NNPC Posts $4.60bn Export Sales in One year

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The Nigerian National Petroleum Corporation (NNPC) has announced the total crude oil and gas export receipts of $4.60 billion in the last one year.

The amount was realised between the period June 2019 to June 2020. Details of the earnings were contained in the June 2020 Monthly Financial and Operations Report, MFOR, of the NNPC.

A breakdown of the figure indicated that white products sale for the period June 2019 to June 2020 stood at over 19.104 billion litres, with Petroleum Motor Spirit, PMS, or petrol, accounting for over 18.9 billion litres or 99.36 per cent.

In monetary terms, total revenues recorded from the sales of white products for the period June 2019 to June 2020 stood at over ₦2.267 trillion.

PMS contributed about 99.12 per cent of the total sales with a value of over ₦2.247 trillion.

The NNPC stated further that it recorded a total crude oil and gas export receipt of $378.42 million in June 2020 as against $133.16 million in May 2020, showing a marked improvement in revenue earnings.

It 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 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 NNPC’s 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.

This suggests the effect 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 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.

In the gas sector, out of the 232.03 billion Cubic Feet of gas, BCF, supplied in June 2020, 148.66BCF of gas was commercialised; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

This translates to a total supply of 1,154.78 million 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.

Thus, implying 64.07 per cent of the average daily gas produced was commercialised, while the balance of 35.93 per cent was re-injected, used as upstream fuel gas or flared, the monthly report stated.

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.

By Chibisi Ohakah


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