NNPC records $219.75m total crude oil, gas sales May 2021

*The Nigerian National Petroleum Corporation, in May edition of its Monthly Financial and Operations Report, announces the Corporation posts ₦295.72billion from sale of petroleum products

Isola Moses | ConsumerConnect

In continuation of the state oil firm’s demonstration of transparency and accountability in its activities, the Nigerian National Petroleum Corporation (NNPC) has disclosed it recorded total crude oil and gas export sales of $219.75million May 2021.

This represents 180.29 percent increase on sales from the previous month of April 2021, said the Corporation.

Mr. Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC, in a statement Monday, September 20, 2021, in Abuja, FCT, said the information is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report noted that crude oil export sales contributed $181.19million (82.45%) of the Dollar transactions, compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million May 2021.

The NNPC stated the report also indicated that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion.

Likewise in the gas sector, the report showed that natural gas production in the month under review increased by 6.19 percent at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

According to Mr. Muhammad, for the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced, representing an average daily production of 7,322.94mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively, the statement said.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.

The Corporation stated this translates into a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month under consideration.

It noted this implies that 61.75 percent of the average daily gas produced was commercialised while the balance of 38.25 percent was either re-injected, used as upstream fuel or flared.

In the Downstream sector, the report as well indicated that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72bn from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales April 2021.

Moreover, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit (PMS), otherwise known as petrol, contributed about 99.61 percent of the total sales with a value of ₦2.336trillion.

In terms of volume, the figure translates into a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69 percent of total volume.

In May 2021, 64 pipeline points were vandalised representing 39.13% increase from the 46 points recorded in April 2021.

The Port Harcourt area accounted for 65 percent and Mosimi and Kaduna Areas accounted for 30 percent and 5 percent respectively of the vandalised points.

NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace.

The 70th edition of the NNPC MFOR highlights the Corporation’s activities for the period of May 2020 to May 2021, the statement added.

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