The Nigerian National Petroleum Company Limited (NNPC) has said that a total of N249.3bn for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC revealed this in its latest report on Nigeria’s crude oil export and domestic crude oil sales in October 2021.
They also stated that it would deduct N270.83bn as November 2021 value shortfall, from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
Furthermore, the company 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.
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.
