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Home » NNPC Targets U.S.$43.6 Billion Revenue in 2013

NNPC Targets U.S.$43.6 Billion Revenue in 2013

by Joshua
November 30, 2012
in Uncategorized

The Nigeria National Petroleum Corporation (NNPC) is expected to generate $43.6 billion in revenue in 2013, just as the corporation has expended $10.48 billion this year.
The Group Managing Director of NNPC, Mr. Andrew Yakubu disclosed this last week at a meeting with the House of Representatives Committee on Petroleum Resources, Downstream during the corporation's budget defence.

The Nigeria National Petroleum Corporation (NNPC) is expected to generate $43.6 billion in revenue in 2013, just as the corporation has expended $10.48 billion this year.
The Group Managing Director of NNPC, Mr. Andrew Yakubu disclosed this last week at a meeting with the House of Representatives Committee on Petroleum Resources, Downstream during the corporation's budget defence.
He however made a strong case for the allocation of more funds to the corporation in the 2013 budget, saying that only proper funding of its operations could guarantee the attainment of the production and revenue benchmarks of the Federal Government next year.
He explained that since the revenue projection was predicated on $75 per barrel and 2.455 million barrels per day in the coming year, a lot of these projections would be threatened if the corporation is starved of funds.
According to Yakubu, NNPC would require $13.84 billion for its operations in 2013, while $13 billion would be needed for the aero-magnetic survey that would jump start new frontier exploration activities.
He disclosed that of the $12.7 billion appropriated for NNPC operations in 2012, only $10.4 billion was released, while the corporation generated $6.3 billion as revenue as at September, 2012.
He said the NNPC would pursue the proposed exploration of new frontiers in various parts of the country.
The NNPC boss admitted that the recent floods that swept across the country had some negative impact on the operations of the corporation.
The lawmakers had in the course of the meeting stressed the need for NNPC to increase the petroleum strategic reserve and expressed dismay over the payment of huge sums of money to private security companies without commensurate result in terms of checking pipeline vandalism and crude oil theft in the country.
Also, during NNPC's presentation before the Senate Committee Petroleum Resources (Upstream), Yakubu said that NNPC got N1.572 trillion as its budget for 2012 and had attained over 61 per cent implementation by September ending.
He said NNPC had initially requested N1.917 trillion, which was turned down.
Yakubu, who was accompanied by the Group Executive Director, Exploration and Production, NNPC, Mr. Abiye Membere, reiterated its request for $13.7 billion.


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