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Home Business News Politics

NNPC Releases Monthly Performance Report For August

Editor by Editor
October 9, 2015
in Politics
NNPC Releases Monthly Performance Report For August
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The Nigeria National Petroleum Corporation (NNPC) released its Monthly Oil & Gas Report for August 2015 in Infographics.

The report covered different segments ranging from Crude Oil $ Condensate Lifting and Utilization, Crude Oil Lifting Values, Refineries Capacity Utilization, NNPC Group Revenue etc. Key findings from the report revealed the following:

Crude Oil & Condensate Lifting and Utilization:

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This is made up of Lifting by FIRS, Export, Domestic, IOCs. The value rose by 8.36% from 58,813,357 barrels in June 2015 to 63,728,509 barrels in July 2015.

Government Crude Oil Lifting & Utilisation:

The Crude oil lifting and utilisation in the upstream sector rose by 7.41% from 16.2million barrels in June 2015 to N17.4million barrels in July 2015.

GAS SUPPLY TO POWER PLANTS & GENERATION:

The Gas supply rose from 2,219Mw in May 2015 to 3,002Mw in June, and by July 2015 it was 3,489Mw.

NNPC GROUP REVENUE:

The revenue declined by 1.74% from N149billion in July 2015 to N147billion in August 2015.

The NNPC also explained the key challenges facing it, which include:

  • Asset Integrity: Incessant pipelines breakages nationwide which has led to massive leakages and huge accounting losses to NNPC.
  • Crude oil and Product losses resulting from theft and vandalism
  • Sub-commercial contracts primarily legacy problems.
  • Low capacity utilisation of refineries.

The NNPC plans to fix these challenges in 20 Ways:

  • Reduce and audit costs.
  • Restructure corporate Centre and staffing.
  • Renegotiate existing contracts, including PSCs.
  • Streamline subsidy management.
  • Boost pipeline security.
  • Enhance transparency and accountability.
  • Achieve zero tolerance for corruption.
  • Rebrand NNPC’s image.
  • Unbundle PPMC.
  • Unbundle NGC.
  • Reduce contracting cycle.
  • Restructure refineries.
  • Improve information technology to drive business.
  • Embed staff and business performance management.
  • Restructure JV funding and reduce cash call.
  • Improve retail profitability.
  • Deploy and attract focused investments.
  • Re-kit NPDC.
  • Expand crude marketing.
  • Generate power profitably.

DOWNLOAD FULL REPORT

 

 

 

Tags: News ReviewNNPC Nigeria News
Editor

Editor

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