• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Energy

NNPC: Details of June Financial and Operations Report

Abiola Odutola by Abiola Odutola
August 24, 2020
in Energy, Spotlight
There is fuel in the country but it is in the wrong locations – Mele Kyari
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Corporation (NNPC) earned $378.42 million from crude oil and gas export in June. This is a significant increase when compared to $133.16 million recorded in May 2020.

This was disclosed in a statement signed by the Group General Manager of NNPC’s Public Affairs Division, Dr. Kennie Obateru, on Sunday in Abuja.

According to the June Monthly Financial and Operations Report, the amount signalled a marked improvement in revenue earnings, following the ease of the COVID-19 pandemic global lockdown and the subsequent increased demand and firmer prices for the black gold in the international market.

RelatedStories

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025

READ: Nigeria’s inflation rate jumps to 12.82%, highest in 27 months

Petroleum receipt

The report indicated that petroleum receipts for the month reflected crude oil earnings of $230.65 million, with gas and miscellaneous proceeds standing at $75.97million and $71.80 million dollars, respectively.

It puts the total crude oil and gas export earnings for the period between June 2019 and June 2020 at $4.60 billion.

On petroleum products supply in the downstream sector, the report said that 1.34 billion litres of white products were distributed and sold across the country by NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC).

It noted that the figure was significantly higher than the 950.67 million litres of white products sold and distributed in May 2020.

READ: Sterling Bank reveals N215 billion sequestered by CBN as CRR Debits

Breakdown of products sold

The June 2020 figures indicated that over 1.3 billion litres of Premium Motor Spirit (PMS), 5.10 million litres of Automotive Gas Oil (AGO), and 1.65 million litres of Dual Purpose Kerosene (DPK), were sold and distributed during the period.

“White products sale for the period from June 2019 to June 2020, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

“In monetary value terms, the above volumes translated to a total sale of ₦134.22billion of white products by PPMC in June, compared to ₦92.58billion sales in May.

“Total revenues recorded from the sales of white products for the period from June 2019 to June 2020 stood at over ₦2.267trillion, where PMS contributed about 99.12 per cent of the total sales, with a value of over ₦2.247trillion,” the report revealed.

READ: Data war: MTN takes over, gains 1.7 million subscribers, as Glo outshines Airtel in June

Pipeline vandalism

In the month under review, the report further noted that 33 pipeline points were vandalised, representing about 11% decrease from the 37 points recorded in May 2020.

It added that Mosimi-Ibadan accounted for 33%, while Atlas Cove-Mosimi and Warri-River Niger recorded 27% of the breaks each, with other locations making up for the remaining 13%.

The MFOR stated that in collaboration with the local communities and other stakeholders, the corporation would continuously strive to rein in on the incidences of pipeline breaches across the country.

Gas sector

Out of the 232.03 billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66 BCF of gas was commercialised.

This, it noted, consisted of 34.64BCF and 114.01BCF for the domestic and export market, respectively.

“The transaction translated to a total supply of 1,154.78million Standard Cubic Feet of gas per day (mmscfd) to the domestic market and 3,800.45mmscfd of gas supplied to the export market for the month,” it added.

Download the Nairametrics News App

This means that 64.07% of the average daily gas produced is commercialised, while the balance of 35.93% is re-injected, used as upstream fuel gas, or flared.

Gas flare rate for the month of June stood at 6.11%, implying 472.94mmscfd, compared with average Gas flare rate of 7.84%, equivalent of 611.73mmscfd for the period from June 2019 to June 2020.


Follow us for Breaking News and Market Intelligence.
Tags: Business NewsMonthly Financial and Operations ReportNigeria NewsNigerian National Petroleum CorporationNNPC
Abiola Odutola

Abiola Odutola

For further inquiries about this article, contact: Email: abiola.odutola@nairametrics.com Twitter: @AbiolaOdutola @nairametrics

Related Posts

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Petrol price, NNPCL, PMS
Breaking News

Petrol price rises to N970 per litre at filling stations

March 30, 2025
Why fuel subsidy removal cannot wait any longer - energy expert
Business News

Marketers dismiss fuel scarcity fears, urge Nigerians to avoid panic buying 

March 26, 2025
NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 
Energy

NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 

March 24, 2025
Next Post
Nigeria's GDP, Nigerian economy slips into recession as GDP contracts by 3.62% in Q3 2020

Nigeria’s GDP contracts by 6.10% in Q2 2020, as critical sectors plunge

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 
  • LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 
  • President Tinubu to remove bottlenecks hindering livestock production export between Nigeria and Brazil  

Follow us on social media:

Recent News

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025
Lagos govt mandates permits for amplified sound in nightclubs, worship centres 

LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics