The state-run Nigerian National Petroleum Corporation (NNPC) has said that it recorded a total of $580.32 million in the sale of crude oil and gas for the month of May this year.
The statement by the Group General Manager, Group Public Affairs Division of the Corporation, Mr. Ndu Ughamadu, in Abuja said that the figure was 23.39 percent higher than the figures for April this year.
He explained that out of this number, crude oil export sales contributed $458.59 million which translates to 79.02 percent of the entire dollar transactions compared with $342.11 million contributed in the previous month. The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.
According to him, a total of 2.06bn litres of petrol translating to 66.49 million liters per day were supplied for the month of May 2019 in the downstream sector of the oil industry to ensure uninterrupted supply and effective distribution of petrol across the country.
He added that the details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR), showed that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.
Ughamadu explained that within the period, a total of 60 pipeline points were vandalized, which represents a remarkable 52 percent drop from 125 points vandalized in April 2019.
The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 percent and 23 percent respectively and other locations accounted for the remaining 39 percent of the total breaks.
The report noted the spirited efforts by the NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.
He added that details of the report contained in the May 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR) showed that the Corporation recorded a trading surplus of N6.33 billon for the month of May 2019, representing 13 percent higher than N5.60 billion surplus posted in the preceding month of April 2019.
According to him, the report released on Monday, attributed the modest rise to the increase in gas and power output, which contrasts with the figure for the preceding month.
He also said that the result to the surplus recorded by the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil contributed to the positive result recorded.
The May 2019 NNPC MFOR is the 46th in the series designed to provide greater transparency and remove the perception of opacity hitherto associated with the operations of the national oil company.
The new NNPC Management headed by Mallam Mele Kyari has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public. ($1=N305)