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Wednesday, February 21, 2024

NNPC Earned N2.563trn from Petroleum Products Sale in 12 Months

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The Nigerian National Petroleum Company (NNPC) Ltd yesterday revealed that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC) realised a total sum of N2.563 trillion from the sale of petroleum products between July 2020 and July 2021.

The information contained in the July 2021 figures of the national oil company’s Monthly Financial and Operations Report (MFOR), the 72nd edition in the series, noted that petrol contributed about 99.67 per cent of the sales.

A statement by the Group General Manager, Group Public Affairs Division, Garba Muhammad, noted that total revenues generated from the sales of the white products in the July 2021 alone stood at N203.73 billion.

Similarly, the report disclosed that a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC in July 2021, with petrol accounting for 99 per cent of total volume.

Total sale of petroleum products for the period July 2020 to July 2021, stood at 19.535 billion litres and Premium Motor Spirit (PMS) accounted for 99.73 per cent of total volume, the report stated.

The report also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759 million standard cubic feet of gas per day (MMSCFD).

According to the NNPC, the gas supply was equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd which generated 3,181MW.

It stated that national gas production in July 2021, increased by 3.99 per cent at 232.69 billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

“For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production,” it explained.

In the downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC said it had continued to diligently monitor the daily stock of petrol to achieve success in this regard.

In July 2021, the MFOR noted that 42 pipeline points were vandalised representing 10.64 per cent decrease from the 47 points recorded in June 2021.

In the month under review, the report stated that Port Harcourt area accounted for 40 per cent and Mosimi Area accounted for 60 per cent of the vandalised points.

In the upstream, the NNPC added that it recorded total export receipt of $191.26 million in July 2021 as against $188.00 million in June 2021.

“Receipts from crude oil amounted to $12.95 million while gas and miscellaneous receipts stood at $78.69 million and $99.61 million respectively.

“Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion,” the national oil company noted.

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