NNPC: Nigeria earns $640.35m from oil, gas October
- Pipeline vandalism up 42.9%
The Nigerian National Petroleum Corporation (NNPC) yesterday said Nigeria earned $640.35million from the export of crude oil and gas for the month of October, last year.
The NNPC Monthly Financial and Operations Report for October 2018 which contained this, also showed that the total export receipt of $640.35 million recorded during the period was higher than the $527.70 million logged in September.
The report showed that the receipt showed $450.44million accrued from crude oil sale with gas while miscellaneous receipts stood at $173.92 million and $15.99 million.
In the downstream sector, the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, posted a receipt of N231.33billion from the sale of white products in the month of October 2018 compared with N150.25 billion sold in of September 2018.
Total revenues generated from the sale of white products for the period October 2017 to October 2018 stood at N2.684trillion, where petrol contributed about 88.32 per cent of the total sales value of N2.371 trillion.
The corporation raised an alarm over the increasing incidents of pipeline vandalism across the country, saying during the month under review, its pipeline network suffered a 42.9 per cent increase in the incidents of pipeline vandalism compared to the previous month during the year.
He said the corporation recorded 219 pipeline vandalised points in the month under review, compared to 125 incidents it suffered in September of the same year.
He said the findings that were captured in the NNPC Monthly Financial and Operations Report for October 2018 showed that among the breaches, four vandalised pipeline points failed to be welded and one point was ruptured.
The report stated that cases of vandalism of pipeline facilities were high along Ibadan-Ilorin and Aba-Enugu axis, accounting for 81 (40 per cent) and 39 (18 per cent) vandalised points respectively.
The spokesman said that despite the challenge posed by pipeline vandalism, the NNPC kept an eye on Premium Motor Spirit (PMS) stock level to ensure zero fuel queue across the nation.
To ensure continuous increase of PMS supply and effective distribution across the country, a total of 1.66 billion litres of petrol, translating to 55.50milion liters/day, were supplied for the month under review.
The report noted that out of the 1,066.88 million standard cubic feet of gas per day (mmscfd) of gas supplied to the domestic market, about 627.33mmscfd of gas representing 58.81 per cent was supplied to gas-fired power plants to generate an average power of about 2,349megawatts (Mw) compared with the September 2018, where an average of 615mmscfd was supplied to generate 2,303Mw.
The balance of 439.35mmscfd or 41.19 per cent was supplied to other industries.
Similarly, for the period of October 2017 to October 2018 an average of 1,188.58mmscfd of gas was supplied to the domestic market, comprising an average of 744.06mmscfd or (62.60 per cent) as gas supply to the power plants and 444.52mmscfd or (37.40 per cent) as gas supply to industries.
About 3,096.18 mmscfd or 89.58 per cent of the export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG) Bonny.
