in the industry.
The Repairs of Raptured Gas Pipeline
NNPC undertook the repairs of raptured Gas Pipeline which supplies gas to most
thermal electricity generating plants in the country. This has boost power
generation significantly.
Ending Fuel Importation
NNPC is intensifying efforts towards the rehabilitation of the refineries to meet
December, 2019 target of ending fuel importation.
39 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
7.2 Key challenges
The following are some key setbacks that affected production in the month:
i. BONNY TERMINAL
The TNP was shut down for 2 days due to leakages with loss of about
26000bpd. Production shut-in of 16,000bpd for 5 days also occurred at the
Okoloma and Imor facilities due to planned maintenance.
ii. FORCADOS TERMINAL
The TRP (Brass Creek / Trans Ramos Pipeline) has been shut down since
24th April 2018 due to leaks in a creek crossing in the Odimodi area with loss
of 35,000bpd of production into Forcados Terminal. The line remains shut all
through the month of November and to date.
iii. ABO TERMINAL
Plant statutory shut down for maintenance activities for 9 days from
21/11/2019 with 108,000bbls production.
iv. AKPO TERMINAL
Production was shut-in for 26 days in the month for full field scheduled
maintenance with total cut back of 2,730,000 barrels.
v. USAN TERMINAL
There was production shut-in due to north loop pigging scheduled downtime
and also for maintenance activity over a period of 2 days and 13 days
respectively with total cut back of 1,299,00bbls.
vi. BRASS TERMINAL
Addax shut-in production for 4 days due to operational constraint and the
platform equally stopped delivery into NAOC’s facility due to leakages in the
whole of November. This led to a total loss of 340,000bbls in the month.
vii. TULJA TERMINAL
There was closure of Okwuibome field for the 31days in October due to
flooding at Beneku flow station with shut-in of 22,000bpd.
viii. QUA IBOE TERMINAL
There was shut down between 17/11/2019 – 29/11/2019 in Asabo & Ekpe
field for Distributed Control System/Electronic Safety Shutdown System
(ESSDS) upgrade. Also shut-in for 2 days at Ubit due to shut -down of 12 nos
wells to curtail EAP flare volume. Total production cut is 568,000 bbls.
40 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
7.2.2 Funding of Projects
NNPC has signed two sets of alternative financing agreements with NNPC/Chevron
Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC)
JV on Joint Venture (JV) projects expected to generate incremental revenues of about
$16billion within the assets’ life cycle including a flurry of exploratory activities that
would generate employment opportunities in the industry, boost gas supply to power
and rejuvenate Nigeria’s industrial capacity utilization.
7.2.3 Products theft and Pipeline Security
Products theft and vandalism have continued to destroy value and put NNPC at
disadvantaged competitive position. A total of 2,224 vandalized points have been
recorded between December 2017 to December 2018 (see chart 7.2.3.1).
Chart 7.2.3.1 PPMC Pipeline Breaks December 2017 – December 2018
24 17 17 17 19 17
84
145
23 51
124 120
216
11 8 6 11 0 10
11
4
0
21
17 18
7
129 187
114
194
92 51
75
54
61
50
73 55
24
3
0
0
0
2
0
0
0
0
0
3 1
6
9
4
11
2
3
4
4
1
2
3
2
3
4
176
216
148
224
116
82
174
204
86
125
219
197
257
0
50
100
150
200
250
300
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
PPMC Pipeline Breaks December 2017 - December 2018
Mosimi Kaduna Port Harcourt Warri Gombe
41 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Achievement From All of Us at NNPC….
42 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
8 Glossary and Definition of Terms
AF Alternative Funding (Financing)
AGO Automotive Gas Oil
B/L Bill of Lading
BBLS Barrels
CA Carry Agreement
CBN Central Bank of Nigeria
DPK Dual Purpose Kerosene
DPR Department of Petroleum Resources
DSDP Direct Sales Direct Purchase
EGTL Escravos Gas to Liquid
FCCU Fluid Catalytic Cracking Unit FX Foreign Exchange
FAAC Federation Account Allocation Committee
FACTI Focused, Accountable, Competitive & Transparent with Integrity
FGN Federal Government of Nigeria
FIRS Federal Inland Revenue Service
IOCs International Oil Companies
JV(s) Joint Ventures
JVCC Joint Venture Cash Call
LPG Liquefied Petroleum Gas
MCA Modified Carry Agreement
MMBTU Million British Thermal Unit
M-O-M Month-on-Month
MT Metric Tons
NGL Natural Gas Liquid
NLNG Nigerian Liquefied Natural Gas
NNPC Nigerian National Petroleum Corporation
NPDC Nigerian Petroleum Development Company
OECD Organization for Economic Co-operation and Development
OPA Offshore Processing Agreement
PMS Premium Motor Spirit
PPMC Pipelines and Products Marketing Company
PPPRA Petroleum Products Pricing Regulatory Agency
PPT Petroleum Profit Tax
PSC Production Sharing Contract
PTD Period to Date
QIT Qua Iboe Terminal
QTY Quantity
RDP Reserve Development Project
SC Service Contract
SOF Satellite Oil Field Project
TM Trial Marketing
TMP Trial Marketing Period WTI West Texas Intermediate Y-O-Y Year-on-Year YTD Year to Date
43 NNPC | Monthly Financial and Operations Report December 2018 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup
Explanatory Notes `
Federation Equity Crude Oil & Gas Export Sales
Export sales proceeds are receivable 30 days after B/L date.
About 61% of the NGL sales are dedicated for servicing the NGL II Project debt’s
obligations. The balance is transferred into the Federation Account as price
balance.
NLNG feedstock: Gas supplied by NNPC/JV partners to NLNG.
Domestic Crude Oil Costs
445,000 barrels/day of crude oil is allocated to NNPC for the purpose of
supplying refined products for domestic consumption.
NNPC purchases its allocated crude oil from the Federation at the prevailing
International market price per barrel and payment is due 90 days after the B/L
date.
NNPC obligations are paid in Naira based on CBN determined exchange rate in
the month of lifting.
Remittances To FAAC
Domestic Gas: Revenues received from NNPC Joint Ventures for Gas sales in
Domestic market e.g. - Gas sales to Indorama, IPPs, and NGC etc.
Miscellaneous Income consists of the following:
(a) Assets disposal income
(b) Ullage fees
(c) Osubi air strip
(d) JP Morgan Bank Account interest
(e) Price balance from Third Party financing e.g. RDP, SOF, NGLII
(f) Revenue from Afam-Power
(g) Insurance Claims settlement etc.
FIRS PPT And DPR Royalty Remittances
Receipts from PPT and Royalty crude lifting are paid directly into FIRS/CBN JP
Morgan Accounts and DPR/CBN JP Morgan Accounts respectively without
involvement of NNPC in the collection process.
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