Journalism of Courage

NNPC Ltd generates ₦2.61trn, petrol contributes 99.76% from August 2020 to August 2021 — Report

…records $224.29 million proceeds from export of crude oil, gas in August 2020

 

 

A total revenue of ₦2.61 trillion with petrol contributing about 99.76% was generated from the sales of white products from August 2020 to August 2021, the Nigerian National Petroleum Company (NNPC) Ltd announced on Wednesday in its August 2021 NNPC Monthly Financial and Operations Report (MFOR).

 

Petrol (Premium Motor Spirit, PMS) contributed ₦2.613 trillion of the total sales during the period.

 

Similarly, NNPC Ltd also posted a total of $224.29 million receipt from crude oil and gas export in August 2021 against $191.26 million in July 2021.

 

The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.

In line with the company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC Ltd. has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.

 

A breakdown of the figures as contained in the report given to Persecondnews indicates that export of crude oil amounted to $7.77million while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively.

 

Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84billion.

In the gas sector, a total of 233.57billion cubic feet (bcf) of natural gas was produced in the month of August 2021 translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd).

 

Also during the period, a total of 2,890.67bcf of gas was produced representing an average daily production of 7,303.61mmscfd, Mr Garba Deen Muhammad, the Group General Manager, Group Public Affairs Division of NNPC Ltd, said in a statement.

 

 

In the downstream sector, a total of 1.532 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

 

A breakdown indicates that petrol accounted for 99% of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

 

Total sale of white products for the period of August 2020 to August 2021 stood at 20.032billion with petrol accounting for 99.81%.

 

In terms of value, a total sum of ₦203.43billion was made on the sale of white products by PPMC in the month of August 2021.

 

On pipeline vandalism, the NNPC report said in August 2021, 21 pipeline points were vandalized representing 50% decrease from the 42 points recorded in the previous month of July.

 

Mosimi area in Ogun State accounted for 90% of the vandalized points, while Port Harcourt area accounted for 10%.

 

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51%, 20.88% and 21.62% respectively to the total national gas production.

 

The report also indicates that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.

 

This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.

 

Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.

 

 

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