Written by Godfrey AKON

NNPC records $4.60b crude oil, gas sale in one year

The Nigerian National Petroleum Corporation, NNPC, has announced a total crude oil and gas sale of $4.60 billion between June 2019 and June 2020.

 

The corporation, in a statement by its Spokesman, Dr. Kennie Obateru, on Sunday, reported export receipts of up to $378.42 million in June 2020 alone, surpassing the $133.16 million it posted in May 2020.

 

It stated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively.

 

NNPC said the sales signaled a marked improvement in revenue earnings following the ease of Covid-19 lockdown globally and the subsequent increase in demand as well as firmer prices for the black gold in the international market.

 

It explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report, MFOR, of NNPC, which it noted, is the 59th edition in a series.

 

The report, which was released in Abuja on Sunday, said in order to ensure continuous supply and effective distribution of petroleum products across the country in June 2020, 1.34 billion litres of white products were distributed and sold by NNPCs downstream subsidiary, the Petroleum Products Marketing Company, PPMC. 

 

It noted that the figure was significantly higher than the 950.67 million litres of white products sold and distributed in May 2020, an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities.

 

A breakdown of the June 2020 figures indicated that over 1.3billion litres of premium motor spirit, PMS, 5.10 million litres of automotive gas oil, AGO, and 1.65million litres of dual purpose kerosene, DPK, were sold and distributed during the period.

 

“White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent

 

“In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June 2020, compared to ₦92.58billion sales in May, 2020.

 

“Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over ₦2.247trillion.

 

“During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.

 

“Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent, the corporation said.

NNPC pledged that in collaboration with local communities and other stakeholders, it would continuously strive to curb incidences of pipeline breaches across the Country.

 

“In the Gas sector, out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialized; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively," it said.

 

 

 

According to the report, this translates to a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month, implying 64.07 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent was re-injected, used as Upstream fuel gas or flared.

 

It noted that gas flare rate for June 2020 stood at 6.11 per cent, that is: 472.94mmscfd, compared with average gas flare rate of 7.84 per cent, equivalent of 611.73mmscfd for the period June 2019 to June 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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