Home Oil & Gas NNPC earns $4.6bn profit from products export

NNPC earns $4.6bn profit from products export

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The Nigerian National Petroleum Corporation (NNPC) has announced that it made earning of $4.6 billion from crude oil & gas export receipts from June 2019 to June 2020.

The corporation announced this on Sunday in its June 2020 Monthly Financial and Operations Report (MFOR) The MFOR briefing was the 59th edition of such updates and briefings.
In June 2020, it posted a crude oil and gas export receipt of $378.42million, as against $133.16 million realized in May, which was an understandable improvement as the Covid-19 global economic lockdown had started easing.
The oil industry regulator and operating company, in its statement from the office of the Group General Manager, Public Affairs and signed by Dr. Kennie Obateru, the head, further stated that petroleum receipts for June reflected crude oil earnings of $230.65 million, with gas and miscellaneous proceeds standing at $75.97 million and $71.80 million, respectively.
In the downstream sector, the NNPC monthly report said in order to ensure continuous supply and effective distribution of petroleum products across the country in June, 2020, 1.34billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), saying the figure was significantly higher than the 950.67million litres of white products sold and distributed in May, again an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities.
A breakdown of the June figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.
White products sale for the period June, 2019 to June, the report disclosed, stood at over 19.104 billion litres, with PMS accounting for over 18.9 billion litres or 99.36 per cent
In monetary value terms, the above volumes translated to a total sale of ¦ 134.22billion of white products by PPMC in June 2020, compared to ¦ 92.58 billion sales in May.
Total revenues recorded from the sales of white products for the period June, 2019 to June, 2020 stood at over 2.267 trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over ¦ 2.247 trillion.
During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May, 2020.
Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent.
The NNPC monthly Financial and Operations Report for June, 2020, 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, out of the 232.03 billion Cubic Feet of gas (BCF) supplied in June, 148.66 BCF of gas was commercialized; consisting of 34.64 BCF and 114.01 BCF for the domestic and export market, respectively.
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 3,800.45mmscfd of gas supplied to the export market for the month, implying 64.07 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent 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 per cent that is: 472.94mmscfd, compared with average Gas flare rate of 7.84 per cent, equivalent of 611.73mmscfd for the period June, 2019 to June, 2020.
Meanwhile, the Lagos State Fire and Rescue Service, yesterday, said that the Nigerian National Petroleum Corporation (NNPC) has suspended pumping operations as petrol leaks from its Atlas Cove-Mosimi System 2B Pipeline at Isheri, Alimosho Local Government Area.

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