NNPC Generates N2.6 Trn For FG In 12 Months

By Tosin Olatokunbo

Amidst fears of revenue glut from crude oil sales this year, the Nigerian National Petroleum Corporation, NNPC said it raked in at least N2.6 trillion from the sale of petroleum products in 12 months from February 2019 and 2020 February.

According to the breakdown, total sale and distribution of white products for the period Feb­ruary 2019 to February 2020 stood at about 21billion litres and PMS accounted for 20.8billion litres or 98.73 per cent.

The NNPC in its monthly fi­nancial, operations report stated that about 1.7billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This includes the 1.7 bil­lion litres of PMS and 1.09mil­lion litres of AGO.

During the period, a total of 32 pipe­line-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020. These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures, the report said.

The report further stated that the 241.74Billion Cubic Feet (BCF) of gas supplied in February 2020, 146.54BCF was commer­cialized, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively, translating to a total supply of 1,235.56million Standard Cu­bic Feet per day, mmscfd of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.

It said 699mmscfd was delivered to gas-fired power plants to gener­ate an average power of about 3,064MW, compared with Jan­uary 2020 when an average of 640mmscfd was supplied to gen­erate 2,683MW.

The report further indicates an increased trading surplus of N3.95billion compared to the N1.87billion surplus posted in January 2020.