BY BANYO TEMITAYO
THE Pipelines Product Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, disclosed on Sunday that the Federal Government made a total of N2.015trillion from the sale of Premium Motor Spirit (PMS) between November 2019 and November 2020.
The Agency said, of the N2.034trillion revenue generated from the sales of white products between November 2019 and November 2020, PMS contributed about 99.09 per cent of the total.
This was disclosed in a statement on Sunday by the Group General Manager, Group Public Affairs Division, Kennie Obateru.
“Total revenues generated from the sales of white products for the period November 2019 to November 2020 stood at ₦2.034 trillion, where PMS contributed about 99.09 per cent of the total sales with a value of over ₦2.015 trillion,” he said, quoting the November 2020 edition of the NNPC Monthly Financial and Operations Report.
According to the statement, NNPC also recorded a trading surplus of ₦13.43billion for the month of November 2020, an increase of 54 per cent over the ₦8.71billion surplus reported in October 2020.
Trading surplus or trading deficit is derived after the deduction of the expenditure profile from the revenue in the period under review.
The Group’s operating revenue decreased slightly by 0.02 per cent or ₦0.09billion to ₦423.08 billion, in November 2020, compared to October 2020.
The statement indicated that the NNPC Group’s surplus was bolstered by the noticeably improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.
It read in part, “These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus.
“The report also indicated that export sales of crude oil and gas for the month stood at $108.84m, making a 70.33 per cent increase compared to the last month.
”Crude oil export sales contributed $73.09m (67.15 per cent) of the dollar transactions compared with $12.38 million contributions in the previous month; while the export gas sales amounted to $35.75 million in the month.”
The PPMC also revealed that total crude oil and gas export for the period of November 2019 to November 2020 stood at $2.89bn.
It said, in the Gas Sector, a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).
For the period, November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period, it added.
The report said, “Out of this volume, production from Joint Ventures (JVs) accounted for 67.29 per cent, Production Sharing Contracts (PSCs) accounted for 19.97 per cent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 per cent.
“A further breakdown showed that a total of 137.41 BCF of gas was commercialized, consisting of 39.99BCF and 97.42BCF for the domestic and export market respectively.
“This translates to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.”
