NNPC
BreakingOil & GasTop StoryTrending Story

NNPC hits N1.95 trn revenue mark in petrol sales, others in one year

396

 

 

 

 

The Nigerian National Petroleum Corporation (NNPC) generated about ₦1.95 trillion revenue from the sales of white products between October 2019 to October 2020 with the Premium Motor Spirit (petrol) accounting for ₦1.9 trillion, about 99.07 percent of the total sales.

 

NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), which recorded the huge sales, made a total of ₦158.04 billion from the sales of white products in the month of October 2020 representing 92 percent increase over the ₦80.15 billion sales in September 2020.

 

This is contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR) released by the Group General Manager, Group Public Affairs, Dr Kennie Obateru, and made available to Persecondnews.

 

The report said in terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020 comprising 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (diesel) and 0.033 million litres of Dual Purpose Kerosene (DPK).

 

Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28 percent.

 

On pipeline vandalism, in the month under review, 23 pipeline points were vandalized representing about 10 percent increase from the 21 points recorded in September 2020.

 

Of this figure, Mosimi area accounted for 83 per cent of the vandalized points while Port Harcourt area accounted for the remaining 17 per cent.

 

NNPC also reports that a total of 214.07 Billion Cubic Feet (bcf) of natural gas was produced in the month October 2020, showing an average daily production of 6,908.34 Million Standard Cubic Feet per Day (mmscfd).

 

The daily average natural gas supply to power plants increased by 8.60 per cent to 745mmscfd, equivalent to power generation of 2,801 megawatts.

 

For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period, the report also said.

 

The October 2020 MFOR also indicates that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.18%, 20.12% and 11.70% respectively to the total national gas production.

 

In terms of natural gas off-take, commercialization and utilization, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialized, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively, translating to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month.

 

The 63rd edition of the MFOR also highlights NNPC’s activities for the period of October 2019 to October 2020.

 

In its avowed commitment to becoming more accountable, transparent and driven by performance excellence, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies.

Leave a comment

Related Articles

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Just in: FG sacks Nnamdi Azikiwe University VC

The Vice-Chancellor of Nnamdi Azikiwe University, Awka, Anambra State, Prof. Bernard Odoh,...

Senate raises alarm over fresh terrorists’ invasion from Mali, Burkina Faso, urges FG’s action 

Upset by the invasion of terrorists known as Lakurawa into Northern Nigeria...

Boko Haram/ISWAP terrorists’ ambush: Defence HQ confirms killing of 5 soldiers in Borno

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting...

Tinubu writes NASS for approval of $2.2bln fresh external loan

President Bola Tinubu has written to the National Assembly, seeking the approval...

NNPC Ltd’s spokesman, Soneye, explains delay in Port Harcourt Refinery rehabilitation, assures of imminent completion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the challenges...

AFCON Qualifier: Nigeria’s Super Eagles Suffer Shocking 2-1 Loss to Rwanda

Nigeria’s Super Eagles concluded their Africa Cup of Nations Group D qualifiers...

Tax reform bills: Nigeria struggling with tax-to-GDP ratio below World Bank’s 15 % benchmark – Speaker Abbas

Mr. Tajudeen Abbas, the Speaker of the House of Representatives, has expressed...

Just in: Again, Anambra sit-at-home claims four vigilance operatives, motorcyclist

Gunmen enforcing Monday’s sit-at-home order in Anambra State launched a deadly attack,...

Tinubu departs Abuja for G20 leaders’ summit in Brazil

President Bola Tinubu will depart Abuja for Rio de Janeiro, Brazil, on...

First Bank changes its name to First Holdco Plc, brand name to FirstHoldco

First Bank of Nigeria (FBN) Holdings Plc is to change its name...

Breaking: APC’s Aiyedatiwa in landslide victory, wins all 18 LGAs in Ondo guber poll

The All Progressives Congress Candidate, Gov. Lucky Aiyedatiwa, has swept the 2024...

Crude oil thieves now use SUVs to beat security operatives – Rivers NSCDC

A new method of stealing crude oil and transporting illegally refined petroleum...

Ondo guber poll: Aiyedatiwa votes, says exercise peaceful, PDP raises alarm over thugs invasion

As the Ondo State governorship election kicks off on Saturday, Gov. Lucky...

Late COAS Lagbaja buried in Abuja amid tears, tributes

Amid tears and tributes, the body of the late Chief of Army...

Tinubu appoints Daniel Bwala, Atiku’s ex-spokesman as Special Adviser on Media, three DGs

President Bola Tinubu has appointed Daniel Bwala, the Special Adviser on Media...