JUST IN! NNPC Earns N366 Billion From Crude Oil, Products Sales In May

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JUST IN! NNPC Earns N366 Billion From Crude Oil, Products Sales In May

The Nigerian National Petroleum Corporation (NNPC) says it recorded a total crude oil and gas export sales of $219.75m (N90billion) in May 2021, representing 180.29% increase in sales from the previous month of April.

Similarly, the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of N295.72bn from the sales of petroleum products in the month of May 2021 compared with N220.13bn sales in April 2021.

This put the total amount realised from the sales at N366bn as contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), made available by the Group General Manager, Group Public Affairs Division of the corporation, Mr. Garba Deen Muhammad.

According to the report, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56 million in May 2021.

The report also showed that between May 2020 and May 2021, the corporation exported crude oil and gas worth $1.64 billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23 billion cubic feet (bcf) compared with output in the previous month translating to an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced, representing an average daily production of 7,322.94mmscf in the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.

This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.

This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

Furthermore, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345 trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of N2.336 trillion.

In terms of volume, the figure translates to a total of 2.241 billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673bn litres in the previous month.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651bn litres and PMS accounted for 99.69% of total volume.

In May 2021, 64 pipeline points were vandalized, representing a 39.13% increase from the 46 points recorded in April. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30% and 5%, respectively, of the vandalized points.