Nine oil companies including Chevron and ExxonMobil will pay the Nigerian National Petroleum Company Limited (NNPC) a total of N156.148 billion for the August 2021 crude oil exports.
The firms, which were joint venture partners of the national oil company, exported hundreds of thousands of barrels of crude oil in August.
This was stated in a document obtained from the NNPC in Abuja on Sunday.
In the August 2021 domestic crude oil revenue, which was payable in November 2021 report, the NNPC explained the remittance was in line with its payment policy of 90 day-period.
Analysts have said the payment will go a long way in boosting revenue generation from oil, considering that the country’s oil production dropped in October.
Recall that the Organization of Petroleum Exporting Countries (OPEC) showed Nigeria recorded a decrease in crude oil production in October 2021, when compared to volumes produced in the previous months.
A former president of the Association of National Accountants of Nigeria, Dr. Sam Nzekwe, had said that, “It is good to know the country is getting remittances from its joint venture partners in the oil sector because Nigeria needs all the funds it can get now.”
In the document, NNPC outlined the nine joint venture companies that would make payments this month for the domestic crude oil they exported in August 2021, the volume of oil exported and the amount expected from the already sold product.