NNPC’s October 2020 petroleum products sales jump 92% to N158.04bn
- Increases gas supply to power plants by 8.60%
- Records N1.95trn y-t-d
- PMS stays top of products sales with 99.7%
The Nigerian National Petroleum Corporation (NNPC) says the Petroleum Products Marketing Company (PPMC), its downstream subsidiary, recorded a total of N158.04 billion from the sales of white products in the month of October 2020, representing 92 per cent increase over the N80.15 billion from the September 2020 sales.
The national oil company’s report indicates that total revenues generated from the sales of white products for the period, October 2019 to October 2020, stood at N1.95 trillion, with Premium Motor Spirit (PMS) accounting for about 99.07 per cent of the total sales, with a value of over N1.9 trillion.
In terms of volume, the October 2020 sales figure translates to a total of 1,224.54 billion litres of white products sold and distributed by the PPMC within the period compared with 603.39 million litres in September of same year.
This comprised 1,224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO), also known as diesel, and 0.033 million litres of Dual Purpose Kerosene (DPK).
Total sales of white products for the period October 2019 to October 2020 stood at 16,462.50 billion litres with PMS accounting for 16,344.36 billion litres or 99.28 per cent, the national oil giant said in its released 63rd edition Monthly Oil and Gas Report (MFOR).
Meanwhile, in the month under review, 23 pipeline points were vandalized, representing about 10 per cent increase from the 21 points recorded in September last year. Of this figure, Mosimi area accounted for 83 per cent of the vandalized points, while Port Harcourt area accounted for only 17 per cent.
According to energy experts in the oil region of Niger Delta, the low rate of pipelines vandalism in the area shows extremely low level of militancy in the region, since the armed agitators accepted a federal government amnesty programme in October 2009.
In the gas sector, the NNPC produced a total of 214.07 billion cubic feet (bcf) of natural gas in October last year, translating to an average daily production of 6,908.34 million standard cubic feet per day (mmscfd).
The daily average of natural gas supplies to power plants, increased by 8.60 percent to 745mmscfd, the equivalent to power generation of 2,801 megawatts.
According to the national oil company, for the period of October 2019 to October 2020, the company produced a total of 3,018bcf of gas, representing an average daily production of 7,658.88 mmscfd during the period under review.
The October 2020 MFOR also indicates that period-to-date gas production from the Joint Ventures (JVs) facilities, Production Sharing Contracts (PSCs) and NPDC contributed about 68.18 per cent, 20.12 per cent and 11.70 per cent, respectively to the total national gas production.
Meanwhile, in terms of natural gas off-take, commercialization and utilization, a total of 118.40bcf of gas was commercialized, out of the 208.96bcf supplied in October 2020. This consisted of 38.07bcf and 88.90bcf for the domestic and export market respectively.
It also translated to a total supply of 1,269.03mmscfd of gas supplied to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month under review.
The NNPC said its 63rd edition of the MFOR highlights its activities for the period of October 2019 to October 2020, in line with its commitment of becoming more accountable, transparent and driven by performance excellence.
According to Kennie Obateru, the group general manager, group public affairs division, NNPC, the corporation has continued to sustain effective communication with stakeholders through this report via publications on its website and in national dailies.