NNPC Earned $4.60bn From Crude Oil Sale In One Year

The Nigerian National Petroleum Corporation exported $378.42m worth of crude oil and gas in June 2020.

The figure is contained in the NNPC June 2020 Monthly Financial and Operations Report.

The June export is however $245.26m higher than $133.16m posted in May.

This points to an improvement in revenue earnings 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.

A release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Sunday stated that petroleum receipts for the month reflected crude oil earnings of $230.65m, with gas and miscellaneous proceeds standing at $75.97m and $71.8m, respectively.

The report, which was released in Abuja, put total crude oil & gas export receipts for the period June 2019 to June 2020 at $4.60bn.

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 this year, 1.34 billion litres of white products (benzene, kerosene, and gasoline)
were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company.

The figure is higher than the 950.67 million litres of white products sold and distributed in May 2020.

A breakdown of the June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit, 5.1 million litres of Automotive Gas Oil and 1.65 million litres of Dual Purpose Kerosene 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 per cent

This volume led to a total sale of ₦134.22bn of white products by PPMC in June 2020, compared to ₦92.58bn sales in May, 2020.

During the month under review, The report stated that 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,” it added.

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 supplied in June 2020, 148.66 BCF of gas was commercialised; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

This, the report disclosed , translates to a total supply of 1,154.78 million Standard Cubic Feet of gas per day to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month.

This implies that 64.07 per cent of the average daily gas produced was commercialised, 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.