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Chevron, Shell, four others to pay Nigeria N249.3bn in January

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Nigeria's crude oil export threatened as 30 cargoes remain available

Nigeria will be getting a payment alert of N249.3 billion in January from six multinational oil companies operating in the upstream sector for domestic crude oil sales in the month of October.

This was disclosed by Nigerian National Petroleum Company Limited in its latest report on Nigeria’s crude oil export and domestic crude oil sales.

NNPC explained that in October 2021 crude oil exports of 50,000 barrels under Production Sharing Contract, valued at $4.18m was payable in November 2021, the October 2021 domestic crude oil payment of N249.3 billion is expected in January 2022.

The six firms which it called joint partners included Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company, MidWestern, Pillar and First Exploration and Production.

It said CNL would be paying for 2.268 million barrels of domestic crude valued at N73.85bn, while MPN would remit N123.22bn for 3.8 million barrels of domestic crude oil.

Read also: NUPENG, PENGASSAN direct members in Chevron to shut down operations

The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at N26.966bn and N3.25bn, respectively.

For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.

The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at N249.3bn.

NNPC also revealed that it recorded N270.83bn value shortfall in November 2021.

It noted that the value shortfalls was as a result of what it spent on the monthly subsidy of Premium Motor Spirit, popularly called petrol.

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