$1.93bn m NNPC. Barrels JANUARY $320.7m $156.2m $183.4m. 5.4m barrels. 6.1m barrels

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1 How much Crude Oil did Nigeria sell in February, How Much Revenue was made from the sale Crude Oil? 66.68m Barrels $ $1.93bn JANUARY barrels (Domestic) 5.4m barrels (Export) 6.1m barrels FIRS (PSC) 1m 11.3m barrels DPR (PSC) 40.8m barrels International Oil Companies (IOC s) & Independents $320.7m $156.2m $183.4m $30.5m DPR (PSC) $1.2bn (DOMESTIC) (EXPORT) FIRS (PSC) International Oil Companies (IOC s) & Independents OTHERS: 2.05mbarrels $58.01m Others

2 GAS COMMERCIALIZATION & UTILIZATION NON-COMMERCIALIZED GAS COMMERCIALIZED GAS DOMESTIC GAS TO POWER GAS FLARED DOMESTIC GAS TO INDUSTRY EXPORT GAS RE-INJECTION GAS The amount lost to gas flaring (720mmscf) is almost the same as the amount of gas supplied to gas-fired power plants 733.5mmscf)

3 UTILIZATION OF CRUDE OIL FOR DOMESTIC PRODUCT SUPPLY CRUDE UTILIZATION FOR DOMESTIC PRODUCT CONSUMPTION 45.2% EXPORT 73.86% of this export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG) 11.13m BARRELS $444.2m VALUE REALIZED IN USD 50.4% DELIVERIES TO OFFSHORE PROCESSING 4.4% REFINERIES AGREEMENT (OPA) Note: January refinery crude swap compensation to NPDC/SEPLAT for crude supplied to WRPC in 2014/2015

4 JAN-16 FEB-16 CRUDE PROCESSED BY INDIVIDUAL REFINERIES PHRC 175,601MT 32,352MT REFINERIES FINANCIAL PERFORMANCE COGS CRUDE AND FREIGHT PROFIT JAN-16 FEB-16 0MT KRPC 175,601MT N8.2bn REVENUE WRPC JAN-16 FEB-16 0MT 0MT OPEX (OPERATING EXPENDITURE) Bad overall performance of refineries in comparison to its better performance last month as a result of intensified refinery damage. What happened to the plans to use drones to monitor areas suceptible to pipeline vandalism?

5 REFINERY CAPACITY UTILIZATION 1.84% FEB-16 TOTAL CRUDE PROCESSED BY THREE REFINERIES 32,352MT PMS + DPK PRODUCTS TOTAL FINISHED PETROLEUM PRODUCTS 90,628MT 100.5m liters

6 REFINED PMS PRODUCTS FROM 82.4m LITRES FROM DOMESTIC REFINERIES 921.4m LITRES TOTAL PETROL CONSUMED 839m LITRES (OPA) PMS (petrol) AGO (diesel) DPK (Kerosene) 865.5m LITERS OF PMS SOLD REVENUE GENERATED N3.4bn N5.2bn N66.1bn 29.8m Liters per day supplied by PPMC PMS 77.5% GAS SUPPLY TO POWER PLANTS 664 mmsccfd was supplied to gas-fired power plant. This represents 77.5% of gas supplied to the domestic market This is the highest in the 12 month period under review. OCT-15 NOV-15 DEC-15 JAN-16 FEB-16

7 NET REVENUE BY SUBSIDIARIES NET PROFIT NET LOSS N31m N806m N4.4bn N436m N6.2bn N2.3bn N1.90bn N839m N1.3bn N6.5bn N13.6bn NOTE: NPDC deficit in the month of February was due to production shut-in resulting to the loss of NPDC s revenue, about N20billion from sales of crude oil, as a result of pipeline vandalism at Forcados export line. NPDC IDSL NETCO NGC KRPC PHRC WRPC RETAIL PPMC CHQ CSU UPSTREAM DATA ENGINEERING GAS REFINING REFINING REFINING FILLING S MARKETING CORPORATE HEADQUARTERS & SERVICES

8 PERCENTAGE DISTRIBUTION OF CRUDE OIL PRODUCTION BY COMMERCIAL ARRANGEMENT 5% 6% JV S 16% 31.6% PSC AF/MCA NPDC 41.8% Independent/ Marginal Fields MONTHLY NAIRA PAYMENTS TO FAAC (Domestic Crude Oil & Gas Sales, Debt & Other Receipts) N103.56bn N102.99bn N90.09bn N101.96bn N77.3bn N76.2bn N73.26bn N88.48bn N66.53bn N92.67bn N92.29bn N82.9bn MAR-15 APR-15 MAY-15 JUN-15 JUL-15 AUG-15 SEP-15 OCT-15 NOV-15 DEC-15 JAN-16 FEB-16

9 BREAKDOWN OF PAYMENT TO FEDERATION ACCOUNT ALLOCATION COMMITTEE (FAAC) barrels N76.6bn N6.3bn N82.9bn TOTAL TRANSFER TO FEDERATION ACCOUNT DEBT REPAYMENT TO GOVERNMENT TOTAL FAAC PAYMENT

10 EXPENSES VS REVENUE EXPENSES REVENUE N263.4bn N235.7bn N212.3bn N197.4bn N204.7bn N206.3bn N185.8bn N196.3bn N189.9bn N171.3bn N185.2bn N182.1bn N173.6bn N184.4bn N167.7bn N164.5bn N177.1bn N169.4bn N130.6bn N155.1bn N134.4bn N130.9bn APR-15 MAY-15 JUN-15 JUL-15 AUG-15 SEP-15 OCT-15 NOV-15 DEC-15 JAN-16

11 GROUP FINANCIAL PERFORMANCE (YTD) (BUDGETED AMOUNT) GROUP FINANCIAL PERFORMANCE (YTD) (ACTUAL AMOUNT SPENT) N314.5bn N270.3bn N263.4bn N235.7bn N44.2bn REVENUE EXPENSE PROFIT REVENUE NOTE: Claimable pipeline repairs/management cost and crude & product losses due to vandalized pipelines were not factored in the computation EXPENSE LOSS N27.8bn

12 Pipeline breaks dropped from a 10-month high of 400 pipeline breaks in January, to 293 pipeline breaks in February 293 FEB-16

13 OBSERVATIONS 1All $236.7 million receipt from export sales proceed was swept into the JV cash call account and nothing went into the FAAC account from the dollar account of the Federation.

14 OBSERVATIONS How about drone monitors? The pipeline breaks have experienced a steep reduction from the 400 suffered in January to the 293 suffered this month. However, this still remains 2a big cause of revenue loss for.

15 OBSERVATIONS 3 What next? Only the WRPC refinery recorded some amount of capacity utilization this month, December 2015 was the previous deadline being given for the TAM implementations, with the continued (and worse-off) performance, what next?