July 23, 2024
JUST IN: IoCs to pay N380bn for domestic sales in October
Middle East: Oil demand remains low despite the ease in COVID-19 lockdown
– By Godswill Odiong

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By Eyo Nsima
The International Oil Companies (IoCs) will pay N380.04 billion in October 2022 as proceeds from the sale of domestic crude oil.

The Nigerian National Petroleum Company (NNPC) Limited disclosed this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Friday, September 23, 2022.
A FAAC document obtained by The Daily, www.thedaily-ng.com, indicated that the expected amount was for the sales of 8.44 billion barrels of oil.

The IoCs included, Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), Total Exploration and Production Nigeria, First Exploration and Production (First E&P), and Universal.
CNL would be paying N80.02 billion for 1.74 million barrels of crude, while MPN would pay N128.66 billion for 2.85 million barrels of oil while SPDC and Total would pay N28.03 billion and N112.63 billion for 643,904 and 2.54 million barrels of crude oil, respectively.
It also maintained that First E&P and Universal would pay N30.24 billion and N30.24 million for 650,069 and 10,000 barrels of oil, respectively.

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