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NNPC Reports N234.63Bn Revenue From Refined Products’ Sales In March

The Nigerian National Petroleum Corporation (NNPC) has reported that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated N234.63 billion revenue from the sale of white products in the month of March 2021, representing a 24.7% increase from the N188.15billion revenue recorded from products’ sales in the previous month.

The figures were contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, on the MFOR indicated that total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at N2.129 trillion, with petrol (PMS) accounting for about 99.24% of the total sales value of N2.113trllion.

According to the report, the total volume of white products sold and distributed by PPMC in the month under review was 1.782billion litres and total PMS component is 1.75billion and 0.45million litres of Automotive Gas Oil (AGO).

Also, the report showed that total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265billion litres or 99.37%.

The report further stated: “In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in the month March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

“For the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.

“Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.

“In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

“This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

“This implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.

“Gas flare rate was 9.50% for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25% (i.e. 532.37mmscfd) for the period of March 2020 to March 2021”, the MFOR added.

On domestic gas supply to the power sector, the report disclosed that a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also indicated that the corporation recorded 70 vandalized points across its pipeline network in the period under review, representing 29.63% increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.

According to the MFOR, the corporation is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism.

The March 2021 MFOR is the 68th edition of the report, it is published monthly to keep the Nigerian public up to date with the operations of the Corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).

Obateru maintained that the corporation has continued to monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue nationwide

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