NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes – Nairametrics

NNPC signs agreement with CNOOC, SAPETRO to end OML 130 disputes – Nairametrics

The Nigerian National Petroleum Corporation (NNPC), last May, recorded a 43% drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves.

This was disclosed in a statement signed and released by the corporation’s Group General Manager in charge of Public Affairs Division, Dr. Kennie Obateru, on Wednesday.

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According to him, the May 2020 version of the NNPC Monthly Financial and Operations Report (MFOR) indicated that 37 pipeline points were vandalized. This represents about 43% decrease from the 65 points recorded in April 2020.

READ ALSO: NNPC releases audited financial statements, refineries record losses of N154 billion

Vandalised spots: Mosimi-Ibadan pipeline axis accounted for 38% of the vandalized points while Atlas Cove—Mosimi axis recorded 19% of the breaks. Suleja-Kaduna logged 16% of the breaks, while other locations make up for the remaining 27%.

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Obateru explained that in collaboration with the local communities and other stakeholders, the NNPC would continuously strive to bring the malaise under control.

More details: Moving on, the Corporation gave details about how much was generated from the sale of products during the period under review. For instance, N92.58 billion was made from the sale of white products by PPMC in May 2020.

READ MORE: FPI and FDI drop to $68 million and $18 million respectively in April, lowest since 2016

Total revenue generated from the sales of white products for the period stood at N2,393.88 billion, where PMS contributed about 98.84% of the total sales with a value of N2,366.15 billion.

In the gas sector, natural gas production in May 2020 increased by 2.38% at 226.51 billion Cubic Feet (BCF) compared to output in April 2020; translating to an average daily production of 7,480.36million Standard Cubic Feet of gas per day (mmscfd).

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Likewise, the daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW.

READ MORE: PoS transactions hit N1.64 trillion in 5 months, highest in 4 years

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The NNPC’s May report also noted that the group’s operating revenue increased by 15.33% or N31.68 billion to stand at N238.33 billion, while expenditure for the month decreased by 0.76% or N1.81 billion, to stand at N235.66 billion.


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The May 2020 report indicated a trading surplus of N2.68 billion compared to the N30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.

The NNPC report said the 109% upturn in revenue this month is the cumulative result of improved performances by some of the corporation’s Strategic Business Units.

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While the Nigerian Petroleum Development Company (NPDC) posted a surplus due to substantial growth in the market fundamentals as demand began a slight recovery, the Nigerian Gas Marketing Company (NGMC) recorded 257% increased profit attributed to improved debt collection.

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