ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

NNPC nets ₦2.345 trillion from petroleum products sales

20th September 2021
in Business, National
1
NNPC nets ₦2.345 trillion from petroleum products sales
Share on FacebookShare on Twitter

From Uche Usim, Abuja

The Nigerian National Petroleum Corporation (NNPC) on Monday posted 2.345 trillion as total revenue generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336 trillion.

It also recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing a 180.29% increase in sales from the previous month of April.

These were contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Mr Garba Deen Muhammad.

In the downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72 billion from the sales of petroleum products in the month of May 2021 compared with ₦220.13 billion sales in April 2021.

According to the report, crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with the $4.22 million contributions in the previous month, while the export gas sales component stood at $38.56 million in May 2021.

The report also showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64 billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23 billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94 mmscf during the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99%, respectively.

Out of the 216.29 bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, consisting of 44.02bcf and 89.54 bcf for the domestic and export markets, respectively.

This translates to a total supply of 1,419.83 mmscfd of gas to the domestic market and 2,893.66 mmscfd to the export market for the month.

This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69% of total volume.

In May 2021, 64 pipeline points were vandalized representing a 39.13% increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30% and 5% respectively of the vandalized points.

NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace.

The 70th edition of the NNPC MFOR highlights the Corporation’s activities for the period of May 2020 to May 2021.

David

David

Sun News Online team

Related Posts

Women miners push for gender equity in mining
Business

Women miners push for gender equity in mining

29th January 2023
New Year message: Buhari warns Nigerians against engaging in anti-state activities that may affect elections
Cover

Breaking: Buhari okays 10-day extension of old naira swap

29th January 2023
Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension
National

Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension

29th January 2023
Next Post
Army Chief reaffirms resolve to secure Nigeria

Army Chief reaffirms resolve to secure Nigeria

EU, UNICEF provide mental health aid to 5,129 children in Borno

EU, UNICEF provide mental health aid to 5,129 children in Borno

Edo PDP group bemoans lopsided BoT appointments

Edo PDP group bemoans lopsided BoT appointments

Comments 1

  1. Newman Enyioko says:
    1 year ago

    Upon all these Buhari is still borrowing. Deceit of the highest order.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Nasarawa: Awe representative launches campaign council, commissions projects

Labour advocates adoption of ILO Convention 190, inclusiveness

Plateau 2023: We’ll stop APC rigging with BVAS – Mutfwang

Kalu’s endorsements soar as senator rounds off Isuikwuato campaign tour at Ikeagha, Achara, others

Nigeria decides 2023: Ogun students declare Salisu unfit to represent Ogun central

Abuja: Rotary set to provide more services – Nnadi

Trending

Women miners push for gender equity in mining
Business

Women miners push for gender equity in mining

29th January 2023
0

From Paul Orude, Bauchi NGO Women in Mining (WIMN) has advocated for gender equity in the mining...

New Year message: Buhari warns Nigerians against engaging in anti-state activities that may affect elections

Breaking: Buhari okays 10-day extension of old naira swap

29th January 2023
Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension

Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension

29th January 2023
Nasarawa: Awe representative launches campaign council, commissions projects

Nasarawa: Awe representative launches campaign council, commissions projects

29th January 2023
Labour advocates adoption of ILO Convention 190, inclusiveness

Labour advocates adoption of ILO Convention 190, inclusiveness

29th January 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Women miners push for gender equity in mining
  • Breaking: Buhari okays 10-day extension of old naira swap
  • Ekiti PDP senatorial candidate Ayeni hails NWC for lifting suspension
  • Nasarawa: Awe representative launches campaign council, commissions projects
  • Labour advocates adoption of ILO Convention 190, inclusiveness
  • Plateau 2023: We’ll stop APC rigging with BVAS – Mutfwang
  • Kalu’s endorsements soar as senator rounds off Isuikwuato campaign tour at Ikeagha, Achara, others
  • Nigeria decides 2023: Ogun students declare Salisu unfit to represent Ogun central
  • Abuja: Rotary set to provide more services – Nnadi
  • Mbah, Enugu PDP guber candidate promises to make state one of the top three in Nigeria
  • Court dismisses forgery case against Sen Bwacha
  • Israel to ‘strengthen’ settlements after shooting attacks
  • Just In: Amosun in closed-door meeting with Ajadi, NNPP chairman
  • DG NILDS, Prof Sulaiman bags Harvard varsity certificate
  • Hospitality industry will keep getting better – Onumah
  • We’re grateful to The Sun for honouring us – Moghalu, Haruna, Okoye
  • Faces of The Sun Awards recipients
  • We’re not terrorists, IPOB kicks
  • FG ’ll eliminate squeeze, chaos in currency swap, Buhari assures
  • Otegbeye lied to Imams against me, says Abiodun

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.