The Nigerian National Petroleum Corporation (NNPC) generated a total of N2.345trillion as revenues from the sales of petroleum products in the one year period from May 2020 to May 2021, according to the latest monthly report from the state-owned oil company.
The May 2021 edition of the NNPC monthly financial and operations report (MFOR) released in Abuja yesterday also showed that Premium Motor Spirit (PMS) contributed N2.336 trillion, which represents 99.61 per cent of the total sales.
The report also showed that total sales of petroleum products for the period of May 2020 to May 2021 stood at 18.651 billion litres and PMS accounted for 99.69per cent of total volume.
Month-on-month, the NNPC recorded total crude oil and gas export sales of $219.75 million in May 2021, representing 180.29 per cent increase in sales from the previous month of April 2021.
Crude oil export sales contributed $181.19 million (82.45 per cent) 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 per cent 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 2,898.34 bcf of gas was produced representing an average daily production of 7,322.94 mmscf during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.
Out of the 216.29 bcf of gas produced in May 2021, a total of 133.56 bcf was commercialised, consisting of 44.02bcf and 89.54 bcf for the domestic and export markets respectively.
This translates to a total supply of 1,419.83 mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month. This implies that 61.75 per cent of the average daily gas produced was commercialised while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared.
In the downstream sector, the report indicates that 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 N220.13billion sales in April 2021.
In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673 billion litres in the month of April 2021.
In May 2021, 64 pipeline points were vandalised representing a 39.13 per cent increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65 per cent and Mosimi and Kaduna Areas accounted for 30 per cent and five per cent respectively of the vandalised points.
NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace. The 70th edition of the NNPC MFOR highlights the corporation’s activities for the period of May 2020 to May 2021.