NNPC Remits N153.01 billion to Federation Account

Must Read

- Advertisement -

The Nigerian National Petroleum Corporation (NNPC), (the Oil Corporation through which the federal government of Nigeria regulates and participates in the country’s petroleum industry), says it transferred N153.01 billion into the federation account in January.

The corporation disclosed this in its Financial and Operations Report for the month of January released in Abuja on Sunday:

“Within the period under focus, NNPC transferred N153.01 billion into the Federation Account.

“Cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts.’’

- Advertisement -

The corporation also made a trade surplus of N15.04billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.

It attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) which recorded surplus numbers in spite of reduced operational activities in the month.

The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of Crude oil per day.

The report noted that this has made achieving 500,000bpd production by 2020 plausible.

- Advertisement -

According to the report, the NPDC’s position contrasts with the high expenditure levels posted by two other entities of the NNPC: Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.

In terms of sales and remittance of crude oil and gas proceeds, the corporation recorded total export receipts of 381.70 million dollars in the month under review as against 345.68 million dollars posted in December 2018.

A breakdown of the numbers indicated that contributions from crude oil amounted to 269.43 million dollars, while gas and miscellaneous receipts stood at 111.75 and 0.52 million dollars.

On petrol supply, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in the month under review.

Read Also:  Cooking gas price drops by 16% – Survey
- Advertisement -

The number was slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018.

On pipeline vandalism, the corporation recorded 230 hacked pipeline points, leaving only two ruptured.

This marks 11 per cent improvement from the 264 vandalized points posted in December 2018.

A breakdown indicated that Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu pipelines accounted for 67, 62 and 30 points which translated to 29 per cent, 27 per cent and 13 per cent of the vandalized points.

“The Warri-River Niger axis accounted for 10 per cent and other locations accounted for the remaining 21 per cent of the pipeline breaks,’’  the report stated.

On the gas sector, natural gas production increased by 2.22 per cent at 245.83billion cubic feet compared to the output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd).

Read Also:  Cooking gas price drops by 16% – Survey

According to the report, out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialized, consisting of 38.03BCF and 113.47 BCF for the domestic and export market.

The figure translates to a total supply of 1,226.83 mmscfd of gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.

This implies that 61.73 per cent of the average daily gas produced was commercialized, while the balance of 38.27 per cent was re-injected, used as upstream fuel gas or flared.

The report disclosed that gas flare rate was 7.52 per cent for the month under review; translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent, that is 770.31 mmscfd for the period January 2018 to January 2019.

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

- Advertisement -
spot_imgspot_img

Latest News

Global Top 100 Most Valuable Brands Reaches $7 Trillion – Kantar BrandZ

The total value of the 2021 Kantar BrandZ™ Top 100 Most Valuable Global Brands has grown by 42%, to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img