• Saturday, June 15, 2024
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NNPC generates N203bn revenue from petroleum products sale in July


A total sum of N203.73billion was made on the sale of white products in the month of July 2021 by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the Nigerian National Petroleum Company (NNPC) Ltd.

As contained Corporation’s Monthly Financial and Operations Report (MFOR) for the month under review, the that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over ₦2.563 trillion where PMS contributed about 99.67 percent of the total sales.

“A total of 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month with PMS accounting for 99 percent of total volume.

“Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73 percent of total volume,” the report stated.

The report indicated a 5.23 percent increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW.

It also showed that there was a 3.99 percent increase in national gas production during the period at 232.69Billion Cubic Feet (BCF) compared to the output in the previous month, translating to an average daily production of 7,502.28mmscfd.

“For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 percent, 20.45 percent and 20.89 percent respectively to the total national gas production.”

A total of 42 pipeline points were vandalized in the period, representing decrease from the 47 points recorded in the previous month.

Port Harcourt area accounted for 40 percent and Mosimi Area accounted for 60 percent of the vandalized points.

In the Upstream, the Corporation recorded total export receipt of $191.26million in July 2021 as against $188.00 million in June 2021.

Receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively.

Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion.