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NNPC earns $4.6bn from crude exports

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The Nigerian National Petroleum Corporation (NNPC) generated $4.6 billion as total crude oil and gas export receipts in 13 months (from June 2019 to June 2020). Details of the earnings were contained in the June 2020 Monthly Financial and Operations Report of NNPC.

The Punch reports that the corporation announced on Sunday, that the total crude oil and gas export receipt of $ 378. 42 m was posted in June 2020 as against the $133.16 m recorded in May 2020.

The NNPC attributed the marked improvement in revenue earnings to the ease of the COVID -19 pandemic global lockdown and the subsequent increased demand and firmer prices for crude oil in the international market.

It said the petroleum receipts for the month (June 2020) reflected crude oil earnings of $ 230. 65 m, with gas and miscellaneous proceeds standing at $75. 97 m and $71. 80 m respectively.

In the downstream sector, the corporation said 1. 34 billion litres of white products were distributed and sold by the NNPC ’s downstream subsidiary, the Petroleum Products Marketing Company.

It said the figure was significantly higher than the 950. 67 million litres of white products sold and distributed in May.

A breakdown of the June 2020 figures indicated that over 1. 3 billion litres of Premium Motor Spirit, 5. 1 million litres of Automotive Gas Oil and 1. 65 million litres of Dual Purpose Kerosene were sold and distributed during the period.

The report stated that white products sale for the period June 2019 to June 2020 stood at over 19. 104 billion litres, with PMS accounting for over 18. 9 billion litres or 99. 36 per cent.

In monetary value terms, the above volumes translated to a total sale of N 134. 22 bn of white products by PPMC in June 2020, compared to N 92. 58 bn sales in May 2020.

Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N 2. 267 tn, where petrol contributed about 99. 12 per cent of the total sales with a value of over N2. 25 tn.

During the month under review, 33 pipeline points were vandalised representing about 11 per cent decrease from the 37 points recorded in May 2020.

Mosimi-Ibadan accounted 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.

In the gas sector, the report stated that out of the 232. 03 billion cubic feet of gas supplied in June 2020, 148. 66 BCF of gas was commercialised, consisting of 34. 64 BCF and 114. 01 BCF for the domestic and export market respectively.

This translates to a total supply of 1, 154. 78 million standard cubic feet of gas per day to the domestic market and 3, 800. 45 mmscfd of gas supplied to the export market for the month.

It also implied that 64. 07 per cent of the average daily gas produced was commercialised, while the balance of 35. 93 per cent was re-injected, used as upstream fuel gas or flared.

The report stated that gas flare rate for June 2020 stood at 6. 11 per cent, which was 472. 94 mmscfd, compared with an average gas flare rate of 7. 84 per cent, the equivalent of 611. 73 mmscfd for the period of June 2019 to June 2020.

Source PUNCH
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