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Business News of Tuesday, 21 September 2021

Source: www.thisdaylive.com

NNPC: Nigeria sold N2.33trn petrol in one year

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The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the country sold N2.33 trillion worth of petrol between May 2020 and May 2021. But the entire petroleum products or white products sold stood at N2.34 trillion during the period, indicating that petrol accounted for 99.61 per cent of total product sales.

The figures were contained in the May 2021 edition of NNPC’s Monthly Financial and Operations Report (MFOR), according to a statement signed by the Group General Manager, Group Public Affairs Division of the corporation, Mr. Garba Muhammad.

In the downstream sector, the report indicated that the Petroleum Products Marketing Company (PPMC), a subsidiary of NNPC, recorded a total of N295.72 billion from the sale of petroleum products in May 2021, compared with N220.13 billion sales in April 2021.

NNPC stated, “Furthermore, total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345 trillion, where Premium Motor Spirit (PMS) or petrol contributed about 99.61 per cent of the total sales with a value of N2.336 trillion.
“In terms of volume, the figure translates to a total of 2.241 billion litres of white products sold and distributed by PPMC in the month of May 2021, compared with 1.673 billion litres in the month of April 2021.

“Total sales of petroleum products for the period, May 2020 to May 2021, stood at 18.651 billion litres and petrol accounted for 99.69 per cent of total volume.”
In addition, the national oil company noted that it recorded total crude oil and gas export sales of $219.75 million in May 2021, representing 180.29 per cent increase in sales from the previous month of April 2021.

According to the report, crude oil export sales contributed $181.19 million (82.45 per cent) of the dollar transactions, compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56 million in May 2021.
The report also showed that between May 2020 and May 2021, the corporation exported crude oil and gas worth $1.64 billion.

In the gas sector, NNPC stated that natural gas production in the month under review increased by 6.19 per cent at 222.23 billion cubic feet (bcf), compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

The corporation added, “For the period May 2020 to May 2021, a total of 2,898.34 bcf of gas was produced, representing an average daily production of 7,322.94 mmscf during the period.
“Period-to-date, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent, respectively.

“Out of the 216.29 bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets, respectively.” NNPC said this translated to a total supply of 1,419.83 mmscfd of gas to the domestic market and 2,893.66 mmscfd to the export market for the month. It implied that 61.75 per cent of the average daily gas produced was commercialised, while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared, NNPC stated.

In May 2021, the report noted that 64 pipeline points were vandalised, representing 39.13 per cent increase from the 46 points recorded in April 2021.

The report said, “The Port Harcourt area accounted for 65 per cent and Mosimi and Kaduna areas accounted for 30 per cent and five per cent, respectively, of the vandalised points.
“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace. The 70th edition of the NNPC MFOR highlights the corporation’s activities for the period of May 2020 to May 2021.”

Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) postponed its 60th anniversary celebration to 2022.

A letter by the Secretary General of OPEC, Dr. Sanusi Barkindo, to all heads of delegation of OPEC member countries and non-OPEC countries participating in the Declaration of Cooperation (DoC), obtained by THISDAY, showed that the event earlier scheduled to hold in Iraq on September 30, would now hold in the first quarter of 2022.

Barkindo stated, “Unfortunately, however, I must now inform you that I have received a letter from HE Ihsan Abdul Jabbar Ismaael, Minister of Oil of Iraq, announcing the postponement of the scheduled celebrations.

“This was a difficult decision for Iraq, given its eagerness to welcome all OPEC members, ministers and delegations, as well as other producers in the Declaration of Cooperation (DoC), to Baghdad, where OPEC was created at the Baghdad conference on 14 September 1960.

“HE Ismaael has informed me that his esteemed country remains ready and willing and able to host an anniversary event, having completed all the necessary arrangements, and this will now take place in the first quarter of 2022.

“The OPEC secretariat will continue to work closely with the ministry of oil of Iraq to assure all the necessary logistical and preparatory requirements are arranged.
“We look forward to seeing you in Iraq in early 2022.

“On behalf of OPEC, I would like to extend my gratitude to Your Excellency and your team for the kind cooperation and understanding.”