According to information received by news agencies from the Nigerian National Petroleum Company Limited, six multinational oil companies must remit a total of N442.37 billion in August 2022, which represents the earnings from the sale of domestic crude oil in May 2022.
According to NNPC, the N422.37 billion was for 8.887 million barrels of domestic crude for May 2022, deliverable in August 2022, and the six firms were joint venture partners.
It listed the firms to comprise: Nigerian Petroleum Development Company, the NNPC’s premier upstream business; Chevron Nigeria Limited; and Mobil Producing Nigeria.
Others are Addax Petroleum, First Exploration and Production, and Total Exploration and Production Nigeria.
According to data from the oil company, Chevron will pay N162.24 billion for 3.49 million barrels of crude oil, while Mobil is anticipated to spend N90.06 billion for 1.9 million barrels of petroleum this month.
For 948,296 and 948,776 barrels of crude oil, NPDC and Total must send N41,13 billion and N47,26 billion, respectively.
The recently commercialized firm similarly announced that First E&P and Addax will pay N33.498 billion and N48.188 billion respectively for 650,071 and 948,251 barrels of crude oil in August.
The national petroleum company indicated in its remarks about the monies to be transferred by the businesses that they were for “May 2022 domestic crude oil payable in August 2022 by NNPC in line with the 90 days payment terms.”
The enormous sum it spends on the subsidy of Premium Motor Spirit, more commonly known as petrol, has prevented it from remittance money since the beginning of this year.
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