NNPC DECLARES N12BILLION NAIRA TRADING SURPLUS, DESPITE INCREASE IN PIPELINE BREACHES.

THE N.N.P.C SAID ITS POSITIVE FINANCIAL PERFORMANCE IN THE MONTH UNDER REVIEW WAS IN SPITE OF DISTURBING REPORTS OF BREACHES ON ITS ASSETS.

THIS WAS MADE KNONW IN A STATEMENT ON ITS MONTHLY FINANCIAL AND OPERATIONS REPORT FOR DECEMBER 2018, SIGNED BY ITS GROUP GENERAL MANAGER, GROUP PUBLIC AFFAIRS DIVISION.

UGHAMADU ATTRIBUTED THE POSITIVE SWING TO HIGHER REVENUE NUMBERS POSTED BY THE N.N.P.C’S UPSTREAM SUBSIDIARY, THE NIGERIAN PETROLEUM DEVELOPMENT COMPANY, N.P.D.C, WHICH WAS TARGETING A 500,000 BARRELS PER DAY, B.P.D, CRUDE OIL OUTPUT BY 2020.

HE CITED N.P.D.C’S CONTINUOUS REVENUE DRIVE ARISING FROM RECENT AVERAGE WEEKLY PRODUCTION OF 332,000 B.P.D AS THE MAIN DRIVER OF THE POSITIVE OUTLOOK.

UGHAMADU STATED THAT THERE APPEARS TO BE NO LET-UP IN THE ACTIVITIES OF VANDALS WHO IN DECEMBER LAST YEAR, PUSHED PIPELINE BREACHES ACROSS THE COUNTRY BY A WHOPPING 34 PERCENTAGE POINT.

HE EXPLAINED THAT WITHIN THE PERIOD OF DECEMBER 2018, 257 PIPELINE POINTS WERE VANDALIZED, OUT OF WHICH ONE PIPELINE POINT FAILED TO BE WELDED AND SIX PIPELINE POINTS WERE RUPTURED, ADDING THAT THIS WAS COMPARED TO 197 BREACHES ON IT PIPELINES IN NOVEMBER LAST YEAR.

UGHAMADU FURTHER STATED THAT 1.80 BILLION LITRES OF PREMIUM MOTOR SPIRIT, PMS, TRANSLATING TO 58.17 MILLION LITERS PER DAY WERE SUPPLIED FOR THE MONTH, ADDING THAT OVERALL, DURING THE MONTH UNDER REVIEW, 1.96 BILLION LITRES OF WHITE PRODUCTS WERE DISTRIBUTED AND SOLD BY N.N.P.C DOWNSTREAM SUBSIDIARY, PETROLEUM PRODUCTS MARKETING COMPANY, P.P.M.C, COMPARED WITH 1.09 BILLION LITRES IN NOVEMBER 2018.

THE N.N.P.C SPOKESPERSON FURTHER DISCLOSED THAT TOTAL REVENUES GENERATED FROM THE SALES OF WHITE PRODUCTS FOR THE PERIOD DECEMBER 2017 TO DECEMBER 2018 STOOD AT N2.778 TRILLION NAIRA, WITH P.M.S CONTRIBUTING ABOUT 89.63 PER CENT OF THE TOTAL SALES WITH A VALUE OF N2.49 TRILLION NAIRA.

HE NOTED THAT IN THE GAS SECTOR, NATURAL GAS PRODUCTION INCREASED BY 12.22 PER CENT AT 240.64 BILLION CUBIC FEET COMPARED TO OUTPUT IN NOVEMBER 2018; TRANSLATING TO AN AVERAGE DAILY PRODUCTION OF 8.021 BILLION STANDARD CUBIC FEET PER DAY, SCFD, WHILE THE DAILY AVERAGE NATURAL GAS SUPPLY TO GAS POWER PLANTS HIKED BY 5.36 PER CENT TO 774 MILLION SCFD, EQUIVALENT TO POWER GENERATION OF 3,131 MEGAWATTS, MW. UGHAMADU DECLARED THAT GAS FLARE RATE WAS 9.15 PER CENT FOR THE MONTH UNDER REVIEW, THAT IS 729.55 BILLION S.C.F.D COMPARED WITH AVERAGE GAS FLARE RATE OF 9.92 PER CENT, THAT IS, 777.37 MILLION S.C.F.D FOR THE PERIOD DECEMBER 2017 TO DECEMBER 2018.