NNPC generates $4.60bn revenue from 19.104bn litres of crude oil, gas export in one year

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The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

It said in June 2020, the export receipt was $378.42 million as against the $133.16million recorded in May 2020.

This was contained in the NNPC’s Month to month Money related and Activities Report (MFOR) for June 2020, delivered yesterday.

The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, NNPC, said the improvement in income profit was because of the simplicity of the COVID-19 pandemic worldwide lockdown and the resulting expanded interest and firmer costs for the dark gold in the universal market.

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In a breakdown, the report stated that the petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively.

Also, it said 1.34billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), in the month under review.

It said this was aimed at ensuring continuous supply and effective distribution of petroleum products across the country.

According to the report, the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020.

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It indicated that from the figure, over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.

“White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

“In monetary value terms, the above volumes translated to a total sale of 134.22billion of white products by PPMC in June 2020, compared to 92.58billion sales in May 2020, it stated.

The report noted that the total revenues recorded from the sales of white products for the period stood at over $2.267trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over $2.247trillion.

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Similarly, it said in the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.

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It said: “Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent.

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