NNPC Rakes in N2.613trn from Petrol Sales in One Year

•Posts $224.29m Crude Oil Revenue

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian National Petroleum Company (NNPC) Limited yesterday announced that it made N2.613 trillion from the sale of petrol between August 2020 and August 2021. The company also disclosed that it posted a total of $224.29 million receipt from crude oil and gas export in August 2021, as against $191.26million in July of the same year.

A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicated that export of crude oil amounted to $7.77 million.

A statement made available by NNPC’s Group General Manager, Group Public Affairs, Garba Muhammad, further stated that gas and miscellaneous receipts stood at $65.26 million and $151.26million, respectively.

Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84billion, the company revealed.

In the gas sector, a total of 233.57 billion cubic feet (bcf) of natural gas was produced in August 2021, translating to an average daily production of 7,534.67million standard cubic feet (mmscfd). For August 2020 to August 2021, a total of 2,890.67bcf of gas was produced, representing an average daily production of 7,303.61mmscfd during the period.

Period-to-date under consideration, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs), and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51 per cent, 20.88 per cent, and 21.62 per cent, 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 40.22 bcf and 91.13 bcf for the domestic and export markets, respectively.

According to NNPC, this translated to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.

Total gas supply for the period of August 2020 to August 2021, the company said, stood at 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, NNPC stated that a total of 1.532 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, in August 2021.

NNPC said in the report, “A breakdown of the figure indicates that petrol accounted for 99 per cent of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

“Total sale of white products for the period of August 2020 to August 2021 stood at 20.032 billion, with petrol accounting for 99.81 per cent.

“In terms of value, a total sum of N203.43billion was made on 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 of August 2020 to August 2021 stood at N2.619 trillion, with petrol contributing about 99.76 per cent of the total sales with a value of N2.613 trillion.”

On the sabotage of its facilities, the company noted that in August 2021, 21 pipeline points were vandalised, representing 50 per cent decrease from the 42 points recorded in July 2021. According to the report, Port Harcourt area accounted for 10 per cent, while Mosimi area accounted for 90 per cent of the vandalised points.

“The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021,” the company stated.

It stated that in line with the company’s commitment to the principles of accountability, transparency, performance, and excellence, NNPC had continued to sustain effective communication with stakeholders through the publication of the MFOR in the media.