NNPC grosses $378.42m from crude oil & gas export June: Report

*PPMC distributed and sold 1.34 billion litres of white products across the country

*33 pipeline points vandalised on oil & gas infrastructure June 2020

*Federal Government approves NNPC oil & gas logistic centre in Akwa Ibom ─Minister of State for Petroleum

Isola Moses | ConsumerConnect

The Nigerian National Petroleum Corporation (NNPC) has announced total crude oil and gas export earnings of $378.42 million June 2020, as against $133.16 million it posted in May.

The state oil corporation stated this in its June Monthly Financial and Operations Report (MFOR) Sunday, in Abuja, FCT.

Agency report says the latest amount reflected a marked improvement in revenue earnings, following the ease of the COVID-19 pandemic global lockdown, and subsequent increased demand and firmer prices for the black gold in the international oil market.

The report indicated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million Dollars, respectively.

The total crude oil and gas export earnings for the period of June 2019 to June 2020 at $4.60 billion, says report.

As regards petroleum products supply in the downstream sector, the report stated that 1.34 billion litres of white products were distributed and sold across the country by the Petroleum Products Marketing Company (PPMC), NNPC’s downstream subsidiary.

The figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020, it added.

Report says: “Again, an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities.”

Further analysis of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS) also known as petrol, 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

“White products sale for the period from June 2019 to June 2020, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 percent.

“In monetary value terms, the above volumes translated into a total sale of N134.22billion of white products by PPMC in June, compared to N92.58billion sales in May.

“Total revenues recorded from the sales of white products for the period from June 2019 to June 2020 stood at over N2.267trillion, where PMS contributed about 99.12 per cent of the total sales, with a value of over N2.247trillion,” the report revealed.

In June also, the report further noted that 33 pipeline points were vandalised, representing about 11 percent decrease from the 37 points recorded in May 2020.

It said that Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 percent of the breaks each, while other locations made up for the remaining 13 percent.

The MFOR stated that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidence of pipeline breaches across the country.

In the gas sector, it said that out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialised.

This, it noted, consisted of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

It noted that the transaction translated into a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month.

It implies that 64.07 percent of the average daily gas produced is commercialised, while the balance of 35.93 percent is re-injected, used as upstream fuel gas, or flared.

The report further stated that gas flare rate for the month of June stood at 6.11 percent, implying 472.94mmscfd, compared with average Gas flare rate of 7.84 percent, equivalent of 611.73mmscfd for the period from June 2019 to June 2020.

In the meantime, Timipre Sylva, Minister of State for Petroleum Resources, has revealed that the Federal Government had approved the establishment of the NNPC Oil And Gas Logistic Centre in Akwa Ibom State.

Sylva gave the hints at a Gala night organised by the Akwa Ibom Government in honour of a delegation of Stakeholders in the oil and gas industry retreat in Uyo Saturday, August 22.

The Minister stated that the Federal Government would partner with the state government to build a base, and that the base would be the first in Akwa Ibom.

He urged the governor to set up a team to work with the NNPC in drawing up modalities for the collaboration.

He said: “I have the full support of NNPC to announce to you that we are very interested to partner you to build a base here. It will be the first here.

“It has also approved immediate establishment of an oil and gas logistics facility in the state.”

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