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NNPC makes $2.44bn from oil, gas sale in 2016 - Businessday

FEBRUARY 17, 2017

By  YANGE IKYAA, Abuja      

 

….Sales jump by 51% to $195mn in December  

….Decline in pipeline vandalism responsible                                                                  

The Nigerian National Petroleum Corporation (NNPC) on Thursday said it recorded a marked reduction in the cases of pipeline vandalism and economic sabotage in the Nigerian oil and gas sector, resulting in $2.4 billion income for the 2016 financial year.

As a result of this, total export sale of $195.40 million was recorded for crude oil and gas in the month of December 2016 alone, as against the sum of $166.18 million recorded in November of the same year, the NNPC said in a report. DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

Also, total export sales of crude oil and gas from January to December 2016 stood at $2,445,451,363, according to the corporation’s monthly Financial and Operations Report for the month of December 2016, which was signed by Ndu Ughamadu, its group general manager, group public affairs division.

“This is $20.22 million higher than the preceding month’s performance. Crude oil export sales contributed $100.37 million (or 51.36%) of the dollar transactions compared with $96.31 contribution in the previous month”, the report stated. DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

According to the report, only 18 cases of vandalized points on downstream pipelines were recorded in December 2016, as against 43 in the previous month.

The downward trend in the cases of pipeline sabotage, according to the report, was due to sustained engagements with stakeholders by the federal government and corporation.

The report also indicated that the total export proceeds of $175.04 million for the month of December 2016 was “remitted to fund the JV cash call for the month of December 2016 to guarantee current and future production”.

In the downstream, a total of 1,392,154,486 litres of white products was distributed and sold by the Pipelines and Products Marketing Company (PPMC) in December 2016 compared to 1,248,831,982 litres in November 2016.  DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

According to the report, of the total volume of 12.67 billion litres of white products distributed in 2016, petrol accounted for 88.07%.

The report also indicated a 13.4 per cent rise in oil and gas sales in December 2016 over sales in November 2016.

It also revealed that about 9,493,640 barrels of crude oil were processed under the Direct-Sales-Direct-Purchase (DSDP) scheme in November, 2016. DOWNLOAD APPS AT http://abokifx.com ABOKIFX.COM 

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