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NNPC sells N175 billion oil, gas products in 12 months

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NNPC

The Nigerian National Petroleum Corporation (NNPC) yesterday said it sold N174.62 billion worth of oil and gas products March 2018 and the corresponding period of this year.

According to the Monthly Financial and Operations Report (MFOR) released in Abuja, the state oil firm generated N2,780.79 billion from white products.

The figure was N168.65 billion higher than the scorecard of February 2019.

Premium Motor Spirit, popularly called petrol, contributed about 91.09 per cent or N2,533 billion.

In terms of volume of the total sales by agency’s subsidiary, Petroleum Products Marketing Company (PPMC), it distributed 1.36 billion litres of white products in March this year compared with the 1.33 billion litres recorded the preceding month.

A further breakdown indicates that the March volume comprised 1.29 billion litres of petrol, 0.023billion litres of Dual Purpose Kerosene (DPK) and 0.047 billion litres for the diesel component.

Total sale of white products distributed for the 12 months stood at 21.99 billion litres, with petrol accounting for 20.63 billion litres or 93.8 per cent. The report stated that 6.4 billion litres of special products were also sold.

During the period under review, 111 pipeline points were vandalised, indicating a 19 per cent drop from the 137 points recorded in February.

Ibadan–Ilorin and Benin–Ore axes registered 46 per cent of total pulverised points, while breaks in other locations made up the balance.

In the gas sector, the document revealed that production increased by 15.4 per cent at 263.48 billion cubic feet, translating to an average daily production of 8,499.58 million standard cubic feet (mmscfd).

Of the volume of gas supplied in March 2019, 155.01bcf were commercialised, consisting of 40.35bcf, and 111.66bcf for the domestic and export markets.

The report indicated that 58.81 per cent of the average daily gas produced was commercialised, while the balance of 41.19 per cent was either re-injected as upstream fuel gas or flared.


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