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NNPC declares over N200bn profits from March petroleum sales

By News Desk

The Nigerian National Petroleum Corporation (NNPC) has declared N234.63 revenue from the sale of petroleum products in the month of March 2021 said to be representing a 24.7% increase from the N188.15 billion sales recorded in the previous month of February 2021.

The national oil company explained that the feat, achieved by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), was recorded from the sale of white products and that the total revenues generated from the sales during the period under review stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion.

The corporation, through its March 2021 edition of Monthly Financial and Operations Report (MFOR), released to journalists by the NNPC Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said that in terms of volume, the national oil company sold and distributed 1.75 billion litres of white products in March compared to 1.4billion litres in February 2021.

According to the report, This volume is made up of 1.75 billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO) and the total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The report added that the NNPC continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

“In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd). For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production. In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month. This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021. On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw,” it stated.

The report also informed that the corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

It stated that while the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.

“NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism,” the report said.

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