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NNPC exports N1.7 trillion worth crude oil, gas in one year

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SOURCE: Business Today

• Pipeline vandalism decreases by 11 per cent
The Nigerian National Petroleum Corporation (NNPC) in the last one year, exported about N1.7trillion ($4.60billion) worth of crude oil and gas, the June 2020 Monthly Financial and Operations Report (MFOR), indicated.

The commodities were exported between June 2019 and June 2020, with receipts of $378.42million recorded this June, far higher than the $133.16million sold in May.

The improvement in earnings followed easing of the COVID-19 global lockdown, and increased demand and firmer prices for crude in the international market.

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Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said 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.

The report also showed about 1.34billion litres of white products were distributed and sold during the period by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), significantly higher than the 950.67million litres sold and distributed a month earlier, following the gradual easing of the lockdown and picking up of business activities.

A breakdown of the figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO), and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed in June.

White products sale year-on-year stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

In monetary value terms. This volume 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 sale of white products for the one year period 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 vandalised bringing the menace of pipeline vandalism by about 11 per cent 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 line breaks, each; other locations made up for the remaining 13 per cent.

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The June Report also showed that in collaboration with local communities and other stakeholders, the Corporation would continuously strive to rein in on the incidences of pipeline breaches across the country.

In the Gas sector, of the 232.03 billion cubic feet of gas (BCF) supplied in June 2020, about 148.66BCF was commercialized; consisting of 34.64BCF, and 114.01BCF for the domestic and export market, respectively.

This, the report explains, 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 supplied to the export market. This implies that 64.07 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent was re-injected, and used as upstream fuel gas or flared.

The NNPC report put the gas flare rate at 6.11 per cent, or 472.94mmscfd, compared with an average of 7.84 per cent, equivalent to 611.73mmscfd flared year-on-year.

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