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The Nigerian National Petroleum Corporation
(NNPC) has recorded an encouraging 43 per cent drop in cases of willful
damage of its oil pipeline infrastructure by suspected oil thieves in
May, 2020.
The
corporation, in a release by its Group General Manager, Group Public
Affairs Division, Dr. Kennie Obateru, explained that details of the
report contained in the May 2020 version of the NNPC Monthly Financial
and Operations Report (MFOR) indicated that 37 pipeline points were
vandalized representing about 43 per cent decrease from the 65 points
recorded in April 2020.
A further breakdown
showed that Mosimi-Ibadan pipeline axis accounted for 38 per cent of the
vandalized points while Atlas Cove—Mosimi axis recorded 19 per cent of
the breaks. Suleja-Kaduna logged 16 per cent of the breaks, while other
locations make up for the remaining 27 per cent.
NNPC
stated in the May report that in collaboration with the local
communities and other stakeholders, it would continuously strive to
bring the malaise under control.
The NNPC May
MFOR said the corporation had continued to diligently monitor the daily
stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve
smooth distribution of the products to ensure zero fuel queue across
the nation.
It stated that towards this end,
950.67million litres of white products were sold and distributed by the
corporation’s Downstream subsidiary, the Petroleum Products Marketing
Company (PPMC) in May, 2020. This comprised 950.67million litres of PMS
only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK),
adding that there was no sale of special product in the month.
Total
sale of white products for the period May 2019 to May 2020 stood at
19,865.80million litres and PMS accounted for 19,704.49million litres or
99.19 per cent.
The report stated that
₦92.58billion was made on the sale of white products by PPMC in May
2020. Total revenue generated from the sales of white products for the
period May 2019 to May 2020 stood at ₦2,393.88billion, where PMS
contributed about 98.84 per cent of the total sales with a value of
₦2,366.15billion.
In the gas sector, natural
gas production in May 2020 increased by 2.38 per cent at 226.51Billion
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).
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.
The
NNPC May report stated that the Group’s operating revenue, compared to
April 2020’s, increased by 15.33 per cent or N31.68billion to stand at
N238.33billion, while expenditure for the month decreased by 0.76 per
cent or N1.81Billion, to stand at N235.66billion.
The
May 2020 report indicated a trading surplus of ₦2.68billion compared to
the ₦30.81billion 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 per cent
upturn in revenue this month is the cumulative result of improved
performances by some of the corporation’s Strategic Business Units.
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
per cent increased profit attributed to improved debt collection.
Similarly,
PPMC’s surplus rose 250 per cent from investment dividend received and
significant drop in average product landing cost.
In
addition, Corporate Headquarters deficit ebbed by 47 per cent in May,
according to the report, compared to last month’s, while NNPC Retail,
Integrated Data Services Limited (IDSL), NNPC Shipping and Ventures also
contributed positively to the month’s performance, leading to the
significant NNPC Group surplus position during the period under review.
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