The federal government earned more than N230, 400, 000, 000
($640.35m) from the export of crude oil and gas in October 2018.
The Nigerian National Petroleum Corporation (NNPC) stated this in its monthly Financial and Operation report for October 2018 released in Abuja yesterday.
The corporation said the total export receipt of $640.35 million recorded in October 2018 was higher than the $527.70 million earned in September 2018.
The financial results showed that $450.44 million accrued from crude oil sale with gas, while miscellaneous receipts stood at $173.92 million and $15.99 million respectively.
In the downstream sector, the report revealed that the downstream subsidiary of the corporation, the Petroleum Products Marketing Company (PPMC), posted a receipt of N231.33 billion from sale of white products in the month under review compared to N150.25 billion sold in September 2018.
“Total revenues generated from the sales of white products for the period October 2017 to October 2018 stand at N2.684 trillion, where PMS contributed about 88.32 per cent of the total sales value of N2.371 trillion.
“To ensure continuous increase of PMS supply and effective distribution across the country, a total of 1.66 billion litres of petrol, translating to 55.50 million liters/day, were supplied for the month under review,’’ said the report.
The report further noted that out of the 1,066.88 million standard cubic feet of gas per day (mmscfd) of gas supplied to the domestic market in October 2018, about 627.33 mmscfd representing 58.81 per cent was supplied to gas-fired power plants to generate an average power of about 2,349MW.
This, it said when compared with the September 2018, was an average of 615 mmscfd supplied to generate 2,303MW.
“The balance of 439.35 mmscfd or 41.19 per cent was supplied to other industries,’’ it said.
From October 2017 to October 2018, the report said an average of 1,188.58 mmscfd of gas was supplied to the domestic market with an average of 744.06 mmscfd or (62.60 per cent) as gas supplied to the power plants and 444.52 mmscfd or (37.40 per cent) as gas supplied to industries.
It added that about 3,096.18 mmscfd or 89.58 per cent of the export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG) Bonny.
On the issue of pipeline vandalism, NNPC raised an alarm on the increasing incidents of pipeline vandalism across the country.
In October, the corporation said its pipeline network suffered a 42.9 per cent increase in the incidents of vandalism compared to September of the same year.
NNPC said it recorded 219 pipeline vandalised points during the month in review compared to 125 incidents in September.
It also revealed that among the breaches, four vandalised pipeline points failed to be welded while one point was ruptured.
It added that cases of vandalism of pipeline facilities were high along Ibadan-Ilorin and Aba-Enugu axis, accounting for 81 (40 per cent) and 39 (18 per cent) vandalised points respectively.
With ThisDay report
