• Sun. Jun 4th, 2023

    NNPC maintains high productivity, as October 2020 MFOR shows 92% rise in products sales

    The Nigerian National Petroleum Corporation (NNPC) has continued to register significant improvement in its overall productivity and efficiency, with the latest announcement by its downstream subsidiary of over 92 percent Increase in petroleum products sales of in October 2020.
    The details are contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR) released on Thursday in the company’s website.
    The report showed that the Petroleum Products Marketing Company (PPMC) realized a total of ₦158.04 billion from the sales of white products in the month of October 2020, representing over 92 percent increase over the ₦80.15 billion sales figure in September 2020.
    Performance details
    NNPC spokesperson Kennie Obateru, said the report indicated that total revenues generated from the sales of white products between October 2019 and October 2020 was about ₦1.95 trillion.
    Out of the amount, Mr Obateru said Premium Motor Spirit (PMS), popularly called petrol, accounted for about 99.07 percent of the total sales, with a value of over ₦1.9 trillion.
    In terms of volume, he said the October 2020 sales figure translated to a total of 1.224.54 billion litres of white products sold and distributed by the Pipe;eiens and Products Marketing Company (PPMC) within the period, compared with 603.39 million litres in the month of September 2020.
    A breakdown of the details showed that the sales volume comprised of 1.224.20 billion litres of PMS; 0.31 million litres of Automotive Gas Oil (AGO), also known as diesel, and 0.033 million litres of Dual-Purpose Kerosene (DPK), or aviation fuel.
    Total sales of white products for the period between October 2019 to October 2020 stood at about 16.462.50 billion litres, and PMS accounted for 16.344.36 billion litres or 99.28 percent.

    Pipeline vandalism
    In the month under review, Mr Obateru quoted the report as showing that about 23 pipeline points were vandalized during the period, representing about 10 percent increase, from the 21 points recorded in September 2020.
    Of this figure, Mosimi Area in Lagos accounted for 83 percent of the vandalized points, while Port Harcourt Area accounted for the remaining 17 percent.

    Gas commercialization
    In the Gas Sector, a total of 214.07 billion cubic feet (bcf) of natural gas was produced by the NNPC and its partners in the month October 2020, translating to an average daily production of 6,908.34 Million Standard Cubic Feet per day (mmscfd).
    The daily average natural gas supply to power plants, the report said, increased by 8.60 percent, to 745million standard cubic feet per day, equivalent to power generation of 2,801 megawatts (MW).
    Also, for the period of October 2019 to October 2020, the report said a total of 3,018 billion cubic feet of gas was produced, representing an average daily production of 7,658.88 MMSCFD during the period.

    JV production
    The October 2020 MFOR also indicates that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 68.18 percent, 20.12 percent and 11.70 percent respectively to the total national gas production.
    In terms of natural gas offtake commercialization and utilization, the report said out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialized, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.
    This translates to a total supply of 1,269.03MMSCFD of gas to the domestic market and 2,870.57MMSCFD of gas supplied to the export market for the month.
    MFOR sustains transparency
    The October 2020 edition of the MFOR, which is the 63rd edition, highlights NNPC’s activities for the period of October 2019 to October 2020.
    “This is in line with the Corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies,” Mr Obateru said.

    Leave a Reply

    Your email address will not be published. Required fields are marked *