Increased Global Crude Oil Demand Shoots NNPC July Earnings By N20.3b
The Nigerian National Petroleum Corporation (NNPC) has revealed that it earned N20.36 billion in its July 2020 operations due to continuous improvement in global crude oil demand for the third consecutive month.
The state-owned oil firm in a statement signed by its Group General Manager, Group Public Affairs Division, Kennie Obateru, on Thursday, stated that the trading surplus, when compared to the N2.12 billion surplus in June, reflects an 858 percent overall upswell in performance by the corporation.
Giving a further breakdown based on details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR), Dr Obateru indicated a 178 percent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity.
Similarly, the report said the corporation’s earnings was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 percent growth in performance by Duke Oil Incorporated, both companies of NNPC.
“Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 percent and 24 percent respectively, owing to increased sales and improved debt collection.”
More Revenue Increase From Gas
The report further revealed that in the gas sector, production in July 2020 increased by 2.19 percent at 236.34Billion Cubic Feet (BCF) compared to output in June 2020; “translating to an average daily production of 7,623.98 Million Standard Cubic Feet of gas per day (mmscfd).
“Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.”
On a year-on-year basis the statement showed that 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd.
“Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 percent, 20.37 percent and 8.75 percent respectively to the total national gas production.”
Despite Price Increase, Nigerians Consumed 1.02bn litres of fuel
Meanwhile, the report showed that a total of 1.02billion litres of Premium Motor Spirit (PMS) otherwise known as petrol was supplied and effectively distributed across the country, representing a daily consumption of 32.95 million liters for the month under review.
The report stated that the corporation has continued to monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.
Pipeline Vandalism Rises Marginally
The report noted that during the period under review, 36 pipeline points were vandalized, representing about 9 percent increase from the 33 points recorded in June 2020.
“Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 percent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 percent respectively.”
The statement stressed that the NNPC in collaboration with the local communities and other stakeholders have continuously strived to