To ensure continuous stability in the supply and effective distribution of Premium Motor Spirit (PMS) otherwise known as petrol, the Nigerian National Petroleum Corporation (NNPC) says it supplied 1.02billion litres of petrol, translating to 32.95million liters a day, in July 2020.
The corporation stated that it has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.
The NNPC also disclosed that it recorded an increased trading surplus of ₦20.36billion in its July 2020 operations compared to the ₦2.12billion surplus in June 2020.
Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the corporation, in a release in Abuja, explained that details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity.
The release stated that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.
Similarly, the report said the corporation’s fortune was further enhanced by the 739 percent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 percent growth in performance by Duke Oil Incorporated, both companies of NNPC.
Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 percent and 24 percent respectively, owing to increased sales and improved debt collection.
In the Gas sector, Gas production in July 2020 increased by 2.19 percent at 236.34Billion Cubic Feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98Million Standard Cubic Feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.
For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 percent, 20.37 percent and 8.75 percent respectively to the total national gas production.
The report noted that during the period under review, 36 pipeline points were vandalized, representing about 9 percent increase from the 33 points recorded in June 2020.
Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 percent each, while PHC-Aba and the other locations recorded 14 percent and the remaining 31 percent respectively. NNPC says, in collaboration with the local communities and other stakeholders, it has continuously strived to reduce the menace of pipeline vandalism.