NEWS

NNPC Generates N1.9trn From PMS Sale In 1yr

The Nigerian National Petroleum Corporation (NNPC) has disclosed that total revenues generated from the sales of white products for the period October 2019 to October 2020 stood at ₦1.95 trillion, with Premium Motor Spirit (PMS) otherwise known as petrol, accounting for about 99.07% of the total sales with a value of over ₦1. 9 trillion.

The Corporation in its October 2020 edition of the Monthly Financial and Operations Reports (MFOR) released Thursday also announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020 representing 92% increase over the ₦80.15 billion sales in September 2020.

In terms of volume, the report stated that the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.

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).

NNPC logo and tower

NNPC logo and tower

“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28%,” the report said.

In the month under review, 23 pipeline points were vandalized representing about 10% increase from the 21 points recorded in September 2020. Of this figure, Mosimi Area accounted for 83% of the vandalized points while Port Harcourt Area accounted for the remaining 17%.

According to the report, in the Gas Sector, a total of 214.07 billion cubic feet (bcf) of natural gas was produced in the month October 2020, translating to an average daily production of 6,908.34 Million Standard Cubic Feet per Day (mmscfd).

The daily average natural gas supply to power plants increased by 8.60% to 745mmscfd, equivalent to power generation of 2,801Megawatts.

For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period.

cooking gas plant

The October 2020 MFOR also indicates that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.18%, 20.12% and 11.70% respectively to the total national gas production.

In terms of natural gas off take, commercialization and utilization, out of the 208.96bcf of gas supplied in October 2020, a total of 118.40bcf of gas was commercialized, consisting of 38.07bcf and 88.90bcf for the domestic and export market respectively.

This translates to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month. 

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