NNPC pays N153.01bn into federation account in January

By

NNPC

The Nigerian National Petroleum Corporation (NNPC) says it transferred N153.01 billion into the federation account in January.

The corporation disclosed this in its Financial and Operations Report for the month of January released in Abuja on Sunday.

“Within the period under focus, NNPC transferred N153.01 billion into the Federation Account.

“Cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts,’’ NNPC said in the report.

The corporation also said that it made a trade surplus of N15.04 billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.

It attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) which recorded surplus numbers in spite reduced operational activities in the month.

The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of Crude oil per day.

The report noted that this has made achieving 500,000bpd production by 2020 plausible.

According to the report, the NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.

In terms of sales and remittance of crude oil and gas proceeds, the corporation recorded a total export receipts of 381.70 million dollars in the month under review as against 345.68 million dollars posted in December 2018.

A breakdown of the numbers indicated that contributions from crude oil amounted to 269.43 million dollars, while gas and miscellaneous receipts stood at 111.75 and 0.52 million dollars.

On petrol supply, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in the month under review..

The number was slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018.

On pipeline vandalism, the corporation recorded 230 hacked pipeline points, leaving only two ruptured.

This marks 11 per cent improvement from the 264 vandalised points posted in December 2018.

A breakdown indicated that Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu pipelines accounted for 67, 62 and 30 points which translated to 29 per cent, 27 per cent and 13 per cent of the vandalised points.

“The Warri-River Niger axis accounted for 10 per cent and other locations accounted for the remaining 21 per cent of the pipeline breaks,’’ the report stated.

On the gas sector, natural gas production increased by 2.22 per cent at 245.83billion cubic feet compared to output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd).

According to the report, out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialised, consisting of 38.03BCF and 113.47 BCF for the domestic and export market.

The figure translates to a total supply of 1,226.83 mmscfd of gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.

This implies that 61.73 per cent of the average daily gas produced was commercialised, while the balance of 38.27 per cent was re-injected, used as upstream fuel gas or flared.

The report disclosed that gas flare rate was 7.52 per cent for the month under review; translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent, that is 770.31 mmscfd for the period January 2018 to January 2019.

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more