CBN moves to ring-fence Disco collections – Nairametrics

CBN moves to ring-fence Disco collections – Nairametrics

The Nigerian National Petroleum Corporation (NNPC) earned $378.42 million from crude oil and gas export in June. This is a significant increase when compared to $133.16 million recorded in May 2020.

This was disclosed in a statement signed by the Group General Manager of NNPC’s Public Affairs Division, Dr. Kennie Obateru, on Sunday in Abuja.

According to the June Monthly Financial and Operations Report, the amount signalled a marked improvement in revenue earnings, following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.

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Petroleum receipt

The report indicated that petroleum receipts for the month reflected crude oil earnings of $230.65 million, with gas and miscellaneous proceeds standing at $75.97million and $71.80 million dollars, respectively.

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It puts the total crude oil and gas export earnings for the period between June 2019 and June 2020 at $4.60 billion.

On petroleum products supply in the downstream sector, the report said that 1.34 billion litres of white products were distributed and sold across the country by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

It noted that the figure was significantly higher than the 950.67 million litres of white products sold and distributed in May 2020.

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Breakdown of products sold

The June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit (PMS), 5.10 million litres of Automotive Gas Oil (AGO), and 1.65 million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

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

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

“Total revenues recorded from the sales of white products for the period from June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 per cent of the total sales, with a value of over ₦2.247trillion,” the report revealed.

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Pipeline vandalism

In the month under review, the report further noted that 33 pipeline points were vandalised, representing about 11% decrease from the 37 points recorded in May 2020.

It added that Mosimi-Ibadan accounted for 33%, while Atlas Cove-Mosimi and Warri-River Niger recorded 27% of the breaks each, with other locations making up for the remaining 13%.

The MFOR stated that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the country.

Gas sector

Out of the 232.03 billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66 BCF of gas was commercialised.

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This, it noted, consisted of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

“The transaction translated to a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month,” it added.

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This means that 64.07% of the average daily gas produced is commercialised, while the balance of 35.93% is re-injected, used as upstream fuel gas, or flared.

Gas flare rate for the month of June stood at 6.11%, implying 472.94mmscfd, compared with average Gas flare rate of 7.84%, equivalent of 611.73mmscfd for the period from June 2019 to June 2020.

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