Thursday, August 11, 2022

NNPC Records $224.29million Proceeds From Export Of Crude, Gas In August

NNPC logo

The Nigerian National Petroleum Company (NNPC) Limited said it posted a total of $224.29million receipt from crude oil and gas export in August 2021 as against $191.26million in July 2021. 

A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that the 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 August 2021, translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd). 

From August 2020 to August 2021, a total of 2,890.67bcf of gas was produced, representing an average daily production of 7,303.61mmscfd during the period. 

Period-to-date production from joint ventures (JVs), production sharing contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51 per cent, 20.88% and 21.62 per cent, 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 commercialised for the domestic and export markets, respectively. 

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

A breakdown of the figure indicates that petrol accounted for 99 per cent 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 per cent. 

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

Total revenues generated from the sales of white products for the period of August 2020 to August 2021 stood at ₦2.619trillion with petrol contributing about 99.76 per cent of the total sales with a value of ₦2.613trillion. 

In August 2021, 21 pipeline points were vandalized representing 50 per cent decrease from the 42 points recorded in July 2021. 

According to the report, the Port Harcourt area accounted for 10 per cent, while Mosimi Area accounted for 90 per cent of the vandalised points. 

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

A statement by the NNPC group general manager, group public affairs division, Garba Muhammad, said 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. 

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: