NNPC Targets $43.6bn Revenue In 2013

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Andrew Yakubu has called for a bigger budget allocation for its operations to enable NNPC achieve the $43.6 billion revenue target for year 2013.

Yakubu made the request at the 2012/2013 budget Defence session by the House Committee on Petroleum Resources (Upstream) headed by Hon. Ajibola Muraina (PDP-Oyo). According to him, the revenue projection was based on $75 per barrel and 2.455 million barrels per day in 2013.

He explained that the sum of $13.84 billion would be required for its operations in 2013 in order to achieve the work plan on both existing and new oil exploration, adding that $13 billion would be required for the aeromagnetic survey that would jump-start new frontier exploration activities.

On the 2012 budget performance, he disclosed that out of $12.7 billion appropriated for NNPC operations, the Federal Government released the sum of $10.4 billion while the corporation achieved $6.3 billion revenue as at September 2012.

Yakubu added that the work plan of the corporation for exploration and production activities was based on concession granted under the joint ventures agreement, just as he assured on ongoing efforts toward exploring new basins’ frontiers apart from the Lake Chad exploration operations.