News - Oil & Gas - February 9, 2022

NNPC reports $224.3m earnings from crude oil, gas exports in August 2021

The latest receipt is about $33.03million, or 17.27%, higher than the figure realized in July 2021

By Bassey Udo

Crude oil and gas exports in August 2021 generated revenue receipts of about $224.29million,
the Nigerian National Petroleum Company (NNPC) Limited has reported.

This was contained in the latest edition of the NNPC Monthly Financial and Operations Report (MFOR) for August 2021 published on Wednesday in Abuja.

Details of the publication released in Abuja showed that the national oil company’s receipts for the month was about $33.03million, or 17.27 percent, higher than about $191.26million realized in July 2021.

Further breakdown of the figures captured in the Report showed that export of crude oil alone generated about $7.77million, while gas and miscellaneous receipts stood at about $65.26 million and $151.26million respectively.

Total crude oil and gas export receipts for the 12 months period between August 2020 and August 2021 stood at about $1.84billion.

In the Gas Sector, the report said a total of 233.57billion cubic feet (bcf) of natural gas was produced in the month of August 2021, translating to an average daily production of 7,534.67million standard cubic feet (SCF).

For the period between August 2020 and August 2021, a total of 2,890.67billion cubic feet of gas was produced, representing an average daily production of 7,303.61million SCF during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the NNPC upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) accounted for about 57.51%, 20.88% and 21.62% respectively to the total national gas production.

The report also indicated that out of the 208.64BCF of gas supplied in August 2021, a total of 131.35BCF was commercialised, consisting of 40.22BCF and 91.13BCF for the domestic and export markets respectively.

This translated to an average total supply of 1,297.54million metric standard cubic feet per day to the domestic market, and 2,939.31million MSCFD of gas to the export market for the month.

Total gas supply for the period between August 2020 and August 2021 stood at about 2,792.28BCF, out of which 537.51BCF and 1,245.93BCF were commercialised for the domestic and export markets respectively.

In the Downstream Sector, a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

A breakdown of the figure indicated that premium motor spirit (PMS), popularly called petrol, accounted for 99 percent of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

Total sale of white products for the period between August 2020 and August 2021 stood at about 20.032billion with petrol accounting for 99.81%.

In terms of value, a total sum of ₦203.43billion was realised from the sale of white products by PPMC in the month of August 2021.

Total revenues generated from the sales of white products for the period between August 2020 and August 2021 stood at ₦2.619trillion, with petrol contributing about 99.76% of the total sales with a value of ₦2.613trillion.

In August 2021, the report noted about 21 pipeline points thay were vandalised, representing 50 percent decrease, from the 42 points recorded in July 2021.

A breakdown of the vandalism incidents contained in the report showed that Port Harcourt area accounted for 10 percent, while Mosimi Area accounted for the bulk of the incidents (90 percent).

The spokesperson of the NNPC, who is also the Group General Manager, Group Public Affairs Division, Garba Deen Muhammad, said the August 2021 MFOR is the 73rd in the series of reports published by the company since it decided to make public details of its accounts and activities.

The MFOR highlights NNPC’s activities for the period between August 2020 and August 2021
pursuant to its commitment to the principles of accountability, transparency and performance excellence.

Since the current management took over in 2019, the NNPC Ltd. has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.

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