Nigeria Burned 30.53 Million Liters Of Petrol Daily In August Alone-NNPC

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Nigeria, in the month of August 2020, used 0.95 billion liters of petrol, also known as Premium Motor Spirita consumption which translates to 30.53 million liters a day, as revealed by the Nigerian National Petroleum Corporation, NNPC.

According to the Corporation, Total Crude Oil & Gas export sale of $139.50 million was recorded in August 2020 indicating an increase of 64.84 percent compared to the previous month.

Further breakdown showed that Crude Oil export sales contributed $80.27 million (57.54 percent) of the dollar transactions compared with $55.29 million contributions in the previous month; while Gas export sales amounted to $59.23 million in the month.

The year-on-year, August 2019 to August 2020, Crude Oil and Gas transactions indicated that Crude Oil & Gas worth $3.71 billion was exported.

The Corporation also said that it supplied 727 Million Standard Cubic Feet per day (mmscfd) of natural gas for power generation to the country in the month of August, 2020, an equivalent of 2,538MW of power.

This represents an increase of 2.80 per cent from the previous month.

The NNPC in a release by Dr. Kennie   Obateru, Group General Manager, Group Public Affairs Division, stated that the recently released August 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that Natural Gas production in August 2020 increased by 0.13 percent at 236.66 Billion Cubic Feet (BCF) compared to the output in July 2020; translating to an average daily production of 7,639.99mmscfd.

For the period of August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period. Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 percent, 20.26 percent and 9.78 percent respectively to the total national gas production.

The 61st edition of the MFOR indicated an increased trading surplus of ₦29.60Billion compared to the ₦20.36Billion surplus in July 2020 which was the third consecutive month of global recovery from the COVID-19 effect.

The 45 percent improvement in performance is attributed mainly to the 82 percent growth in surplus posted by the NPDC due to sustained improvement in global market fundamentals.

The NNPC Group surplus was further enhanced by the 109 percent increased profit by Duke Oil Incorporated as well as 75 percent and 22 percent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC) and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus mitigating the effect of the increased deficits posted by some other SBUs.

The deficits are because of reasons around low sales volume, reduced debt collection, and high average product landing cost.

The Corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.

During the month, a total of 37 pipeline points were vandalized representing about a 3 percent increase from the 36 points recorded in July 2020. Atlas Cove-Mosimi and Mosimi-Ibadan accounted for 38 percent and 24 percent respectively while PHC-Aba and the other locations, in turn, recorded 22 percent and the remaining 16 percent of the total breaks. NNPC in collaboration with the local communities and other stakeholders continuously strives to reduce and eventually eliminate this menace.

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