The Nigerian National Petroleum Corporation (NNPC) total export sale for
the month of October dropped by $25.76 million, leaving it at $105.74 million
to its latest
monthly report.
A further breakdown of the report indicated that crude oil export sales
contributed $21.40 million (or 20.24 per cent) of the dollar transactions
compared with $86.80 contribution in the previous month.
Similarly, the export gas sales amounted to $84.34 million in the month
under review, while 12 month crude oil and gas transactions indicate that crude
oil and gas worth $2,768.73 million was exported.
On the other hand, revenue from the sales of white products by the
Pipelines and Products Marketing Company Limited (PPMC) from November 2015 to
October 2016 stands at N1,128.64 trillion. The corporation said that Premium
Motor Spirit (PMS) contributed about 88.28 per cent of the revenue collected
with a value of N996.33 billion.
According to NNPC, a total value of N111.5 billion was collected as sales
revenue for white products sold by PPMC in the month of October 2016 compared
with N96.1 billion collected in the prior month of September 2016.
Besides, a total of 49.52 million barrels of crude oil and condensate was
produced in September 2016, representing an average daily production of 1.65
million barrels.
This, NNPC said represents, an increase of 5.99 per cent compared to
August 2016 performance. “Of the September 2016 production, Joint Ventures
(JVs) and Production Sharing Contracts (PSC) contributed about 29.47 per cent
and 55.99 per cent respectively, while AF, NPDC and Independent accounted for
8.30 per cent, 2.45 per cent and 3.79 per cent respectively,” it said.
It further disclosed a trading deficit of N16.85 billion as against
September 2016 trading deficit of N17.18 billion. The marginal improvement,
according to the corporation, was due to improved petroleum products sales and
enhanced cost control across the group. Factors that still drag NNPC
performances include Force Majeure declared by SPDC as a result of vandalised
48-inch Forcados export
line, among others.
It noted that notwithstanding the reduction in vandalism, the number of
vandalised points (101) is still very significant and impactful.
“NNPC is indeed in need of Nigerians’ support especially in areas of
security and infrastructural integrity. Favourable business environment will
afford NPDC to reverse almost N20 billion monthly revenue currently being lost
to vandalism to profit and create more jobs.
“In the downstream sector, despite liberalisation of petroleum products
and government intervention to ease marketers’ access to foreign exchange, NNPC
remains the major importer of petroleum products, especially PMS. “Also, the
ongoing Turn Around Maintenance (TAM) is promising to entirely change the
anaemic outlook of the
country’s refineries,” it stated.
SUNNEWS
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