NNPC crude oil lifting dips in January by 12 percent

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CBN

… post a short fall of N73.123 bn in revenue in February
Olusola Bello
Nigerian National Petroleum Corporation  (NNPC)crude oil lifting in January 2021 for export and domestic dip by 12 percent as it was only able to lift 6.3 million barrels  as against the 8.04 million  barrels  in the previous month of December 2020.
A document cited by BusinessStandards,  mentioned  the lifting activities  in  January without further details, and then went  further  to state  the receipts  received  for  crude and  gas export in February.
The paper stated that the corporation received a total of $30.99 million or N11.74 billion, which was an increase of 77.4 percent over what was received in January2021.
Other revenues came  from gas which raked in N2.2 billion.  In addition to this, feed stocks sold to the Nigeria Liquefied Natural Gas Limited amounted to $52. 24 million but the corporation received $ 50.19 million. This was because part of the money  was used to net off  payment for the Modified  Carry Agreement  (MCA) and other obligations.  The sum of $3.7 million being regarded as miscellaneous was also received by the corporation.
The  state owned firm  post a short fall  of N73.123 billion in its   total revenue in the month of February  as against  N25 .4 billion in  January. Industry observers have attributed this the huge cost associated  with   importation of refined product into the country.
On Tuesday it announced a 37.21 percent decrease in cases of pipeline vandalism across the country in the month of January.
2021.
This means more products might be moved through the pipelines while the country is saved from the carnage often experienced through products laden trucks that are involved  one accident or the other on Nigerian roads with dare consequences for the economy and human lives.

The decline in pipeline vandalism is reported in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to the Group General Manager, Group Public Affairs Division of the Corporation, Kennie Obateru.
The report indicates that a total of 27 pipeline points were vandalized in January 2021 down from the 43 points recorded in December 2020.
The Mosimi Area accounted for 74% of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 22% and 4% respectively.
However, NNPC is continuously working in collaboration with the local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
To guarantee energy security, the Corporation also supplied a total of 1.44billion litres of Premium Motor Spirit (petrol), translating to 46.30million liters/day, across the country in the period under review.
In the Gas sector, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38% to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97% and 14.83% respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
This translates to a total supply of 1,428.65mmscfd of gas to the domestic market and 3,385.57mmscfd to the export market in the month under review.
This indicates that 67.15% of the daily gas output was commercialized while the balance of 32.85% was re-injected, used as upstream fuel, or flared.
Gas flare rate was 7.73% for the month under review (i.e. 554.01mmscfd) compared with average gas flare rate of 7.19% (i.e. 539.69mmscfd) for the period of January 2020 to January 2021.
The 66th edition of the NNPC MFOR highlights NNPC’s activities for the period of January 2020 to January 2021. It is published in line with the Corporation’s commitment to the tenets of Transparency, Accountability and Performance Excellence (TAPE).
The Corporation has sustained effective communication with its stakeholders through the publication of the report on its website, independent online news platforms and national dailies.

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