Nigerians Spent N2.6trn On PMS As Pipeline Vandalism Drops By 50%

Between August 2020 and August 2021, the Nigerian National Petroleum Company Ltd sold white products worth N2.619trn to Nigerians with petrol contributing about 99.76 per cent of the total sales with a value of N2.613trn.

This is just as the NNPC said that in the month of August 2021, 21 pipeline points were vandalized representing 50 per cent decrease from the 42 points recorded in July 2021.

The figures are captured in the August 2021 NNPC Monthly Financial and Operations Report.
According to the report, Port Harcourt area accounted for 10 per cent, while Mosimi Area accounted for 90 per cent of the vandalized points.

The NNPC report stated that the Company posted a total of $224.29m receipt from crude oil and gas export in August 2021 as against $191.26m in July 2021.

It indicates that export of crude oil amounted to $7.77m while gas and miscellaneous receipts stood at $65.26m and $151.26m respectively.

The Report added that total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84bn.

In the gas sector, the Company said in the Report that a total of 233.57billion cubic feet of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67 million standard cubic feet per day (mmscfd).

For the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.

It added that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51 per cent, 20.88 per cent and 21.62 per cent respectively to the total national gas production.

The report also indicates that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.

This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.

Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.

In the Downstream Sector, it said that a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

A breakdown of the figure indicates that petrol accounted for 99 per cent of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

Total sale of white products for the period of August 2020 to August 2021 stood at 20.032billion with petrol accounting for 99.81%.

In terms of value, a total sum of ₦203.43bn was made on the sale of white products by PPMC in the month of August 2021.

The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.

In line with the Company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.