NNPC posts N100.931 bn export revenue for August ‘21

Sopuruchi Onwuka

The Nigerian National Petroleum Company (NNPC) Limited has declared $224.29 million or N100.931 billion receipt from its upstream operations in August 2021, mainly accounting to crude oil and gas export within the period.

Group General Manager in charge of Group Public Affairs Department of the company, Mr Garbadeen Mohammed, stated that the August revenue was $33.03 million (N14.864 billion) higher than the $191.26 million (N86.067 billion) posted by the company earlier in July 2021.

The figures captured in the company’s NNPC Monthly Financial and Operations Report (MFOR) for August, 2021 show that $7.77 million (N3.497 billion) came from export of crude oil; gas exports accounted for $65.26 million or N29.367 billion; and miscellaneous revenues pooled in $151.26 million or N68.067 billion.

Total crude oil and gas export receipt for the period of August 2020 to August 2021 stood at $1.84 billion.

According to the report, Nigeria produced 233.57 billion cubic feet (bcf) of natural gas in the period, translating to an average daily production of 7,534.67 million standard cubic feet per day (mmscfd).

For the period of August 2020 to August 2021, a total of 2,890.67 bcf of gas was produced representing an average daily production of 7,303.61mmscfd during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 57.51 Percent, 20.88 Percent and 21.62 Percent respectively to the total national gas production.

The report also indicates that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf was commercialized, consisting of 40.22bcf and 91.13bcf for the domestic and export markets respectively.

This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month.

Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialized for the domestic and export markets respectively.

In the Downstream Sector, a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in the month of August 2021.

A breakdown of the figure indicates that petrol accounted for 99 Percent of total sales, while Automotive Gas Oil (AGO), also known as diesel, accounted for the rest.

Total sale of white products for the period of August 2020 to August 2021 stood at 20.032billion with petrol accounting for 99.81 Percent.

In terms of value, a total sum of ₦203.43billion was made on the sale of white products by PPMC in the month of August 2021.

Total revenues generated from the sales of white products for the period of August 2020 to August 2021 stood at ₦2.619trillion with petrol contributing about 99.76 Percent of the total sales with a value of ₦2.613trillion.

In August 2021, 21 pipeline points were vandalized representing 50 Percent decrease from the 42 points recorded in July 2021.

According to the report, Port Harcourt area accounted for 10 Percent, while Mosimi Area accounted for 90 Percent of the vandalized points.

“The August 2021 MFOR, the 73rd in the series, highlights NNPC’s activities for the period of August 2020 to August 2021.

“In line with the Company’s commitment to the principles of accountability, transparency and performance excellence, the NNPC Ltd. has continued to sustain effective communication with stakeholders through the publication of the MFOR on its website, in national dailies, and on independent online news platforms,” Mr Mohammed stated.