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NNPC records rise in pipeline vandalism, trading surplus

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[FILES] Pipeline. Photo: PIXABAY

Nigerian National Petroleum Corporation (NNPC), yesterday, revealed that 54 pipeline points were vandalised in February, raising the level of the menace by 50 per cent.

While only 27 points were vandalised in January 2021, in February, Warri Area accounted for 50 per cent and Mosimi Area accounted for 39 per cent of the vandalised points as Kaduna and Port Harcourt areas accounted for seven per cent and four per cent.

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The state oil company, in its monthly financial and operational record released yesterday, showed that the company recorded ₦39.85billion trading surplus, representing a 314.24 per cent leap from the ₦9.62billion surplus it recorded in January 2021.

According to the report, in February 2021, NNPC group operating revenue as compared to January 2021 increased by 35.64 per cent or N 152.07billion to stand at N578.79billion. The report also revealed that expenditure for the month increased by 29.21 per cent or N121.83billion to stand at N538.94billion.

The expenditure for the month, as a proportion of revenue, was 0.93 per cent as against 0.98 per cent in the previous month.

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The corporation linked the increase in trading surplus to what it called reconciled accounts by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.

Other factors that boosted the trading surplus figure, according to NNPC, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded robust gains as a result of increased debt collection and cost optimisation measures.

In the period under review, the corporation supplied a total of 1.41billion litres of Premium Motor Spirit (petrol) translating to 50.52million litres per day.

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In terms of natural gas ‘offtake’, out of the 206.05 Billion Cubic Feet (BCF) produced in February 2021, a total of 133.06BCF was commercialized, consisting of 40.15 BCF and 92.91 BCF for domestic and export markets.

This translates to a total supply of 1,433.75million Standard Cubic Feet Per Day (mmscfd) of gas to the domestic market and 3,318.25mmscfd of gas supplied to the export market for the month.

Also, it implies that 64.48 per cent of the average daily gas produced was commercialised, while the balance of 35.52 per cent was re-injected, used as upstream fuel gas or flared.

The report put gas flare rate at 7.67 per cent for the month under review (i.e. 565.52mmscfd) compared with average gas flare rate of 7.12 per cent for the period of February 2020 to February 2021.

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