Earlier this week, it was reported that the improvement in earnings from the oil and gas sector followed easing of the COVID-19 global lockdown. This quickly sprang up an increased in demand and sturdy prices for crude in the international market. Th...
crudeoil, gas, export, vandalism, revenue, financial
Earlier this week, it was reported that the improvement in earnings from the oil and gas sector followed easing of the COVID-19 global lockdown. This quickly sprang up an increased in demand and sturdy prices for crude in the international market.
The June 2020 Monthly Financial and Operations Report (MFOR) confrimed that the Nigerian National Petroleum Corporation (NNPC) in the last one year, exported over N1.7trillion ($4.60billion) worth of crude oil and gas.
Dr. Kennie Obateru, the General Manager, Group Public Affairs Division, revealed that the petroleum receipts for the month disclosed crude oil earnings of about $230.65million, with gas and miscellaneous earnings accruing up to $75.97million, and $71.80million, respectively. The products were exported between June 2019 and June 2020, with receipts of $378.42million recorded this June, which is way much higher than the $133.16 million sold in May. This has been a wonderful high on the part of the sector.
Moreover, the record also disclosed up to 1.34 billion litres of white commodities were disseminated and marketed during the period by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC). it was also reported that this was significantly higher than the 950.67million litres sold and distributed a month earlier, following the restrained easing of the lockdown and improvement of business activities throughout the nation.
Furthermore, the total revenues accruing from the marketing of white products for the one year period steadied at about ₦2.267 trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over ₦2.247 trillion.
During the month under check, 33 pipeline points were destroyed and vandalised, bringing the hazard, peril and jeopardy of pipeline vandalism by about 11 per cent from the 37 points recorded in the month of May 2020. However, the June Report also revealed that in cooperation with local communities and other stakeholders, Nigerian National Petroleum Corporation (NNPC) would continuously strive to control the occurrence of pipeline vandalism across the nation.