NNPC Rakes $4.6 Billion From Crude Oil Exports In 13 Months

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The Nigerian National Petroleum Corporation, NNPC, has on Monday disclosed that it raked in $4.6 billion as revenue from total crude oil and gas export receipts between June 2019 to June 2020.

Details of the earnings of the national oil company were contained in the June 2020 Monthly Financial and Operations report which showed that $230.65 million was earned from crude oil sales while gas and miscellaneous proceeds stood at $75.97 million and $71.80 million respectively.

This was a marked improvement in revenue earnings following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for crude oil in the international market.

Also, it shows the total crude oil and gas export receipt of $378.42 million which  posted in June 2020 as against the $133.16 million recorded in May 2020.

Crude oil production was 1.81 million barrels per day in the second quarter, compared with 1.98 barrels per day for the same period in 2019.

In the downstream sector, the corporation produced 1.34 billion litres of white products which were distributed and sold by the NNPC’s downstream subsidiary, the Petroleum Products Marketing Company, PPMC.

It said the figure is significantly higher than the 950.67 million litres of white products sold and distributed in May.

“Again an apparent reflection of the gradual ease of the lockdown in the country and the picking up of business activities,” the oil firm affirmed.

A breakdown of the June 2020 figures indicates that over 1.3 billion litres of Premium Motor Spirit, 5.1 million litres of Automotive Gas Oil and 1.65 million litres of Dual Purpose Kerosene were sold and distributed during the period.

The report stated that white products sale for the period June 2019 to June 2020 stood at over 19.104 billion litres, with PMS accounting for over 18.9 billion litres or 99.36 percent.

In monetary value terms, the above volumes translated to a total sale of N134.22 billion of white products by PPMC in June 2020, compared to N92.58 billion sales in May 2020.

Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N2.267 trillion, where petrol contributed about 99.12 per cent of the total sales with a value of over N2.25 trillion.

For the month under review, 33 pipeline points were vandalised which is about an 11 per cent decrease from the 37 points recorded in May 2020.

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

In the gas sector, the report stated that out of the 232.03 billion cubic feet of gas supplied in June 2020, 148.66BCF of gas was commercialised, consisting of 34.64BCF and 114.01BCF for the domestic and export market respectively.

This translates to a total supply of 1,154.78 million standard cubic feet of gas per day to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month.

It also implied that 64.07 per cent of the average daily gas produced was commercialised, while the balance of 35.93 per cent was re-injected, used as upstream fuel gas or flared.

The report stated that gas flare rate for June 2020 stood at 6.11 per cent, which was 472.94mmscfd, compared with an average gas flare rate of 7.84 per cent, an equivalent of 611.73mmscfd for the period June 2019 to June 2020.

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