Crude oil lifting earns $33.905m in nine months

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Crude oil lifting earns $33.905m in nine months

Total crude oil and condensates lifting for both domestic and export were about 570.60 million barrels in the first nine months of 2009. This translates to total revenue amounting to $33,905,052. Oil companies lifted 325.22 million barrels (56.99 percent) amounting to $19,324,572 while NNPC lifted 245.38 million barrels (43.01 percent) with a total value of $14,580,480. Out of NNPC's lifting, 123.23 million barrels was for federation account, which includes 14.35 million barrels for Qua Iboe lifting Modified Carry Agreement Escrow account, 3.97 million barrels for Akpo trial marketing period and 8.72 million barrels for Antan and Erha lifting for FIRS (PPT) which does not enter federation account. 122.15 million barrels was meant for domestic use. In terms of fiscal regime, the joint venture companies (JVC) lifted 344.86 million barrels, PSC/SC 193.68 million barrels, while independent/sole and marginal fields lifted 32.06 million barrels. Furthermore, in terms of alternative funding, 111,679,996 barrels of crude oil were lifted by both NNPC and four oil producing companies namely Shell, Mobil, Elf and Chevron. Of this Shell, Mobil, Elf and Chevron lifted 56,558,788 barrels or 50.64 percent while NNPC lifted 55,121,213 barrels or 49.36 percent. The total lifting of 56.559 million barrels were part of Joint Venture (JV) lifting of 107.96 million barrels while 55.121 million barrels were part of 123.23 million barrels exported by NNPC for the period under review. In addition, Shell was responsible for the 100 percent or 1,896,826 barrels of EA Crude. In the case of 63,964,280 barrels of Yoho Crude, NNPC lifted 35,789,237 barrels or 55.95 percent while Mobil, the producing company lifted 28,175,043 barrels or 44.05 percent.

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