The Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export receipt of $378.42 million in June 2020 as against $133.16 million it posted in May 2020, signalling a marked improvement in revenue earnings apparently following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.

The NNPC in a release by its Group General Manager, Group Public Affairs Division, Kennie Obateru, on Sunday explained that petroleum receipts for the month reflected crude oil earnings of $230.65 million, with gas and miscellaneous proceeds standing at $75.97 million and $71.80 million, respectively.

The corporation explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted,is the 59th edition in the series.

The report puts total crude oil and gas export receipts for the period June 2019 to June 2020 at $4.60 billion.
According to the monthly report of the downstream sector, in order to ensure continuous supply and effective distribution of petroleum products across the country in June 2020, 1.34 billion litres of white products were distributed and sold by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), a figure significantly higher than the 950.67 million litres of white products sold and distributed in May 2020, again an apparent reflection of the gradual ease of the lockdown in the country and the pick-up of business activities.

A breakdown of the June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit (PMS), 5.10 million litres of Automotive Gas Oil (AGO) and 1.65 million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.

White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104 billion litres, with PMS accounting for over 18.9 billion litres or 99.36 percent.

In monetary value terms, the above volumes translated to a total sale of N134.22 billion of white products by PPMC in June 2020, compared to N92.58 billion sales in May, 2020.

Total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over N2.267 trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over N2.247 trillion.
During the month under review, 33 pipeline points were vandalised representing about 11 percent decrease from the 37 points recorded in May 2020.

Mosimi-Ibadan accounted for 33 percent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 percent of the breaks each; other locations made up for the remaining 13 percent.

The NNPC monthly Financial and Operations Report for June 2020 explained that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the country.

In the gas sector, out of the 232.03 billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialised; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

This, the report explained, translates to a total supply of 1,154.78 million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month, implying 64.07 percent of the average daily gas produced was commercialised, while the balance of 35.93 percent was re-injected, used as Upstream fuel gas or flared.

The NNPC report stated that gas flare rate for June 2020 stood at 6.11 percent, that is, 472.94mmscfd, compared with average gas flare rate of 7.84 percent, equivalent of 611.73mmscfd for the period June 2019 to June 2020.

 

Source: Business Day

Share