NNPC Remits N219.16bn, $193.05m into Federation Account

 NNPC Remits N219.16bn, $193.05m into Federation Account

The 57th edition of the monthly financial and operations report indicated that The Nigerian National Petroleum Corporation (NNPC), remitted the sum of N219.16 billion to the federation account in the month of April.

According to the report, the figure reflected the naira proceeds from the sale of domestic crude oil and gas adding that in terms of dollar receipts, an export receipt of $193.05 million was also recorded in April.

The NNPC has announced an increase of 19.14 per cent in the average daily natural gas supply to power plants, which translates to 788 millon standard cubic feet of gas per day (mmscfd), equivalent to power generation of 2,873MW.

In a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the body explained that a total of 226.51billion cubic feet of natural gas was produced in April, translating to an average daily production of 7,786.17 million standard cubic feet per day (mmscfd).

The figure according to the report, indicates an increase of 3.73 per cent at 226.51 billion cubic feet, compared to the output in March. Out of this figure, a total of 136.44 billion cubic feet of gas was commercialized, consisting of 36.99 billion cubic feet and 99.45 billion cubic feet for the domestic and export market, respectively

Out of the 1,233.01mmscfd of gas supplied to the domestic market in April, about 787.70 mmscfd, representing 63.88 per cent was supplied to gas-fired power plants, while the balance of 445.31mmscfd or 36.12 per cent was supplied to other industries.

Similarly, for the period of April 2019 to April 2020, an average of 1,184.29mmscfd of gas was supplied to the domestic market, comprising an average of 677.87 mmscfd or (57.24 per cent) as gas supply to the power plants and 506.42 mmscfd or (42.76 per cent) as gas supply to industries.

For the period of April 2019 to April 2020, a total of 3,082.91 billion cubic feet of gas was produced, representing an average daily production of 7,857.18 mmscfd during the period.

Also, the period-to-date production from joint ventures production sharing contracts and Nigeria Petroleum Development Company (NPDC) contributed about 69.57 per cent, 21.46 per cent and 8.97 per cent respectively to the total national gas production.

The report also indicated that in the downstream sector, a total of 0.94 billion litres of PMS, translating to 31.37mn liters/day was supplied for the month, adding that the corporation has continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In the period under review, 65 vandalized pipeline points were reported, a marked increase from the 19 points recorded in March. The Atlas Cove-Mosimi stretch accounted for 55 per cent, while Mosimi-Ore recorded 22 per cent and other locations made up for the remaining 23 per cent.

The release stated that it remained committed to sustaining effective communication with stakeholders through publication of its Monthly Financial and Operations reports on its website and in national dailies in line with the concept of Transparency, Accountability and Performance Excellence (TAPE) agenda of NNPC Management.

Meanwhile, the Minister of State for Petroleum Resources, Timipre Sylva, has denied reports that there was a given time when the Federal government promised to reduce the price of Premium Motor Spirit (petrol) permanently low.

In a statement published on the ministry’s Instagram page on Thursday, Sylva stated that the bulk of withstanding the worst of the fuel subsidy had been hitting hard on the government and it could no longer cope with the challenges.

LTV

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