NNPC records $490m from oil & gas exports in February

The Nigerian National Petroleum Corporation (NNPC), at the weekend released its Monthly Financial and Operations Report (MFOR), and announced a total crude oil and gas export sale of $490.03million in February 2019; which is 32.45 per cent higher than the previous month’s sale.

Spokesman of the national oil company, Mr. Ndu Ughamadu, who made the disclosure in a statement at the weekend, said crude oil export sales contributed $350.29million (71.48 per cent) of the dollar transactions compared to  $240.23million contribution in the previous month.

The report, the 43rd edition of the NNPC MFOR, explained that the export Gas sales amounted to $139.74million in the month under review, stating that the February 2018 to February 2019 crude oil and gas transactions showed that crude oil & gas worth of $5.94billion was exported.

The report also announced a 40 per cent drop in recorded cases of oil pipeline vandalism in February, 2019, when compared with the reported incidents of January 2019.

A breakdown of the report indicated that in February 2019, a total of 137 pipeline points were vandalised translating to 40 per cent drop from the 230 points vandalised in January 2019. It further revealed that Mosimi-Ibadan petroleum products pipeline accounted for 72 per cent of the breaks,  while Kaduna, Port-Harcourt, Warri and Gombe lines made up the remaining 28 per cent.

The report attributed the drop in the line break to efforts by NNPC, the local communities and other stakeholders to reduce and eventually eliminate pipeline vandalism.

On petrol consumption, the report said 1.27billion litres translating to 45.53million liters/day was supplied for the month.

The MFOR explained that in the downstream sector, the Corporation continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

 

Source: The Sun

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