Business - Business & Economy - News - Oil & Gas - August 2, 2021

NNPC realized ₦234.63bn from petroleum product sales in March

MEDIATRACNET

About ₦234.63 billion revenue was realized from the sale of about 1.782billion litres of petroleum products in March 2021, the Nigerian National Petroleum Corporation (NNPC) has said.
The figure was about 24.7 percent increase from about ₦188.15billion realized from the sales activities in February 2021.
These figures were contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR) released on Sunday.
Details of the report showed that total revenues generated from the sales of white products by the Petroleum Products Marketing Company (PPMC) for the period of March 2020 to March 2021 stood at about ₦2.129trillion.
Of the amount, premium motor spirit (PMS), popularly called petrol, accounted for over 99.24 percent of the total sales, values at about ₦2.113trllion.
In terms of volume, the above value translates to 1.782billion litres of white products sold and distributed by PPMC in the month of March 2021, compared to about 1.4billion litres in the month of February 2021.
The volume is made up of 1.75billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO), also known as diesel.
Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres, with PMS accounting for 17.265billion litres,
The report the NNPC would continue to monitor the daily stock of PMS to ensure uninterrupted supply, effective distribution and zero fuel queues across Nigeria.
In the gas sector, a total of 222.74billion cubic feet (BCF) of natural gas was produced in the month of March 2021, translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).
For the period of March 2020 to March 2021, a total of 2,911.62BCF of gas was produced, representing an average daily production of 7,409.60 million standard cubic feet per day during the period.
Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and National Petroleum Corporation (NPDC) contributed about 63.23 percent, 19.78 percent and 63.99 percent respectively to the total national gas production.
In terms of natural gas off-take, commercialization and utilization, out of the 210.5 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 1,465.42mmscfd 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% of the average daily volume of gas produced was commercialized, while the balance of 36.82 mmscfd was re-injected, used as upstream fuel gas or flared.
“Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.2% (about 532.37mmscfd) 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 mega watts (MW) compared with February 2021 where 825 mmscfd was supplied to generate 3,580 MW,” the report said.
Also, the report said the Corporation recorded about 70 vandalized points across its pipeline network in the period under review, representing 29.63 percent increase from the 54 points recorded in the previous month.
While the Port Harcourt area accounted for 63 percent of the vandalized points, the Mosimi area accounted for 21 percent and the Gombe area accounted for the remaining 16 percent.
It said the NNPC was collaborating with the local communities and other stakeholders to monitor the pipelines to curb the menace of pipeline vandalism.

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