NNPC Generated N2.56trn from Petroleum Products Sale In 12 Months

A total sum of ₦203.73bn was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd.

This was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the Report.

The report also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over ₦2.563trn where PMS contributed about 99.67% of the total sales.

Similarly, a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 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 Premium Motor Spirit (PMS) accounted for 99.73 per cent of total volume, the report stated.

The report also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759 million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW.

According to the report, national gas production in July 2021 increased by 3.99 per cent at 232.69 Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd.

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.

In the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.

In July 2021, the MFOR noted that 42 pipeline points were vandalized representing 10.64% decrease from the 47 points recorded in June 2021.

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

In the Upstream, NNPC recorded total export receipt of $191.26m in July 2021 as against $188.00m in June 2021.

Receipts from crude oil amounted to $12.95m while gas and miscellaneous receipts stood at $78.69m and $99.61m respectively.

Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73bn.