Nigeria Records 180.29% Increase On Crude Oil, Gas Sales In May – NNPC Reveals

The Nigerian oil sector recorded a booming increase in sales of petroleum products to the tune of $219.75m in May 2021.

The figures means 180.29% increase on sales of crude oil, gasoline product was recorded from the previous month of April 2021.

The development is contained in a communique released on Monday by the Nigerian National Petroleum Corporation, NNPC. Naija News understands the communique contained the corporation’s Monthly Financial and Operations Report (MFOR) for the month of May 2021.

The report consented to by the Group General Manager, Group Public Affairs Division of the Corporation, Garba Deen Muhammad, revealed that crude oil export sales contributed $181.19m (82.45%) of the dollar transactions compared with $4.22 million contribution in the previous month, while the export gas sales component stood at $38.56million in May 2021.

The Corporation between May 2020 and May 2021 said it exported crude oil and gas worth $1.64billion.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.

2,898.34bcf of gas was reporedly produced between May 2020 and May 2021, representing an average daily production of 7,322.94mmscf, Naija News understands.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized, 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. This implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

The reported records are the corporation’s activities for the period of May 2020 to May 2021 as highlighted in the 70th edition of the NNPC MFOR, Naija News reports.

Meanwhile, in the Downstream sector, the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72bn from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.

Still within the period of May 2020 to May 2021, total revenues generated from the sales of petroleum products for stood at ₦2.345trillion where Premium Motor Spirit (PMS) contributed about 99.61% of the total sales with a value of ₦2.336trillion.

In terms of volume, the figure translates to a total of 2.241billion litres of white products sold and distributed by PPMC in the month of May 2021 compared with 1.673billion litres in the month of April 2021.

Total sales of petroleum products for the period May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69% of total volume.

In May 2021, 64 pipeline points were vandalized representing 39.13% increase from the 46 points recorded in April 2021. The Port Harcourt area accounted for 65% and Mosimi and Kaduna Areas accounted for 30% and 5% respectively of the vandalized points.

NNPC assured that efforts are been made to checkmate the menace with the joint effort of the local communities and other stakeholders.