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NNPC earns ₦2.613tr from petrol, $224.29 million from crude oil, gas

By Kingsley Jeremiah, Abuja
10 February 2022   |   2:58 am
The national oil company, Nigerian National Petroleum Corporation (NNPC) Limited yesterday, disclosed that about N2.613 trillion was made from the sale of premium motor spirit in one year.

NNPC GMD, Mele Kyari.

Pipeline vandalism down by 50 per cent

The national oil company, Nigerian National Petroleum Corporation (NNPC) Limited yesterday, disclosed that about N2.613 trillion was made from the sale of premium motor spirit in one year.

NNPC Limited also yesterday posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021.

While the company recorded a total sum of ₦203.43billion from the sale of white products, revenues generated from the sales for the period of August 2020 to August 2021 stood at ₦2.619trillion with petrol contributing about 99.76 per cent of the total sales with a value of ₦2.613trillion.

The August 2021 NNPC Monthly Financial and Operations Report (MFOR) released by the corporation showed that the export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively.

Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84billion.

According to NNPC, a total of 233.57billion cubic feet (bcf) of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd).

In the period reviewed, the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.

Analysis of crude oil production showed that in the period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51 per cent, 20.88 per cent and 21.62 per cent respectively to the total national gas production.

The report also indicated that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialised, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.

This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.

Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.

In August 2021, 21 pipeline points were vandalized representing a 50 per cent decrease from the 42 points recorded in July 2021.

NNPC noted that Port Harcourt area accounted for 10 per cent while Mosimi Area accounted for 90 per cent of the vandalized points.