By Jeph Ajobaju, Chief Copy Editor
A total ₦2.345 trillion was generated by the Nigerian National Petroleum Corporation (NNPC) through its subsidiary Products Marketing Company (PPMC) from the sale of imported refined petrol between May 2020 and May 2021.
It made N2.336 trillion revenue from Premium Motor Spirit (PMS), also called petrol, which represented 99.61 per cent of the N2.345 trillion earned from the sale of petroleum products.
The figures are contained in the latest edition of the NNPC Monthly Financial and Operations Report (MFOR), which highlights the activities of the NNPC between May 2020 and May 2021, according to a statement issued by Group General Manager, Group Public Affairs Division, Garba Muhammad.
“Total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at ₦2.345 trillion where Premium Motor Spirit (PMS) contributed about 99.61 per cent of the total sales with a value of ₦2.336 trillion,” the statement said, reported by The Nation.
The figure translated to a total 2.241 billion litres of white products sold and distributed by the PPMC in May 2021 compared to 1.673 billion litres in April 2021.
The report recorded a total crude oil and gas export sales of $219.75 million in May 2021, representing 180.29 per cent increase on sales in April 2021.
Crude oil export sales contributed $181.19 million (82.45 per cent) of dollar transactions in May against $4.22 million in April while export gas sales fetched $38.56 million in May.
Between May 2020 and May 2021, the NNPC exported crude oil and gas worth $1.64 billion, according to the report.
Natural gas production in May increased 6.19 per cent to 222.23 billion cubic feet (bcf) compared to April, an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.
Between May 2020 and May 2021, a total 2,898.34bcf of gas was produced, an average daily production of 7,322.94mmscf.
Production from Joint Ventures (JVs) contributed about 60.94 per cent, Production Sharing Contracts (PSCs) about 20.04 per cent, and Nigerian Petroleum Development Company (NPDC) about 18.99 per cent.
Out of the 216.29bcf of gas produced in May 2021, a total 133.56bcf was commercialised, consisting of 44.02bcf for the domestic market and 89.54bcf for export.
This translated to a total 1,419.83mmscfd of gas supplied to the domestic market and 2,893.66mmscfd to the export market.
It showed that 61.75 per cent of average daily gas production was commercialised and 38.25 per cent re-injected, used as upstream fuel, or flared.
