The Nigerian National Petroleum Corporation, NNPC, on Sunday, August 23, 2020, stated that it earned $378.42 million from crude oil and gas export in June 2020, rising by 184.18 percent from $133.16 million recorded in the previous month.
In a statement in Abuja, on the release of its June 2020 Monthly Financial and Operations Report, group general manager, Group Public Affairs Division of the NNPC, Kennie Obateru, also disclosed that the NNPC earned N134.22 billion from the sale of white petroleum products, comprising Premium Motor Spirit, PMS; Dual Purpose Kerosene, DPK; and Automotive Gasoline Oil, AGO in the country in the month under review.
According to Obateru, the increased receipts from crude oil and gas export in June, represented a marked improvement in revenue earnings, apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.
Giving a breakdown of the export proceeds, he stated crude oil export earnings stood at $230.65 million, while gas and miscellaneous proceeds stood at $75.97 million and $71.80 million, respectively.
He further stated that the NNPC earned $4.6 billion from the export of crude oil and gas, from June 2019 to June 2020.
In the downstream sector, Obateru stated that in order to ensure continuous supply and effective distribution of petroleum products across the country in June 2020, 1.34 billion litres of white products were distributed and sold by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company, PPMC, adding that the figure was significantly higher than the 950.67 million litres of white products sold and distributed in May 2020.
This, he explained, was an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities.
He said, “A breakdown of the June 2020 figures indicated that over 1.3 billion litres of PMS; 5.10 million litres of AGO and 1.65 million litres of DPK were sold and distributed during the period.
“White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104 billion litres, with PMS accounting for over 18.9 billion litres or 99.36 percent.
“In monetary value terms, the above volumes translated to a total sale of N134.22 billion of white products by PPMC in June 2020, compared to N92.58 billion sales in May 2020.
“Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N2.267 trillion, where PMS contributed about 99.12 percent of the total sales with a value of over N2.247 trillion.”
The NNPC spokesperson further stated that during the month under review, 33 pipeline points were vandalized representing about 11 percent decrease from the 37 points recorded in May 2020.
He noted that Mosimi-Ibadan accounted for 33 percent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 percent of the breaks each; other locations made up for the remaining 13 percent.
He explained that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the Country.
In the Gas sector, Obateru disclosed that out of the 232.03 billion cubic feet of gas, BCF, supplied in June 2020, 148.66 BCF of gas was commercialized; consisting of 34.64 BCF and 114.01 BCF for the domestic and export market, respectively.
He said: This, the report explains, translates to a total supply of 1,154.78 million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45 mmscfd of gas supplied to the export market for the month, implying 64.07 percent of the average daily gas produced was commercialized, while the balance of 35.93 percent was re-injected, used as Upstream fuel gas or flared.
“The NNPC report stated that gas flare rate for June 2020 stood at 6.11 percent, that is: 472.94 mmscfd, compared with average gas flare rate of 7.84 percent, equivalent of 611.73 mmscfd for the period June 2019 to June 2020.”
Source: Vanguard
