Pipe­line van­dal­ism dropped by 81%, says NNPC

The Punch - - BUSINESS & ECONOMY - Okechukwu Nn­odim, Abuja

THe Nige­rian Na­tional Petroleum Cor­po­ra­tion on Wed­nes­day an­nounced that van­dal­ism of oil pipe­lines across the coun­try re­duced by 81 per cent in Oc­to­ber 2019.

It stated that in Oc­to­ber 2019, 35 van­dalised-pipe­line points, rep­re­sent­ing a de­crease of 81 per cent from the 186 van­dalised-points in Septem­ber 2019, were recorded.

This came as the cor­po­ra­tion again posted a trad­ing sur­plus of N13.23bn in Oc­to­ber 2019, rep­re­sent­ing an in­crease of 54 per cent when com­pared to the N8.59bn sur­plus posted in Septem­ber last year.

In its Oc­to­ber 2019 monthly fi­nan­cial and op­er­a­tions re­port, the NNPC stated that out of the 35 van­dalised points recorded in the month un­der re­view, eight failed to be welded.

It stated that only one pipe­line was rup­tured. Ibadan-ilorin axis ac­counted for 34 per cent of pipe­line breaks, while Atc-mosimi and other routes ac­counted for 23 per cent and 43 per cent re­spec­tively.

On the trad­ing sur­plus recorded by the firm, the cor­po­ra­tion stated that the N8.59bn recorded in Septem­ber 2019 in­di­cated an in­crease of 65 per cent com­pared to the N5.20bn posted in Au­gust 2019.

It said the N5.20bn sur­plus recorded in Au­gust beat the N4.26bn sur­plus posted in July 2019, re­flect­ing an in­crease of 22 per cent.

The NNPC said the rev­enue in­crease of 54 per cent in its Oc­to­ber 2019 ac­counts was largely due to im­proved trad­ing sur­plus posted by its flag­ship up­stream sub­sidiary, the Nige­rian Petroleum De­vel­op­ment Com­pany.

The re­port stated that the cor­po­ra­tion recorded crude oil and gas ex­port sales of $483.25m in Oc­to­ber 2019, which rep­re­sented an in­crease of 35.77 per­cent­age point, com­pared to the pre­vi­ous month.

This im­plies that in the month un­der re­view, crude oil ex­port sales con­tributed $396.94m (82.14 per cent) of the dol­lar trans­ac­tions, com­pared with $267.97m con­tri­bu­tion in Septem­ber 2019.

“The ex­port gas sales for the month amounted to $86.32m,” the re­port stated.

Over­all, the Oc­to­ber 2018 to Oc­to­ber 2019 crude oil and gas trans­ac­tions in­di­cated that crude oil and gas worth $5.49bn was ex­ported.

In the down­stream sec­tor, the re­port stated that 1.16 bil­lion litres of Pre­mium Mo­tor Spirit, pop­u­larly called petrol, was sup­plied in Oc­to­ber 2019, trans­lat­ing to 37.3 mil­lion litres per day.

In the gas sec­tor, out of the 235.82 bil­lion cu­bic feet of gas sup­plied in Oc­to­ber 2019, a to­tal of 134.97BCF of gas was com­mer­cialised, con­sist­ing of 31.37BCF and 103.6BCF for the do­mes­tic and ex­port mar­ket re­spec­tively.

This trans­lates to a to­tal sup­ply of 1,011.85 mil­lion stan­dard cu­bic feet of gas to the do­mes­tic mar­ket and 3,341.84mm­scfd of gas sup­plied to the ex­port mar­ket for the month.

This im­plies that dur­ing the month, 57.23 per cent of the av­er­age daily gas pro­duced was com­mer­cialised, while the bal­ance of 42.77 per cent was re-in­jected, used as up­stream fuel gas or flared.

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