The Nigerian National Petroleum Corporation (NNPC) recorded 43 percent drop in cases of damage to its oil pipeline infrastructure by suspected oil thieves in May, 2020, the corporation said.
The corporation disclosed this in its Monthly Financial and Operation Report released in Abuja on Wednesday.
The report indicated that 37 pipeline points were vandalized, representing about 43 percent decrease from the 65 points recorded in April.
A breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38 per cent of the vandalized points while Atlas Cove -Mosimi axis recorded 19 percent of the breaks.
It noted that the Suleja-Kaduna area logged 16 percent of the breaks, while other locations made up for the remaining 27 percent.
It revealed that the NNPC in collaboration with the local communities and other stakeholders had agreed to continuously strive to bring the malaise under control.
On Premium Motor Spirit (PMS), also known as petrol, it said that the corporation had continued to diligently monitor the daily stock of the product to achieve smooth distribution and to ensure zero fuel queues across the nation.
It stated that 950.67 million litres of white products was sold and distributed by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), in May.
This, it said, comprised 950.67million litres of PMS only with no Automotive Gas Oil (AGO) or Dual Purpose Kerosene (DPK), adding that there was no sale of special product in the month.
“Total sale of white products for the period May 2019 to May 2020, stood at 19,865.8 million litres and PMS accounted for 19,704.49 million litres or 99.19 percent,’’ it said.
The report further stated that ₦92.58 billion was made on the sale of white products by PPMC in the month under review.
“Total revenue generated from the sales of white products for the period May 2019 to May 2020, stood at ₦2,393.88 billion, where PMS contributed about 98.84 per cent of the total sales with a value of ₦2,366.15 billion,’’ it noted.
In the gas sector, it said that natural gas production in May increased by 2.38 per cent at 226.51billion Cubic Feet (BCF), compared to output in April.
This, it noted, translated to an average daily production of 7,480.36 million Standard Cubic Feet of gas per day (mmscfd).
“The daily average natural gas supply to gas power plants increased by 5.87 per cent to 834mmscfd, equivalent to power generation of 3,128MW,’’ the report stated.
The May report revealed that the Group’s operating revenue, compared to April, increased by 15.33 percent or N31.68 billion to stand at N238.33 billion, while expenditure for the month decreased by 0.76 percent or N1.81 billion, to stand at N235.66 billion.
The report indicated a trading surplus of ₦2.68 billion compared to the ₦30.81 billion deficit posted in April when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.
It said the 109 percent upturn in revenue in the month under review, was the cumulative result of improved performances by some of the corporation’s Strategic Business Units.
“The Nigerian Petroleum Development Company (NPDC), posted a surplus due to substantial growth in the market fundamentals as demand began a slight recovery.
“The Nigerian Gas Marketing Company (NGMC) recorded 257 per cent increased profit, attributed to improved debt collection.
“Similarly, PPMC’s surplus rose 250 per cent from investment dividend received and significant drop in average product landing cost,’’ it said.
It further noted that Corporate Headquarters deficit ebbed by 47 per cent in May, compared to April, while NNPC Retail, Integrated Data Services Limited (IDSL), NNPC Shipping and Ventures also contributed positively to the month’s performance.
This, it said, led to the significant NNPC Group surplus position during the period under review.
Source: VON
