The Nigerian National Petroleum Corporation (NNPC) has announced a $43.6 billion revenue target for year 2013.
The disclosure was made yesterday by the NNPC’s Group Managing Director, Andrew Yakubu at the state-run oil corporation’s 2013 budget defence meeting with the House of Representatives Committee on Petroleum Resources (Upstream)
GMD NNPC told the Muraina Ajibola-led House upstream committee that the revenue projection was predicated on a $75 per barrel and a projected 2.455 million barrels per day in 2013.
Yakubu requested $13.84 billion to fund the NNPC’s operations in 2013 specifically in achieving its work plan on existing and new oil exploration.
Defending sources of “alternative funding” captured in NNPC’s budget proposals, Yakubu clarified that the projected alternative funds were provided for in “cash calls” as well as external loans and joint venture partners.
The House Petroleum Resources (Upstream) Committee requested a comprehensive list of ongoing and new oil and gas projects, internally generated revenue (IGR) and actual amount remitted to the federation account so far as well as daily petroleum production.