NNPC export sale drops to $105.74m – Today

NNPC

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 exportline, 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.