NNPC Rakes N203.8bn From Sale of White Products

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By Chibisi Ohakah, Abuja

Nigerian National Petroleum Company (NNPC) said yesterday that it generated ₦203.73billion from the sale of white products in the month of July 2021.

Nigeria’s apex oil company also stated that total revenues it generated from the sales of white products for the period July 2020 to July 2021 was over ₦2.563trillion. The company confirmed further that petrol (PMS) contributed about 99.67% of the total sales.

In its July 2021, NNPC Monthly Financial and Operations Report (MFOR), report, the NNPC equally confirmed that a total of 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 with PMS accounting for 99% of total volume.

Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73% of total volume, the report said.

The MFOR indicated also a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250mw against the June 2021 figure of 721mmscfd to generate 3,181mw.

According to the report, national gas production in July 2021 increased by 3.99% at 232.69Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd. For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67%, 20.45% and 20.89% respectively to the total national gas production.

In the Downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC said it has continued to monitor the daily stock of petrol to achieve success in this regard. In July 2021, the MFOR noted that 42 pipeline points were vandalized representing 10.64% decrease from the 47 points recorded in June 2021.

This month, Port Harcourt area accounted for 40% and Mosimi Area accounted for 60% of the vandalized points. In the upstream, NNPC recorded total export receipt of $191.26million in July 2021 as against $188.00million in June 2021.

Receipts from crude oil amounted to $12.95million while gas and miscellaneous receipts stood at $78.69million and $99.61million respectively.

Total crude oil and gas export receipt for the period July 2020 to July 2021 stood at $1.73billion.

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