332,000bpd crude production grows NNPC’s profit by N12.13bn

332,000bpd crude production grows NNPC’s profit by N12.13bn

The Nigerian National Petroleum Corporation has recorded a trading surplus of N12.13bn, the monthly financial and operations report of the firm for December 2018, which was released on Sunday in Abuja, has stated.

According to the report, the profit by NNPC was due to the positive swing to higher revenue numbers posted by the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company.

The 41st edition of the NNPC monthly report cited NPDC’s continuous revenue drive arising from recent average weekly production of 332,000 barrels of oil per day as the main driver of the positive outlook.

The NPDC targets 500,000bpd production in 2020.

The oil firm also observed that there appeared to be no let-up in the activities of vandals who in December last year pushed pipeline breaches across the country by a 34 percentage point.

Within the period, 257 pipeline points were vandalised, out of which one pipeline point failed to be welded and six pipeline points were ruptured. NNPC recorded 197 breaches on its pipelines in November last year.

Ibadan-Ilorin, Mosimi-Ibadan, and Atlas Cove-Mosimi network accounted for 90, 69 and 57 compromised points respectively or approximately 34 per cent, 26 per cent and 22 per cent of the vandalised points respectively.

Aba-Enugu pipeline link accounted for seven per cent, with other locations accounting for the remaining 11 per cent of the pipeline breaks.

The NNPC stated that 1.8 billion litres of Premium Motor Spirit, popularly known as petroleum, translating to 58.17 million litres/day were supplied in the month under review.

Overall, during the month, 1.96 billion litres of white products were distributed and sold by NNPC downstream subsidiary, Petroleum Products Marketing Company, compared with 1.09 billion litres in the market in November 2018.

This comprised 1.94 billion litres of PMS, 0.007 billion litres of kerosene and 0.014 billion litres of diesel. Total sale of white products for the period, December 2017 to December 2018, stood at 21.84 billion litres and PMS accounted for 20.17 billion litres or 92.36 per cent.

In terms of value, N241.46bn was made on the sale of white products by PPMC in December 2018, compared to N146.56bn sales in November 2018.

Total revenue generated from the sales of white products for the period December 2017 to December 2018 stood at N2.78tn, with PMS contributing about 89.63 per cent of the total sales with a value of N2.49bn.

In the gas sector, natural gas production increased by 12.22 per cent at 240.64 billion cubic feet compared to the output in November 2018, translating to an average daily production of 8,021.21mmscfd.

The daily average natural gas supply to gas power plants hiked by 5.36 per cent to 774mmscfd, equivalent to power generation of 3,131 megawatts.

Out of the 240.59bcf of gas supplied in December 2018, a total of 151.13bcf of gas was commercialised, consisting of 38.61bcf and 112.52bcf for the domestic and export market respectively.

This translates to a total supply of 1,245.48mmscfd of gas to the domestic market and 3,748.47mmscfd of gas supplied to the export market for the month, implying that 62.61 per cent of the average daily gas produced was commercialised while the balance of 37.39 per cent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.15 per cent for the month under review or 729.55mmscfd compared with average gas flare rate of 9.92 per cent or 777.37mmscfd for the period December 2017 to December 2018.





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