Crude oil, gas exports fetch NNPC over $224mn in one month

By YANGE IKYAA

The Nigerian National Petroleum Company (NNPC) Limited on Wednesday said it has posted a total of $224.29 million as receipt from crude oil and gas export for the month of August 2021.

This figure is against the $191.26 million that the company posted as revenue from crude oil and gas sales in the previous month of July 2021.

A breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that export of crude oil amounted to $7.77million, while gas and miscellaneous receipts stood at $65.26 million and $151.26million respectively.

Total crude oil and gas export receipts for the period of August 2020 to August 2021 stood at $1.84 billion.

In the gas sector, a total of 233.57 billion cubic feet (bcf) of natural gas was produced in the month of August 2021, translating to an average daily production of 7,534.67 million standard cubic feet per day (mmscfd).

For the period of August 2020 to August 2021, a total of 2,890.67bcf of gas was produced, representing an average daily production of 7,303.61 mmscfd during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51%, 20.88% and 21.62% respectively to total national gas production.

The report also indicated that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.
This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.
Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf, out of which 537.51bcf and 1,245.93bcf was commercialized for the domestic and export markets respectively.

In the downstream sector, a total of 1.532 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

An analysis of the figure indicates that petrol accounted for 99% of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

Total sales of white products for the period of August 2020 to August 2021 stood at 20.032 billion, with petrol accounting for 99.81%.

In terms of value, a total sum of ₦203.43 billion was made on the sale of white products by PPMC in the month of August 2021.

Total revenues generated from the sale of white products for the period of August 2020 to August 2021 stood at ₦2.619 trillion, with petrol contributing about 99.76% of the total sales at the value of ₦2.613 trillion.

In August 2021, 21 pipeline points were vandalized, representing a 50% decrease from the 42 points recorded in July 2021.

The Port Harcourt area accounted for 10%, while Mosimi Area accounted for 90% of the vandalized points.
The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.

In line with the company’s commitment to the principles of accountability, transparency and performance excellence, NNPC Ltd has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms.