Six IOCs to remit N380bn for domestic crude oil sales in October

25 Sep Six IOCs to remit N380bn for domestic crude oil sales in October

Six international oil companies (IOCs) are expected to remit a total sum of N380.04 billion into the Federation Account in October 2022, as proceeds from the sale of domestic crude oil in July 2022, the Nigerian National Petroleum Company Ltd. has said.

NNPC report to the Federation Account Allocation Committee (FAAC) meeting on Friday, showed that the amount was for the sale of 8.44 billion barrels of oil.

The oil firms are Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN) and Shell Petroleum Development Company (SPDC), Total Exploration and Production Nigeria, First Exploration and Production (First E&P), and Universal.

NNPC said Chevron would be paying N80.02 billion for 1.74 million barrels of crude, while Mobil would pay N128.66 billion for 2.85 million barrels of oil.

Shell and Total would remit N28.03 billion and N112.63 billion for 643,904 and 2.54 million barrels of crude oil, respectively.

It added that First E&P and Universal would pay N30.24 billion and N30.24 million for 650,069 and 10,000 barrels of oil, respectively.

The report also showed that July’s crude oil exports of 50,000 barrels under the production sharing contract (PSC) were valued at $5.84 million payable in August 2022.