• About
  • Advertise
  • Contact
Wednesday, September 17, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Mobil, Shell, Chevron , others to pay NNPC N249 billion in January

Vital News by Vital News
December 31, 2021
in Economy
0
Share on FacebookShare on Twitter

Abuja – The Nigerian National Petroleum Company (NNPC) says it is expecting payment of N249.3 billion in January 2022 from six foreign oil companies operating in the nation’s upstream oil sector.

The NNPC which stated this in Abuja on Thursday, December 30 said that the payment was the value of the domestic crude oil sales made in October 2021.

The information was contained in the latest NNPC report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.

The NNPC in the report also disclosed that it planned to deduct N270.83bn from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee (FAAC) meeting in January.

It explained that the deduction was to make up for its November 2021 value shortfall.

RelatedStories

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

Mrs Tinubu Launches N25mln Women Empowerment Programme In Kogi

Tax ID Mandatory Only For Taxable Persons In Trades, Businesses For Income Generation – FG

The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.

It explained that the October 2021 crude oil exports of 50,000 barrels under Production Sharing Contract, valued at $4.18m was payable in November 2021.

The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.

It outlined the firms from where the funds were being expected to include 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.

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.

On the N270.83bn deduction from what would be shared by FAAC in January 2022, the NNPC stated that the amount was an estimate of its value shortfall in November this year.

It said, “The estimated value shortfall of N270,831,143,856.56 is to be recovered from December 2021 proceed due for sharing at the January 2022 FAAC meeting.

“This value shortfall consists of N220,110,853,427.56 for November and N50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”

The NNPC had been posting value shortfalls on a monthly basis due to its spendings on petrol subsidies, a development that had consistently reduced its remittances to FAAC.

State governors had kicked against the continued subsidy on petrol by the NNPC, but experts and labour unions cautioned the government to be careful as it considers a halt in the PMS subsidy regime.

For about four years, NNPC has remained the sole importer of petrol into Nigeria, shouldering the cost of the PMS subsidy as the provider of last resort. (vitalnews)

Tags: NNPCOilPayupstream
Previous Post

AFCON2022 : Osimhen out as four new players join Super Eagles squad

Next Post

Lagos schools resume January 4

Vital News

Vital News

RelatedStories

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote
Economy

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

September 15, 2025
Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair
Business

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

September 15, 2025
Mrs Tinubu Launches N25mln  Women Empowerment Programme In Kogi
Business

Mrs Tinubu Launches N25mln Women Empowerment Programme In Kogi

September 12, 2025
Tax ID Mandatory Only For  Taxable Persons In Trades, Businesses For Income Generation – FG
Economy

Tax ID Mandatory Only For Taxable Persons In Trades, Businesses For Income Generation – FG

September 12, 2025
FCCPC Recovers N10 billion For Consumers, Resolves 9, 091 Complaints In Five Months
Economy

FCCPC Recovers N10 billion For Consumers, Resolves 9, 091 Complaints In Five Months

September 11, 2025
Next Post

Lagos schools resume January 4

Athlete, Sports Administrator, Brown Ebewele is dead

Buhari appoints board, management for NNPCL

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Nigeria Discovers 44 Economically Viable Solid Mineral Deposits

Nigeria Discovers 44 Economically Viable Solid Mineral Deposits

2 years ago
Food Security : VP Shettima Arrives US To Participate In AfDB Event

Food Security : VP Shettima Arrives US To Participate In AfDB Event

2 years ago
Plateau Governor, Mutfwang Imposes 24-Hour Curfew On Mangu Over Worsening Security

Plateau Governor, Mutfwang Imposes 24-Hour Curfew On Mangu Over Worsening Security

2 years ago
Former President Muhammadu Buhari Buried With Full Military Honour In Daura

Former President Muhammadu Buhari Buried With Full Military Honour In Daura

2 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion

Your Allegation Of Cheaper Petrol Sales In Togo Misleading, Inaccurate – Dangote Refinery To DAPPMAN

NNPCL GCEO, Ojulari Calls For Stronger African Collaboration To Achieve Energy Security

President Tinubu Cuts Short Vacation Trip To France, Returns To Abuja Tomorrow, September 16

FG Approves Establishment Of Appeal Court In Abeokuta, Abiodun Assures Judicial Officers Of Support

How Our Refinery Ended 50 Years Of Fuel Queues In Nigeria – Dangote

Trending

Catholic Priest Kidnapped In Kogi
News

Kidnappers Release Kogi Catholic Priest, Rev. Fr. Ezeamba

by Vital News
September 17, 2025
0

Rev. Fr. Wilfred Ezeamba, the Catholic Priest who was kidnapped on Friday, September 12, 2025 in Kogi...

Our CNG Drivers Enjoy Life Insurance, Housing Loans, Earn Three Times The Minimum Wage – Dangote Refinery

Our CNG Drivers Enjoy Life Insurance, Housing Loans, Earn Three Times The Minimum Wage – Dangote Refinery

September 17, 2025
President Tinubu  Returns To Abuja

President Tinubu Returns To Abuja

September 16, 2025
Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion

Anti-graft Group, YPU, Decries Disrepair State Of Hospitals, Roads In Yobe In spite Alleged Release Of N1 trillion

September 16, 2025
Dangote Denies Ownership Of Truck Involved In Enugu Accident

Your Allegation Of Cheaper Petrol Sales In Togo Misleading, Inaccurate – Dangote Refinery To DAPPMAN

September 16, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kidnappers Release Kogi Catholic Priest, Rev. Fr. Ezeamba September 17, 2025
  • Our CNG Drivers Enjoy Life Insurance, Housing Loans, Earn Three Times The Minimum Wage – Dangote Refinery September 17, 2025
  • President Tinubu Returns To Abuja September 16, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In