COVID-19 lockdown ease: NNPC ups crude oil, gas export revenue by $378.42m in June 2020

Following the ease of the COVID-19 global lockdown, the Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export receipts of $378.42 million in June 2020 against $133.16 million it posted in May.

It said that petroleum receipts for the month reflected crude oil earnings of $230.65million with gas and miscellaneous proceeds standing at $75.97 million and $71.80 million respectively.

This is contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, the 59th edition in the series packaged in a press release by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, a copy of which was emailed to Persecondnews.

It noted that the earnings marked an improvement in its revenue which it hinged on ease of lockdown and subsequently, increased demand and firmer prices for the black gold in the international market.

The report put total crude oil and gas export receipts for June 2019 to June 2020 at $4.6 billion.

In the Downstream Sector, the NNPC disclosed that  1.34 billion litres of white products were distributed and sold by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), as part of efforts to ensure continuous supply and effective distribution of petroleum products across the country during the month.

The June 2020 figures also 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 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, it said.

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 ₦92.58billion sales in May, 2020.

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.

On pipeline vandalism, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020 with Mosimi-Ibadan accounting 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.

NNPC assured that the corporation in collaboration with the local communities and other stakeholders would continuously strive to curtail incidences of pipeline breaches across the Country.

In the gas sector, out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialized; consisting of 34.64BCF and 114.01BCF for the domestic and export market respectively.

“This translates to a total supply of 1,154.78million 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.’’

On gas flaring, NNPC said gas flaring rate for June 2020 stood at 6.11 per cent, that is, 472.94mmscfd, compared to average gas flare rate of 7.84 per cent equivalent of 611.73mmscfd for the period of between June 2019 to June 2020.