Tuesday, May 24, 2022

NNPC Rakes In N203bn From Petroleum Products Sale In July 2021

…As gas production goes up 4%

NNPC logo

A total sum of ₦203.73billion was made on the sale of white products in July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd.

This was contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the report.

The report also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over ₦2.563 trillion where PMS contributed about 99.67 per cent of the total sales. 

Similarly, a total of 1.544billion litres of petroleum products were sold and distributed by the PPMC, in July 2021 with PMS accounting for 99 per cent of the total volume. 

Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73 per cent of total volume, the report stated. 

The report also indicated a 5.23 per cent increase in the average daily gas supply to power plants in July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW. 

According to the report, national gas production in July 2021 increased by 3.99 per cent at 232.69Billion Cubic Feet (BCF) compared to the output in the previous month, translating to an average daily production of 7,502.28mmscfd. 

For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd. 

Period-to-date production from joint ventures (JVS), production sharing contracts (PSCs) and NPDC contributed about 58.67 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production.

A statement by the NNPC group general manager, group public affairs division, Garba Muhammad, said in the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard. 

“In July 2021, the MFOR noted that 42 pipeline points were vandalized representing 10.64 per cent decrease from the 47 points recorded in June 2021. 

“This month, Port Harcourt area accounted for 40 per cent and Mosimi Area accounted for 60 per cent of the vandalised points. 

“In the Upstream, NNPC recorded total export receipt of $191.26million in July 2021 as against $188.00million in June 2021. 

“Receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively. 

“Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion,” it added. 

Website | + posts

LEAVE A REPLY

Please enter your comment!
Please enter your name here

get in touch

1,815FansLike
101FollowersFollow
47FollowersFollow

Latest News

Related Articles

%d bloggers like this: