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N203 billion made from petrol products in July: NNPC

The Nigerian National Petroleum Company (NNPC) Ltd. says the Petroleum Products Marketing Company (PPMC), its downstream subsidiary, made ₦203.73 billion on the sale of white products in July 2021.

This is contained in the July 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), the 72nd edition of the report released on Wednesday.

The report indicated a four per cent increase in gas production.

The report also revealed that total revenues generated from sales of white products for July 2020 to July 2021 stood at over ₦2.563 trillion, while petrol contributed about 99.67 per cent of the total sales.

“Similarly, a total of 1.544 billion litres of petroleum products were sold and distributed by the PPMC, in July with PMS accounting for 99 per cent of total volume. Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535 billion litres, and PMS accounted for 99.73 per cent of total volume,” the report stated.

The report also indicated a 5.23 per cent increase in the average daily gas supply to power plants in July.

This, it said, stood at 759 million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June figure of 721mmscfd to generate 3,181MW.

According to the report, national gas production in July increased by 3.99 per cent at 232.69 billion cubic feet (BCF) compared to the output in the previous month, translating to an average daily production of 7,502.28mmscfd.

From July 2020 to July 2021, 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 per cent, 20.45 per cent and 20.89 per cent respectively to the total national gas production,” the NNPC document noted.

In July, the MFOR noted that 42 pipeline points were vandalised, representing a 10.64 per cent decrease from the 47 points recorded in June. This month, the Port Harcourt area accounted for 40 per cent, and the Mosimi area accounted for 60 per cent of the vandalised points.

The report also stated that NNPC recorded export receipt of $191.26 million in July, against $188 million in June.

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

Total crude oil and gas export receipts from July 2020 to July 2021 stood at $1.73 billion. 

(NAN)

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