BUSINESS

NNPC Records 17.27% Rise In Crude Oil

The Nigerian National Petroleum Company (NNPC) Limited  has posted a total of $224.29 million receipt from crude oil and gas export in August 2021, 17.27% rise from $191.26 million in July 2021.

This is contained in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) released on Wednesday.

A breakdown of the figures captured in the report indicated that export of crude oil amounted to $7.77 million while gas and miscellaneous receipts stood at $65.26 million and $151.26 million respectively.

According to the report, the total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84 billion.

NewsBeatng  reports that in the Gas Sector, a total of 233.57 billion cubic feet (bcf) of natural gas was produced in the month of August 2021.

This, it said translated to an average daily production of 7,534.67 million standard cubic feet per day (mmscfd).

For the period of August 2020 to August 2021, it stated that a total of 2,890.67bcf of gas was produced; representing an average daily production of 7,303.61mmscfd during the period.

It noted that Period-to-date 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 40.22bcf and 91.13bcf for the domestic and export markets respectively.

This, it said 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.

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The report further noted that the total gas supply for the period of August 2020 to August 2021 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, the report 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 the NNPC, in the month of August 2021.

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, it said a total sum of ₦203.43 billion 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 ₦2.619 trillion.

“Petrol contributes about 99.76 per cent of the total sales with a value of ₦2.613trillion,’’ it said.

The report also states 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.

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In line with the Company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC Ltd. has continued to sustain effective communication with stakeholders.

This is through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.

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