Audit-Report-on-NNPC

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Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) Term AENR AGO BBL BPD CA CAPEX CBN CIF COMD COSM DPK DPR E&P FAAC FGN FOB IOC JV JVCC KRPC LC LPFO MCA MPN MV NACJ NAPIMS NGN Definition Agip Energy and Natural Resources Company Automotive Gas Oil Barrels Barrels per day Carry Arrangements Capital Expenditures Central Bank of Nigeria Cost, Insurance & Freight Crude Oil Marketing Division Crude Oil Stock Management Dual Purpose Kerosene Department of Petroleum Resources Exploration and Production Federation Accounts Allocation Committee Federal Government of Nigeria Free on Board International Oil Company Joint Venture Joint Venture Cash Calls Kaduna Refinery and Petrochemicals Company Letter of Credit Low Pour Fuel Oil Vanguardngr Modified Carry Arrangements Mobil Producing Nigeria Unlimited Mother Vessel (The vessel contracted by buyers to move petroleum products purchased from the seller or the Port of Loading) New Atlas Cove Jetty National Petroleum Investment Management Service Nigerian Naira Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 108
Investigative Forensic audit of crude oil revenues and remittances by NNPC (January 2012 – July 2013) Term NNPC NPA NPDC OML OPL OSP PIA OTPF PMS PPMC PPPRA PPT PRPC PSC PwC PSF RDP Reconciliation Committee SFDP Shore Outturn Senate Committee SPDC Definition Nigerian National Petroleum Corporation Nigerian Ports Authority Nigerian Petroleum Development Company Oil Mining License Oil Prospecting License Official Selling Price Pre-Shipment Inspection Agents Other Third Party Financing Premium Motor Spirit Petroleum Products Marketing Company Petroleum Products Pricing Regulatory Agency Petroleum Profit Tax Port Harcourt Refinery and Petrochemicals Company Production Sharing Contract PricewaterhouseCoopers Petroleum Support Fund Reserve Development Project Technical team set under the leadership of the Ministry of Finance to reconcile the various revenue and remittance figures and allegations in December 2013. The Committee had representatives from: (i) CBN (ii) NNPC (iii) Department of Petroleum Resources (DPR) (iv) Federal Inland Revenue Service (FIRS) (v) Office of the Accountant General of the Federation (OAGF) (vi) The Budget Office of the Federation (vii) Federal Ministry of Finance (viii) Federal Ministry of Petroleum Resources In the end, the Committee agreed the unremitted balance from NNPC (due from proceeds of domestic crude sale) to be $10.8 billion Vanguardngr Satellite Field Development Project The volume of petroleum products verified by inspectors as discharged into the shore tanks Senate Committee on Finance headed by Senator Ahmed Makarfi to which the matter of alleged non-remittance of $49.8 billion to the Federation Account by the NNPC was referred to by the Senate at its sitting on 11 December 2013. Shell Petroleum Development Company Confidential information for the sole benefit and use of the <strong>Audit</strong>or-General for the Federation. PwC 109
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Table of Contents Review of crude o
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