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Nigeria earned $4.6bn from oil export in one year – NNPC

By Obas Esiedesa

The Nigerian National Petroleum Corporation (NNPC) says Nigeria received $4.60 billion from crude oil and gas export between June 2019 and June 2020.

The Corporation in its June 2020 Monthly Financial and Operations Report (MFOR) also disclosed that total crude oil and gas export receipt for June was $378.42million compared to $133.16 million it posted in May 2020.

The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that the June figures were signally a marked improvement in revenue earnings following the ease of the Covid-19 pandemic global lockdown and the subsequent increased demand and firmer prices for crude oil in the international market.

NNPC stated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively.

In the Downstream Sector, NNPC said 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).

The figure, the Corporation stated, was 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 picking up of business activities.

A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (diesel) 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 per cent

The report noted that 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, the statement added.

The Corporation also revealed that in June 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.

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

NNPC explained that in collaboration with the local communities and other stakeholders, it would continuously strive to rein in on the incidences of pipeline breaches across the Country.

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

This translates to a total supply of 1,154.78million 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 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent was re-injected, used as Upstream fuel gas or flared.

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

Written by ExpressDay


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