Nigerian National Petroleum Corporation (NNPC) has recorded a 43% drop in cases of malicious damage to oil pipeline infrastructure in May 2020.
Details of the report is contained in the May 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report indicates that 37 pipeline points were vandalized representing about 43% decrease from the 65 points recorded in April 2020.
Further breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38% of the vandalized points while Atlas Cove—Mosimi axis recorded 19% of the breaks.
Suleja-Kaduna logged 16% of the breaks, while other locations make up for the remaining 27 per cent. NNPC stated in the May report that in collaboration with the local communities and other stakeholders, it would continuously strive to bring the malaise under control.
The apex oil company said it had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), to achieve smooth distribution of the products to ensure zero fuel queue across the nation.
The report also said that towards this end, 950.67million litres of white products were sold and distributed by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC) in May, 2020. This comprised 950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.
Total sale of white products for the period May 2019 to May 2020 stood at 19,865.80million litres and PMS accounted for 19,704.49million litres or 99.19%.
The report stated that ₦92.58billion was made on the sale of white products by PPMC in May 2020. Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88billion, where PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15billion.
In the gas sector, natural gas production in May 2020 increased by 2.38% at 226.51billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd).
Likewise, the daily average natural gas supply to gas power plants increased by 5.87% to 834mmscfd, equivalent to power generation of 3,128MW.
The NNPC Monthly Financial and Operations Report for May stated further that the group’s operating revenue, compared to April 2020’s, increased by 15.33% or N31.68 billion to stand at N238.33 billion, while expenditure for the month decreased by 0.76% or N1.81 billion, to stand at N235.66 billion.
The May 2020 report indicated a trading surplus of ₦2.68 billion compared to the ₦30.81 billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices. The NNPC report said the 109 per cent upturn in revenue this month is the cumulative result of improved performances by some of the corporation’s strategic business units.
By Chibisi Ohakah, Abuja