Update : NNPC makes N234.63b Revenue from the sale of white products in March 2021

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in March 2021, representing a 24.7 percent increase from the N188.15billion sales recorded in the previous month of February 2021.

This is contained in the March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The report indicated that total revenue generated from the sales of white products for March, last year to March, this year stood at N2.129trillion, where petrol contributed about 99.24 percent of the total sales of N2.113trllion.

In terms of volume, the above value translates to 1.782billion litres of white products sold and distributed by PPMC in March 2021 compared to 1.75billion litres in February 2021.

This volume is made up of 1.782billion litres of Premium Motor Spirit (PMS) and 0.45million litres of Automotive Gas Oil (AGO). Total sale of white products for the period of March 2020 to March 2021 stood at 1.782 billion litres and PMS accounted for 1.75billion litres or 99.37 percent.

The NNPC said it continues to monitor the daily stock of PMS to achieve uninterrupted supply, effective distribution and zero fuel queue across Nigeria.

In the gas sector, a total of 222.74billion cubic feet (bcf) of natural gas were produced in March 2021 translating to an average daily production of 7,183.33million standard cubic feet per day (mmscfd).

From March, last year to March, this year, a total of 2,911.62bcf of gas was produced, representing an average daily production of 7,409.60mmscfd during the period.

Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 percent, 19.78 percent and 63.99 percent to the total national gas production.

In terms of natural gas off-take, commercialisation and utilisation, out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialised, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively.

This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month.

This implies that 63.18 percent of the average daily gas produced was commercialised while the balance of 36.82 percent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.50 percent for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25 percent (i.e. 532.37mmscfd) for the period of March 2020 to March 2021.

On domestic gas supply to the power sector, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw.

The report also informed that the corporation recorded 70 vandalised points across its pipeline network in the period under review, representing 29.63 percent increase from the 54 points recorded in the previous month.

While the Port Harcourt area accounted for 63 percent of the vandalised points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the balance.

NNPC is, however, working with the communities and other stakeholders to monitor the pipelines to reduce and eventually eliminate the menace of pipeline vandalism.

The March 2021 MFOR is the 68th report, published monthly to keep the public with information on the operations of the corporation in line with the management’s guiding philosophy of Transparency, Accountability and Performance Excellence (TAPE).