NNPC Records N1.95tn from Sale of Petrol, Others

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Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian National Petroleum Corporation (NNPC) yesterday announced sales proceeds of N1.95 trillion from white products, mainly petrol, between October 2019 and the same period in 2020.

However, THISDAY’s checks showed that compared with the same period between October 2018 and October 2019, revenues from the sale of white products fell by at least N700 billion from N2.64 trillion in the preceding 12 months to N1.95 trillion from October 2019 to October 2020.
But on a month-to-month period, October 2020 recorded a higher revenue stream from white products sales with N158 billion while October 2019 had N125.17 billion.

While a total sum of N143.4 billion was made on the sale of white products by the Petroleum Products Marketing Company (PPMC) in October 2019, compared to N125.17 billion sales in September 2019, total revenues generated from sales of white products between October 2018 and October 2019 stood at N2.64 trillion where petrol contributed about 96.2 per cent of the total sales with a value of about N2.5 trillion.

But in the latest figures from the NNPC, the corporation stated that its downstream subsidiary, the PPMC, recorded a total of N158.04 billion from the sales of white products in October 2020, representing 92 per cent increase over the N80.15 billion sales in September 2020.
A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure was contained in the October 2020 edition of the NNPC Monthly Financial and Operations Reports (MFOR).

The report indicated that the total revenues generated from the sales of white products for the period October 2019 to October 2020 stood at N1.95 trillion, with petrol accounting for about 99.07 per cent of the total sales with a value of over N1.9 trillion.
In terms of volume, the October 2020 sales figure translated to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in September 2020.

The NNPC added that this comprised 1.224.20 billion litres of petrol, 0.31 million litres of diesel and 0.033 million litres of kerosene.
“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and petrol accounted for 16.344.36 billion litres or petro per cent,” the national oil company added.
NNPC explained that in the month under review, 23 pipeline points were vandalised, representing about 10 per cent increase from the 21 points recorded in September 2020.

According to it, of this figure, Mosimi area accounted for 83 per cent of the vandalised points while Port Harcourt Area accounted for the remaining 17 per cent.

In the gas sector, a total of 214.07 billion cubic feet (bcf) of natural gas was produced in October 2020, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd).

The daily average natural gas supply to power plants increased by 8.60 per cent to 745mmscfd, equivalent to power generation of 2,801megawatts.
Compared with gas supply to power, in October 2020, the volume was 5,503 mmscfd while power generated for that month was 2,050mw, resulting in 64.3 per cent of total generation for that month in 2019.
“For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period.

“The October 2020 MFOR also indicated that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.18 per cent, 20.12 per cent and 11.70 per cent respectively to the total national gas production.

“In terms of natural gas off-take, commercialisation and utilisation, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialised, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.
“This translates to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month,” the NNPC stated.

This 63rd edition of the MFOR highlighted NNPC’s activities from October 2019 to October 2020.
The corporation noted that the release of the MFOR was in line with its commitment to becoming more accountable, transparent and driven by performance excellence.
“NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies,” it stated.