Saturday, September 25, 2021

NNPC Records Petroleum Product Sale of ₦234.63B In March

NNPC building

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded ₦234.63 billion revenue from the sale of white products in the month of March 2021 representing a 24.7 per cent increase from the ₦188.15 billion sales recorded in the previous month of February 2021.

This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the group general manager, group public affairs division of the corporation, Dr. Kennie Obateru. 

The report indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129 trillion, where petrol contributed about 99.24 per cent of the total sales with a value of ₦2.113 trllion. 

In terms of volume, the above value translates to 1.782 billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4 billion litres in the month of February 2021.

This volume is made up of 1.75 billion litres of premium motor spirit (PMS) and 0.45 million litres of automotive gas oil (AGO). 

Total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres and PMS accounting for 17.265 billion litres or 99.37 per cent. 

The NNPC, according to the statement, continues to diligently monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria. 

In the gas sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in the month of March 2021 translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd)., it further said.

For the period of March 2020 to March 2021, a total of 2,911.62 bcf of gas was produced representing an average daily production of 7,409.60 mmscfd during the period.

Production from joint ventures (JVs), production sharing contracts (PSCs) and NPDC contributed about 63.23 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production. 

In terms of natural gas off-take, commercialization and utilization, out of the 210.55 bcf supplied in March 2021, a total of 138.38 bcf was commercialized, consisting of 45.42 bcf and 92.96 bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42 mmscfd of gas to the domestic market and 2,998.26 mmscfd of gas supplied to the export market for the month. 

This implies that 63.18 per cent of the average daily gas produced was commercialized while the balance of 36.82 per cent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50 per cent for the month under review (i.e. 671.13 mmscfd) compared to average gas flare rate of 7.25 per cent (i.e. 532.37 mmscfd) for the period of March 2020 to March 2021.  

On domestic gas supply to the power sector, a total of 844 mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530 megawatts (mw) compared with February 2021 where 825 mmscfd was supplied to generate 3,580 mw.

The report also informed that the corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63 per cent increase from the 54 points recorded in the previous month.  

While the Port Harcourt area accounted for 63 per cent of the vandalized points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent. 

NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism, the report further pointed out.

The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the corporation in line with the management’s guiding philosophy of transparency, accountability and performance excellence (TAPE). 

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