Business NNPC Records Double Export Receipts, Posts $471.9m In July

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ProfRem

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The Nigerian National Petroleum Corporation, NNPC has announced a total export receipt of $471.90 million for the month of July 2017 as against $219.34 million posted in June 2017.

According to the July edition of the Monthly Financial and Operations Report of the Corporation which was made public on Thursday, contribution from crude oil amounted to $392.20 million while gas and miscellaneous receipts stood at $64.72 million and $14.98 million respectively. .

The report indicated that of the export receipt, $108.09 million was remitted to the Federation Account while $363.81 million was remitted to fund the Joint Venture cash call for the month of July, 2017, to guarantee current and future production.

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Providing a broader perspective, the report noted that the total export of crude oil and gas receipt for the period of July 2016 to July 2017 stood at $2.77 billion. Out of that, the sum of $2.31 billion was transferred to JV cash call in line with the budget and the balance of $0.46 Billion was paid to Federation Account.

The NNPC observed that the low receipt was due to the twin effects of production disruption in Niger-Delta and low crude oil prices during the period.
 
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