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NNPC earns N2.129trn in product sales



NNPC earns N2.129trn in product sales

By Edith Ike-Eboh

The Nigerian National Petroleum Corporation (NNPC) said it achieved a total revenue of 2,129 trillion yen from the sale of petroleum products between March 2020 and March 2021.

The company disclosed this in its monthly financial and operational reports (MFOR), released Sunday in Abuja.

He said the sales were made through its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

“The total revenue generated from sales of white goods for the period March 2020 to March 2021 was 2,129 trillion yen, with gasoline accounting for approximately 99.24% of total sales with a value of 2,113 Trillion yen, ”he said.

According to the report, PPMC recorded revenues of 234.63 billion yen from the sale of white goods in March 2021.

That, he said, was a 24.7 percent increase from sales of 188.15 billion yen recorded in February.

In terms of volume, the report notes that the value translates to 1.75 billion liters of white goods sold and distributed by PPMC in March 2021, up from 1.4 billion liters in February.

That volume, he said, was made up of 1.782 billion liters of Premium Motor Spirit (PMS), gasoline and 0.45 million liters of automotive diesel fuel (AGO), otherwise known as diesel. .

“Total sales of white goods for the period March 2020 to March 2021 were 17.374 billion liters and the PMS was 17.265 billion liters or 99.37%,” he said.

MFOR noted that the company continued to diligently monitor the daily stock of PMS to ensure uninterrupted supply, efficient distribution and a fuel-free queue across Nigeria.

In the gas sector, a total of 222.74 billion cubic feet (bcf) of natural gas was produced in March 2021, resulting in an average daily production of 7,183.33 million standard cubic feet per day ( mmscfd).

It revealed that for the period of March 2020 to March 2021, a total of 2,911.62 billion cubic feet of gas was produced, representing an average daily production of 7,409.60 mmscfd during the period.

“Production from Joint Venture (JV) and NPDC Production Sharing Contracts (PSCs) contributed approximately 63.23 percent, 19.78 percent and 63.99 percent, respectively, to the total domestic production of gas.

“In terms of the withdrawal, marketing and use of natural gas, of the 210.55 billion cubic feet supplied in March 2021, a total of 138.38 billion cubic feet were sold, of which 45.42 billion cubic feet were cubic feet and 92.96 billion cubic feet respectively for the domestic market and export, ”he added. report said.

This, he added, translated into a total supply of 1,465.42 mmscfd of gas in the domestic market and 2,998.26 mmscfd of gas supplied to the export market for the month.

According to the report, this implies that 63.18 percent of the average daily gas produced was marketed while the remaining 36.82 percent was re-injected, used as upstream fuel gas, or flared.

Regarding gas flaring, he stated that the rate was 9.50% for the month under review (i.e. 671.13 mmscfd) compared to the average flaring rate of 7.25% (i.e. 532.37 mmscfd) for the period from March 2020 to March 2021.

Regarding the domestic gas supply to the electricity sector, he said a total of 844 mmscfd was delivered to gas-fired power plants in March 2021 to generate around 3,530 megawatts (MW) per compared to February 2021 where 825 mmscfd were supplied to generate 3,580. mw.

The report also found that the company recorded 70 vandalism points on its pipeline network during the reporting period,

That, he said, was an increase of 29.63 percent from the 54 points recorded the previous month.

“While the Port Harcourt region accounted for 63% of vandalized points, the Mosimi region accounted for 21% and the Gombe region the remaining 16%.

“The NNPC, however, is working with local communities and other stakeholders to effectively monitor pipelines with a view to reducing and possibly eliminating the threat of vandalism on the pipelines,” he said.

The March 2021 MFOR is the 68th edition of the report. (NAA)

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