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Ley Your Dreams Come Alive – With FCMB Loans
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NNPC nets N203bn from products sale in July

•Raises gas production

23rd December 2021
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From Uche Usim, Abuja

The Nigerian National Petroleum Corporation (NNPC) on Wednesday, said it generated N203.73billion from the sale of white products in the month of July 2021 through its subsidiary, the Petroleum Products Marketing Company (PPMC).

The national oil company also revealed that total revenues generated from the sales of white products for the period July 2020 to July 2021 stood at over N2.563 trillion where PMS contributed about 99.67 percent of the total sales. 

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Similarly, it said 1.544billion litres of petroleum products were sold and distributed by the PPMC, in the month of July 2021 with PMS accounting for 99 percent of total volume. 

Total sale of petroleum products for the period July 2020 to July 2021 stood at 19.535billion litres and Premium Motor Spirit (PMS) accounted for 99.73 percent of total volume, the report stated.  NNPC also indicated a 5.23 percentage increase in the average daily gas supply to power plants in the month of July 2021 which stood at 759million standard cubic feet of gas per day (MMSCFD), equivalent to power generation of 3,250MW against the June 2021 figure of 721mmscfd to generate 3,181MW. 

According to the report, national gas production in July 2021 increased by 3.99 percent at 232.69Billion Cubic Feet (BCF) compared to output in the previous month, translating to an average daily production of 7,502.28mmscfd. 

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For the period July 2020 to July 2021, a total of 2,891.53BCF of gas was produced representing an average daily production of 7,305.43mmscfd. 

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Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 58.67 percent, 20.45 percent and 20.89 percent respectively to the total national gas production.

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In the downstream sector, to ensure sustained increase and effective distribution of petroleum products, especially Premium Motor Spirit (PMS), across the country, the NNPC has continued to diligently monitor the daily stock of petrol to achieve success in this regard. 

In July 2021, NNPC noted that 42 pipeline points were vandalized representing a 10.64 percent decrease from the 47 points recorded in June 2021. 

This month, Port Harcourt area accounted for 40 percent and Mosimi Area accounted for 60 percent of the vandalized points. 

In the upstream segment, NNPC recorded a total export receipt of $191.26million in July 2021 as against $188.00million in June 2021.

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