The Nigerian National Petroleum Corporation, NNPC has recorded 43% drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves.
NNPC, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained in the May 2020 version of the NNPC Monthly Financial and Operations Report, MFOR indicated that 37 pipeline points were vandalized representing about 43% decrease from the 65 points recorded in April 2020.
A further breakdown showed that Mosimi-Ibadan pipeline axis accounted for 38% of the vandalized points; while Atlas Cove —Mosimi axis recorded 19 per cent of the breaks. Suleja-Kaduna logged 16% of the breaks, while other locations make up for the remaining 27%.
NNPC stated in the report that, in collaboration with the local communities and other stakeholders, it would continuously strive to bring the malaise under control.
The NNPC May MFOR showed that the corporation had diligently continued to monitor the daily stock of premium motor spirit, PMS, otherwise called petrol, to achieve smooth distribution of the products to ensure zero fuel queue across the nation.
It stated that towards this end, 950.67million litres of white products were sold and distributed by the corporation’s downstream subsidiary, the Petroleum Products Marketing Company, PPMC in May, 2020. This 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 19,865.80million litres and PMS accounted for 19,704.49million litres or 99.19%.
The report stated that ₦92.58billion was made on the sale of white products by PPMC in May 2020. Total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at ₦2,393.88billion, where PMS contributed about 98.84% of the total sales with a value of ₦2,366.15billion.
In the gas sector, natural gas production in May 2020 increased by 2.38 per cent at 226.51billion cubic feet, BCF compared to output in April 2020; translating to an average daily production of 7,480.36million standard cubic feet of gas per day, mmscfd. Likewise, the daily average natural gas supply to gas power plants increased by 5.87% to 834 mmscfd, equivalent to power generation of 3,128MW.
The NNPC May report also stated that the group’s operating revenue, compared to April 2020, increased by 15.33% or N31.68billion to stand at N238.33billion, while expenditure for the month decreased by 0.76% or N1.81billion, to stand at N235.66billion.
The report indicated a trading surplus of ₦2.68billion compared to the ₦30.81billion deficit posted in April 2020 when the effect of COVID-19 was at the peak, leading to reduced demand with fluctuating prices.
The NNPC report revealed that the 109% upturn in revenue this month is the cumulative result of improved performances by some of the corporation’s strategic business units.
While 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% increased profit attributed to improved debt collection.
Similarly, PPMC’s surplus rose 250% from investment dividend received and significant drop in average product landing cost.
In addition, Corporate Headquarters deficit ebbed by 47% in May, according to the report, compared to April, while NNPC Retail, Integrated Data Services Limited (IDSL), NNPC Shipping and Ventures also contributed positively to the month’s performance – leading to the significant NNPC group surplus position during the period under review.