Home Oil & Gas NNPC announces ₦2.129 trillion revenue from products sales in one year

NNPC announces ₦2.129 trillion revenue from products sales in one year

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The Nigerian National Petroleum corporation (NNPC) says it made total revenue of ₦2.129 trillion from the sales of petroleum products between March 2020 and March 2021.

The corporation disclosed this in its Monthly Financial and Operation Reports (MFOR), released on Sunday in Abuja.

It said the sales were made by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

“The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113trllion,’’ it said.

According to the report, PPMC records ₦234.63 billion revenue from the sale of white products in March 2021.

This, it said, represented a 24.7 per cent increase from the ₦188.15billion sales recorded in February.

In terms of volume, the report noted that the value translates to 1.75billion litres of white products sold and distributed by PPMC in March 2021, compared to 1.4billion litres in February.

This volume, it said, was made up of 1.782billion litres of Premium Motor Spirit (PMS), petrol, and 0.45million litres of Automotive Gas Oil (AGO), otherwise known as diesel.

“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37 per cent,’’ it said.

The MFOR noted that the corporation continued 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 March 2021, translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

It revealed that 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 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production.

“In terms of natural gas off-take, commercialisation and utilisation, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialised, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively,’’ the report said.

This, it added translated 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.

According to the report, it implies that 63.18 per cent of the average daily gas produced was commercialised while the balance of 36.82 per cent was re-injected, used as upstream fuel gas or flared.

On gas flaring, it said that the rate was 9.50 per cent for the month under review (that is 671.13mmscfd) compared to average gas flare rate of 7.25 per cent (that is 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, it said that 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.

The report also revealed that the corporation recorded 70 vandalised points across its pipeline network in the period under review,

This, it said, represented 29.63 per cent increase from the 54 points recorded in the previous month.

“While the Port Harcourt area accounted for 63 per cent of the vandalised points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent.

“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,’’ it said.

The March 2021MFOR is the 68th edition of the report.

NAN

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