NEWS

NNPC Records Petroleum Products Sale of N288bn In December 2020

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The Nigerian National Petroleum Corporation (NNPC) has said it realised a total of N288.77 billion from the sale of petroleum products in the Month of December, 2020.

A breakdown shows that 2.26billion litres of white products were sold and distributed by its subsidiary the Pipelines and Products Marketing Company (PPMC) in the month of December 2020 compared to 1.72billion litres in the month of November 2020.

This comprised 2.254billion litres of petrol, translating to 72.72million litres/day, 11.40 million litres of Automotive Gas Oil (diesel) and 0.48 million litres of kerosene.

Total sale of white products for the period of December 2019 to December 2020 stood at 18.456billion litres and petrol accounted for 18.325billion litres or 99.29%, while total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at ₦2.217triilion, where petrol contributed about 99.09% of the total sales with a value of ₦2.197trillion.

The Corporation also announced an increase of 80.12% in trading surplus for the month of December 2020 which stands at ₦24.19billion compared to the ₦13.43billion surplus recorded in November 2020.

The data is contained in the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.

The report revealed that the operating revenue of the NNPC Group in December 2020, as compared to November 2020, increased by 33.44% or N137billion to stand at N546.65billion. Similarly, expenditure for the month increased by 27.54% or N112.81billion to stand at N522.47billion. The December 2020, expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020.

The report indicated that the 80.12% increase is due mainly to the significant rise in the profit of NNPC’s flagship Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.

According to the report, other contributory factors to the robust trading surplus recorded in the month under review include the improved performance by the Nigerian Gas Marketing Company (NGMC), the PPMC, the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.

In the Gas Sector, natural gas production in December 2020 stood at 213.34Billion Cubic Feet (BCF) translating to an average daily production of 6,881.83million standard cubic feet of gas per day (mmscfd).

The daily average natural gas supply to power plants increased by 3.52% to 816mmscfd, equivalent to power generation of 3,445MW.

Out of the 208.61BCF of gas supplied in December 2020, a total of 146.72BCF was commercialized; consisting of 42.90BCF and 103.82BCF for the domestic and export market respectively. This translates to a total supply of 1,383.93mmscfd of gas to the domestic market and 3,349.00mmscfd of gas supplied to the export market for the month.

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