The Nigerian National Petroleum Corporation (NNPC) said it generated total revenue of ₦2.129 trillion from the sales of petroleum products between March 2020 and March 2021.
This was disclosed in its Monthly Financial and Operation Reports (MFOR), on Sunday in Abuja, which stated that the sales were made by its downstream subsidiary, the Petroleum Products Marketing Company (PPMC).
“The total revenues generated from the sales of white products for the period of March 2020 to March 2021 stood at ₦2.129trillion, where petrol contributed about 99.24% of the total sales with a value of ₦2.113trllion,’’ it said.
According to the report, PPMC records ₦234.63 billion revenue from the sale of white products in March 2021, which represented a 24.7% increase from the ₦188.15billion sales recorded in February.
In terms of volume, the value translates to 1.75billion liters of white products sold and distributed by PPMC in March 2021, compared to 1.4billion litres in February.
This volume, it said, was made up of 1.782billion litres of Premium Motor Spirit (PMS), petrol, and 0.45million litres of Automotive Gas Oil (AGO), also known as diesel.
“Total sale of white products for the period of March 2020 to March 2021 stood at 17.374billion litres and PMS accounted for 17.265 billion litres or 99.37%,’’ it said.
The report noted that the corporation continued to closely monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.
In the Gas Sector, a total of 222.74billion cubic feet (bcf) of natural gas was produced in March 2021, translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).
It further reported that for the period of March 2020 to March 2021, a total of 2,911.62bcf of gas was produced representing an average daily production of 7,409.60mmscfd during the period.
“Production from Joint Ventures (JVs) Production Sharing Contracts (PSCs) and NPDC contributed about 63.23%, 19.78% and 63.99% respectively to the total national gas production.
“In terms of natural gas off-take, commercialization and utilization, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialized, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively,” the report said.
This, it added translated to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month. It implies that 63.18% of the average daily gas produced was commercialized while the balance of 36.82% was re-injected, used as upstream fuel gas or flared.
On gas flaring, the report said that the rate was 9.50 per cent for the month under review (that is 671.13mmscfd) compared to average gas flare rate of 7.25 per cent (that is 532.37mmscfd) for the period of March 2020 to March 2021.
On domestic gas supply to the power sector, it said that a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (MW) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.
The report also revealed that the corporation recorded 70 vandalized points across its pipeline network in the period under review which represented 29.63% increase from the 54 points recorded in the previous month.
“While the Port Harcourt area accounted for 63% of the vandalized points, the Mosimi area accounted for 21% and the Gombe area accounted for the remaining 16%.
“NNPC is, however, working in collaboration with the local communities and other stakeholders to effectively monitor the pipelines with a view to reducing and eventually eliminating the menace of pipeline vandalism,” it added.