NNPC Nets N203bnFrom Petroleum Products Sale

The Nigerian National Petroleum Company (NNPC) Limited has disclosed that its Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), made a sum of ?203.73billion on the sale of white products in July, 2021.

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

The report indicated a four per cent increase in Gas Production.

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

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

“Total sale of petroleum products for the period July 2020 to July 2021 stood at N19.535billion litres and PMS accounted for 99.73per cent of total volume, the report stated.

The report also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July.

This, it said stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June figure of 721mmscfd to generate 3,181MW.

According to the report, national gas production in July increased by 3.99per cent at 232.69 Billion Cubic Feet (BCF) compared to 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 58.67per cent, 20.45per cent and 20.89per cent, respectively, to the total national gas production,” the report said.

The report further noted that in the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially PMS, nationwide, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard.

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

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

In the Upstream, the report also stated that NNPC recorded total export receipt of $191.26million in July, as against $188.00million in June.

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

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