The Nigerian National Petroleum Company Limited is to remit N322.45bn crude oil proceeds garnered from four international oil companies to the Federation Account this month (April).
The NNPC disclosed this to members of the Federation Account Allocation Committee in its presentation at the last FAAC meeting of March 22, 2022.
It said the N322.45bn was for January 2022 domestic crude oil payable in April 2022 by the NNPC, adding that this was in line with the NNPC’s 90 days payment term.
In its presentation to FAAC, the company outlined the four international oil firms, which it described as joint-venture partners of the NNPC, to include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, and First Exploration and Production.
It said N68.1bn for 1.88 million barrels of crude would come from Chevron, while N65.6bn for 1.899 million barrels would be paid by Mobil.
The NNPC report further indicated that Shell would remit N163.24bn for 4.696 million barrels of crude, while N25.52bn for 682.45 million barrels of oil would come from First E&P.
