NNPC
BreakingOil & GasTop StoryTrending Story

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

257

 

 

 

 

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. , Schlumberger (SLB) Sign Agreement to Boost Upstream Operations

As part of strategic reforms aimed at unlocking opportunities in the nation’s...

Breaking: Kano Emir Sanusi Lamido reinstated, letter presented to him at Government House

The reinstated Emir of Kano, Khalifa Muhammad Sanusi III, has arrived Government...

Just in: Court halts Sanusi’s reinstatement as Emir of Kano

A Federal High Court in Kano has granted an ex-parte order restraining...

Oil sector attracted $16.6bln investments under Tinubu administration – Lokpobiri

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has announced...

Breaking: Kano Assembly repeals Emirates Council Law

After scaling its third reading, the Kano State House of Assembly passed...

Democracy: Pres.Tinubu advocates bolstering Africa’s regional economic communities

Daniel Okejeme In a bid to promote commerce and integration, advance democracy...

Just in: Tinubu appoints Shehu Mohammed as FRSC Corps Marshal 

Daniel Okejeme President Bola Tinubu has appointed Mr. Shehu Mohammed as the...

Israel-Gaza war: US threatens ICC over move to arrest Israeli PM Netanyahu

Following the International Criminal Court’s prosecutor’s request for arrest warrants for Israeli...

Again, CBN raises Monetary Policy Rate to 26.5%

The Central Bank of Nigeria (CBN) has again increased the Monetary Policy...

Nigeria’s oil production nears 1.7mbpd – NNPC Ltd

Nigeria’s crude oil production is approaching 1.7 million barrels per day, according...

Breaking: Tragedy as Iran’s President Raisi, 8 others die in helicopter crash

All nine people on board of Iranian President Ebrahim Raisi’s helicopter which...

Nigeria’s Adekeye emerges chairperson, APPO Nigeria’s directors training institute

Mrs. Folashade Adekeye has emerged as the Chairperson, Forum of the Directors...

Breaking: Helicopter carrying Iran’s president crashes

A helicopter carrying Iranian President, 63-year-old Ebrahim Raisi, has reportedly suffered a...

FG appoints ex-Govs. Yuguda, Elechi, Shinkafi, Ngilari, APC’s lawyer, Olanipekun, others Chairmen of varsities’ governing councils

The Federal Government has announced the names of the Pro-Chancellors, Chairmen, and...

Fake News: No fire outbreak from our tank farm in Lagos—NNPC Ltd.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has debunked a report...

NNPC Ltd. partners Nasarawa govt on oil, gas development

The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it is...

Just in: Court denies Binance executive Tigran Gambaryan bail

A Federal High Court sitting in Abuja has denied the bail application...

No attempt to illegally use pension funds for infrastructure development – FG

Minister of Finance Wale Edun has refuted claims that the Federal Government...

FG opens student loan application portal May 24

The Federal Government has announced May 24, 2024, as the official date...