The NNPC, in its Monthly Oil and Gas Report for October 2015, also revealed that all its total sales proceeds from the export of crude oil and gas in October, amounting to $445.786 million, about N89.157 billion, was utilized for Joint Venture Cash Call funding, while only N88.475 billion was paid to the Federal Account Allocation Committee, FAAC, in the month under review.
In an analysis of its financials between January and October 2015, the NNPC report pointed out that the three refineries — Kaduna, Port Harcourt and Warri refineries — posted a combined loss of N67.359 billion between January and October 2015; Retail segment posted a combined loss of N76.41 billion; while the Strategic Business Units/Corporate Service Units (SBU/CSU) lost N59.537 billion.
The SBU/CSU is made up of Nigerian Petroleum Development Company, NPDC, Integrated Data Services Limited, IDSL, National Engineering Technical Company, NETCO and the Nigerian Gas Company, NGC.
Commenting on the loss, the NNPC said, “58.19 per cent of year-to-date, YTD, NNPC deficit of N240.99 billion is mainly accounted for by claimable pipeline repairs/management cost of N86.69 billion and crude & product losses of N53.55 billion due to vandalized pipelines.
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