NNPC Records $378.42m From Oil, Gas Sale in June

 NNPC Records $378.42m From Oil, Gas Sale in June

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.

This development was coming as NNPC, Akwa Ibom State Government and an American private equity investor have secured investment commitments worth more than $10 billion with the potential to create more than 7,000 long-term jobs, in a new oil and gas free zone approved in the state by President Muhammadu Buhari.

NNPC said the oil and gas sale in June 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 statement issued yesterday by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, 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 statement explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted, 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.

In the downstream sector, NNPC monthly report 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 its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

It noted 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.

“A breakdown of the June 2020 figures indicated that over 1.3 billion litres of petrol, 5.10 million litres of diesel and 1.65 million litres of kerosene were sold and distributed during the period,” it said.

White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104 billion litres, with petrol accounting for over 18.9 billion litres or 99.36 per cent.

In monetary value terms, it said 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 petrol contributed about 99.12 per cent of the total sales with a value of over N2.247 trillion.

“During the month under review, 33 pipeline points were vandalised 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,” it added.

NNPC MFOR 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.

LTV

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