The 70th Monthly Financial and Operations Report (MFOR) of the National Petroleum Corporation (NNPC), shows that the corporation generated N2.345 trillion
from the sales of petroleum products for the period of May 2020 to May 2021.
Of the said amount, Premium Motor Spirit (PMS) commonly referred to as petrol, contributed about 99.61 per cent of the total sales with a value of N2.336 trillion.
In terms of volume, the figure translates to a total of 2.241 billion litres of white products sold and distributed by one of its downstream subsidiaries, Petroleum Products Marketing Company (PPMC) in the month of May 2021, compared with 1.673 billion litres in the month of April 2021.
Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651 billion litres and PMS accounted for 99.69 per cent of total volume, the report showed.
Furthermore, between May 2020 and the same period this year, Nigerians consumed about N2.336 trillion worth of PMS.
The NNPC also said it recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing a 180.29 per cent increase in sales from the month of April 2021.
The report released yesterday showed that PPMC posted a total of N295.72 billion from the sales of petroleum products in the month of May 2021 compared with N220.13 billion in April 2021.
The corporation noted that crude oil export sales contributed $181.19m (82.45 per cent) of the dollar transactions compared with the $4.22 million contributions in the previous month, while the export gas sales component stood at $38.56million in May 2021 and that between May 2020 and May 2021, it 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 per cent at 222.23 billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.
For the period of May 2020 to May 2021, a total of 2,898.34bcf of gas was produced representing an average daily production of 7,322.94mmscf the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.
The corporation noted that of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively.
This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.
On the issue of pipeline vandalism, the report said 64 pipeline incidents were recorded in May, representing a 39.13 per cent increase from the 46 points recorded in April 2021. While the Port Harcourt area accounted for 65 per cent, Mosimi and Kaduna Areas accounted for 30 per cent and 5 per cent respectively of the vandalised points.
