The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May.
This was disclosed
in a statement by the spokesperson of the corporation, Kennie Obateru, on
Wednesday in Abuja.
The statement
explained that details of the report contained in the May version of the NNPC
Monthly Financial and Operations Report (MFOR) indicated that 37 pipeline points
were vandalised, representing about 43 per cent decrease from the 65 points
recorded in April.
A breakdown of the
cases showed that the Mosimi-Ibadan pipeline axis accounted for 38 per cent of
the vandalised points.
Also, Atlas
Cove—Mosimi axis recorded 19 per cent, Suleja-Kaduna logged 16 per cent, while
other locations make up for the remaining 27 per cent of the breaks.
The NNPC in the May
report said in collaboration with the local communities and other stakeholders,
it would continuously strive to bring the malaise under control.
“The NNPC May MFOR
said the corporation had continued to diligently monitor the daily stock of
Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth
distribution of the products to ensure zero fuel queue across the nation,” the
statement said .
Sold products
The statement said
950.67million litres of white products were sold and distributed by the
corporation’s Downstream subsidiary, the Petroleum Products Marketing Company
(PPMC) in
“This comprised
950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual
Purpose Kerosene (DPK), adding that there was no sale of special product in the
month,” it added
Meanwhile, total
sale of white products for the period May 2019 to May 2020 stood at 19,865.80million
litres and PMS accounted for 19,704.49million litres or 99.19 per cent.
The statement said
N92.58 billion was made on the sale of white products by PPMC in May.
It highlighted that
the total revenue generated from the sales of white products for the period May
2019 to May 2020 stood at N2,393.88billion, where PMS contributed about 98.84
per cent of the total sales with a value of N2,366.15billion.
In the gas sector,
natural gas production in May increased by 2.38 per cent at 226.51Billion Cubic
Feet (BCF), compared to output in April.
This translates to
an average daily production of 7,480.36million Standard Cubic Feet of gas per
day (mmscfd).
Likewise, the daily
average natural gas supply to gas power plants increased by 5.87 per cent to
834mmscfd, equivalent to power generation of 3,128MW.
The NNPC May report
stated that the Group’s operating revenue, compared to April’s, increased by
15.33 per cent or N31.68billion to stand at N238.33billion, while expenditure
for the month decreased by 0.76 per cent or N1.81Billion, to stand at
N235.66billion.
The May report
indicated a trading surplus of ₦2.68billion compared to the ₦30.81billion
deficit posted in April when the effect of COVID-19 was at the peak, leading to
reduced demand with fluctuating prices.
The NNPC said the
109 per cent upturn in revenue this month is the cumulative result of improved
performances by some of the corporation’s strategic business units.
While the Nigerian
Petroleum Development Company (NPDC) posted a surplus due to substantial growth
in the market fundamentals as demand began a slight recovery; the Nigerian Gas
Marketing Company (NGMC) recorded 257 per cent increased profit attributed to improved
debt collection.
Similarly, PPMC’s
surplus rose 250 per cent from investment dividend received and significant
drop in average product landing cost.
In addition,
Corporate Headquarters deficit ebbed by 47 per cent in May, according to the
report, compared to last month’s, while NNPC Retail, Integrated Data Services
Limited (IDSL), NNPC Shipping and Ventures also contributed positively to the
month’s performance, leading to the significant NNPC Group surplus position
during the period under review.
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