Monday, January 17

NNPC generates N203.73 billion from petroleum products sale in July

The Nigerian National Petroleum Company (NNPC) Limited says that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated a sum of N203.73 billion on the sale of white products in the month of July 2021.

This disclosure is contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the Report released on Wednesday.

The report indicated that there was a 4% increase in Gas Production.

An abridged breakdown of the report

The report revealed that total revenues generated from sales of white products for the period July 2020 to July 2021 stood at over N2.563 trillion with Premium Motor Spirit (PMS) contributing about 99.67% of the total sales.

The report partly states, “Similarly, a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC, in July with PMS 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 PMS accounted for 99.73 per cent of total volume.’’

The report also said it supplied 759 million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW in July against the June figure of 721mmscfd to generate 3,181MW, indicating a 5.23% increase in the average daily gas supply to power plants in the month of July.

According to the report, national gas production in July increased by 3.99% at 232.69 Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

It stated, “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.’’

The report pointed out that the NNPC has continued to diligently monitor the daily stock of petrol in the downstream sector to ensure sustained increase and effective distribution of petroleum products, especially PMS, across the country.

In July, the MFOR noted that 42 pipeline points were vandalised representing a drop by 10.64% when compared to the 47 points recorded in June.

This month, Port Harcourt area accounted for 40% and Mosimi Area accounted for 60% of the vandalised points.

In the Upstream, the report also stated that NNPC recorded total export receipt of $191.26 million in July, as against $188.00 million in June.

Total crude oil and gas export receipts for the period July 2020 to July 2021 stood at 1.73 billion dollars.

What you should know

In a related development, NNPC had said that its subsidiary, NNPC Retail Limited, had generated more than N200 billion from its 544 retail stations across the country.

It stated that in 2020, the corporation generated a revenue of N200.3 billion which comprised of revenue from 5 petroleum products which are Petroleum Motor Spirit (PMS), Automotive Gas Oil (AGO), Dual Purpose Kerosene (DPK), Liquified Petroleum Gas (LPG) and Lubricants.

The state-owned oil giant also had said that it recorded N234.63 billion revenue from the sale of white products in the month of March 2021, a 24.7% increase from the N188.15 billion sales recorded in the previous month of February 2021, according to its monthly MFOR for March 2021.

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, where petrol contributed about 99.24% of the total sales with a value of N2.113 trillion.

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