NNPC, IOCs, independents lift N11trn oil over 12 months

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According to its April statistical report, the Nigerian National Petroleum Corporation (NNPC) and International Oil Companies (IOCs) operating in the country including independent oil companies lifted crude oil and condensate worth over $36.023 billion between March 2016 and March this year, Daily Trust reports.

This translates to N11.005 trillion at an exchange rate of N304.5 to a US dollar. The IOCs consist of Chevron Nigeria Limited, Exxonmobil, Total, Nigeria Agip Oil Company (NAOC)/Phillips, Shell Petroleum Development Company (SPDC) and Addax including 24 independent companies among them Seplat Petroleum, Pan Ocean, Newcross, Eroton, Neconde, ND Western, Elcrest, ConOil, Amni, Platform Petroleum and Niger Delta Petroleum Development Company.

Between March 2016 and March this year, the IOCs and independent companies, including NNPC subsidiary, Nigerian Petroleum Development Company (NPDC), lifted a total of 458,754,086 barrels valued at $28,157,503,045 while NNPC lifted 165,079,126 barrels for the domestic and export markets valued at $7.8trn. Of the total amount of oil lifted, 33,878,441 barrels were for federation export while 131,200,685 barrels were for domestic consumption.