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NNPC records N12.13bn trading surplus, 257 pipelines breaches in 1 month

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The Nigerian National Petroleum Corporation (NNPC) on Sunday released its December 2018 financial and operations report, which indicates that it posted a trading surplus of ₦12.13 billion, a development it said sprang from the success recorded by its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

The national oil company also said it recorded an upsurge in pipeline vandalism by a whopping 34 percent.

The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, who made the disclosure, said 257 pipeline points were vandalised, out of which one pipeline point failed to be welded and six pipeline points were ruptured.

He said: “NNPC recorded 197 breaches on it pipelines in November last year.
“Ibadan-Ilorin, Mosimi-Ibadan, and Atlas Cove-Mosimi network accounted for 90, 69 and 57 compromised points respectively or approximately 34 per cent, 26 per cent and 22 per cent of the vandalized points respectively.

“Aba-Enugu pipeline link accounted for seven per cent, with other locations accounting for the remaining 11 per cent of the pipeline breaks.

“Despite, the activities of the pipeline marauders, the NNPC report said the corporation continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve a smooth distribution of petroleum products and zero fuel queue across the nation”, he said.

According to him, 1.8 billion litres of PMS, translating to 58.17 million liters/day were supplied for the month.

Overall, during the month under review, 1.96 billion litres of white products were distributed and sold by NNPC Downstream subsidiary, Petroleum Products Marketing Company (PPMC), compared with 1.09 billion litres in the market in the November 2018.

This comprised 1.94billion litres of PMS, 0.0070billion litres of kerosene and 0.014billion litres of diesel. Total sale of white products for the period, December 2017 to December 2018, stood at 21.84billion litres and PMS accounted for 20.17billion litres or 92.36 per cent.

In terms of value, ₦241.46billion was made on the sale of white products by PPMC in December 2018, compared to ₦146.56billion sales in November 2018.

Total revenues generated from the sales of white products for the period December 2017 to December 2018 stood at ₦2,778.32billion, with PMS contributing about 89.63 per cent of the total sales with a value of ₦2,490billion.

The NNPC said that despite the disturbing reports of breaches on its assets, the corporation, on the whole, posted a positive outlook in December 2019.
The 41st edition of the NNPC monthly report cited NPDC’s continuous revenue drive arising from recent average weekly production of 332,000bpd as the main driver of the positive outlook.

The NPDC targets 500,000bpd production in 2020.

In the gas sector, natural gas production increased by 12.22 per cent at 240.64 billion cubic feet compared to output in November 2018; translating to an average daily production of 8,021.21mmscfd. The daily average natural gas supply to gas power plants hiked by 5.36 per cent to 774mmscfd, equivalent to power generation of 3,131MW.

Out of the 240.59bcf of gas supplied in December 2018, a total of 151.13bcf of gas was commercialized, consisting of 38.61bcf and 112.52bcf for the domestic and export market respectively.

This translates to a total supply of 1,245.48 mmscfd of gas to the domestic market and 3,748.47 mmscfd of gas supplied to the export market for the month, implying that 62.61 per cent of the average daily gas produced was commercialized while the balance of 37.39 per cent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 9.15 per cent for the month under review i.e. 729.55mmscfd compared with average Gas flare rate of 9.92 per cent i.e. 777.37mmscfd for the period December 2017 to December 2018.

UBA Bank

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