The Nigerian National Petroleum Corporation (NNPC) yesterday 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 this year.
The corporation said that this signalled a marked improvement in revenue earnings, apparently following the easing of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for crude oil in the international market.
In a release by its group general manager, Group Public Affairs Division, Dr Kennie Obateru, the NNPC stated 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 Nigerian National Petroleum Corporation (NNPC) has disclosed that
the nation’s total crude oil and gas export receipts for the one year
period June 2019 to June 2020 was $4.60 billion.
Similarly, the Corporation revealed that earnings from both products
for the month of June 2020 stood at $378.42 million as against $133.16
million it posted in May 2020.
A breakdown of the receipt for the month show crude oil earnings of
$230.65 million, with gas and miscellaneous proceeds standing at
$75.97 million and $71.80 million, respectively.
The release further explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, the NNPC monthly report which is the 59th edition in the series.
The report put the total crude oil and gas export receipts for the period June 2019 to June 2020 at $4.60 billion.
The report also revealed that the 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). It explained that the figure 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.
According to the report, 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 per cent.
In monetary value terms, the above volumes translated to a total sale
of ₦134.22 billion of white products by PPMC in June 2020, compared to
₦92.58 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 ₦2.267 trillion, where PMS
contributed about 99.12 per cent of the total sales with a value of
over ₦2.247 trillion.
During the month under review, 33 pipeline points were vandalized
representing about 11 per cent decrease from the 37 points recorded in
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.
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 232.03billion 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,
This, the report explains, 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 report 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.