October 16, 2021

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NNPC nets ₦2.345 trillion from petroleum products sales

From Uche Usim, Abuja

The Nigerian National Petroleum Corporation (NNPC) on Monday posted 2.345 trillion as total revenue generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336 trillion.

It also recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing a 180.29% increase in sales from the previous month of April.

These were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Mr Garba Deen Muhammad.

In the downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72 billion from the sales of petroleum products in the month of May 2021 compared with ₦220.13 billion sales in April 2021.

According to the report, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with the $4.22 million contributions in the previous month, while the export gas sales component stood at $38.56 million in May 2021.

The report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64 billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23 billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94 mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99%, respectively.

Out of the 216.29 bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54 bcf for the domestic and export markets, respectively.

This translates to a total supply of 1,419.83 mmscfd of gas to the domestic market and 2,893.66 mmscfd to the export market for the month.

This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69% of total volume.

In May 2021, 64 pipeline points were vandalized representing a 39.13% increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30% and 5% respectively of the vandalized points.

NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace.

The 70th edition of the NNPC MFOR highlights the Corporation’s activities for the period of May 2020 to May 2021.

The post NNPC nets ₦2.345 trillion from petroleum products sales appeared first on The Sun Nigeria.

Source: news