NNPC earns $378.42m from crude oil & gas export in June — Report

The Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export earnings of $378.42 million in June, as against $133.16 million it posted in May 2020.

The corporation disclosed this in its June Monthly Financial and Operations Report (MFOR) released on Sunday in Abuja.

It said that the amount signalled 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 the black gold in the international market.

The report indicated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million dollars, respectively.

It puts the total crude oil and gas export earnings for the period of June 2019 to June 2020 at $4.60 billion.

On petroleum products supply in the downstream sector, the report said that 1.34 billion litres of white products were distributed and sold across the country by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

It noted that the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020.

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

A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS) also know as petrol, 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

“White products sale for the period from June 2019 to June 2020, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

“In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June, compared to ₦92.58billion sales in May.

“Total revenues recorded from the sales of white products for the period from June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 per cent of the total sales, with a value of over ₦2.247trillion,” the report revealed.

In the month under review, the report further noted that 33 pipeline points were vandalised, representing about 11 per cent decrease from the 37 points recorded in May 2020.

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

The MFOR stated that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the country.

In the gas sector, it said that out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialised.

This, it noted, consisted of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

It noted that the transaction translated to a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month.

According to the report, it implies that 64.07 per cent of the average daily gas produced is commercialised, while the balance of 35.93 per cent is re-injected, used as upstream fuel gas, or flared.

The report further stated that gas flare rate for the month of June stood at 6.11 per cent, implying 472.94mmscfd, compared with average Gas flare rate of 7.84 per cent, equivalent of 611.73mmscfd for the period from June 2019 to June 2020.