Nigeria’s sales revenue from white products rise to N1.877 trillion

A total sale of ₦151.42 billion was made on the petroleum products for white products by Petroleum Investment Management company (PPMC) in the month of September 2017, compared with ₦111.36 billion sold in the prior month of August 2017.

According to the Nigerian National Petroleum Corporation (NNPC) which made this disclosure in its monthly financial report, total revenues generated from the sales of white products for the period September 2016 to September 2017 stands at ₦1.877 trillion, where Premium Motor Spirit (PMS) contributed about 85.08 per cent of the total sales with a value of ₦1.596 trillion.

It stated: “Group operating revenue for the months of August 2017 and September 2017 were ₦265.10Billion and ₦307.59Billion respectively. These represent 71.87 per cent and 83.39 per cent respectively of monthly budget. Similarly, operating expenditure for the same periods were ₦270.84Billion and ₦310.40Billion respectively, which also represents 85.13 per cent and 97.56 per cent of budget for the months respectively.

The 26th publication recorded a trading deficit of ₦2.81 billion which is relatively lower than the previous month’s deficit of ₦5.74Billion. This represents 51.06 per cent or ₦2.93 billion improvement compared to the last month’s performance.”

NNPC said that a total of 222.92 Billion Cubic Feet (BCF) of natural gas was produced in Nigeria during the month of September 2017, translating to an average daily production of 7,431.06 million standard cubic feet per day (mmscfd).

It stated that tor the period September 2016 to September 2017, a total of 2,954.62 BCF of gas was produced, representing an average daily production of 7,478.46 mmscfd during the period.

According to NNPC, Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.78 per cent, 23.30 per cent and 7.92 per cent respectively to the total national gas production. The table and charts overleaf provide details of the national gas production for the period September 2016 to September 2017.

It stated: “Out of the 221.26 BCF of gas supplied in September 2017, a total of 125.58 BCF of gas was commercialized comprising of 30.77 BCF and 94.81 BCF for the domestic and export market respectively,

This translates to an average daily supply of 1,025.75 mmscfd of gas to the domestic market and 3,160.17 mmscfd of gas supplied to the export market as shown in Table 2.5.2. This implies that 56.76 per cent of the average daily gas produced was commercialized while the balance of 43.24 per cent was either re-injected, used as upstream fuel gas or flared. Gas flare rate was 11.54 per cent for the month of September 2017 i.e. 850.94 mmscfd compared with average Gas flare rate of 10.12 per cent i.e. 747.55 mmscfd for the period September 2016 to September 2017.”

It disclosed that a total volume of 60.50 million barrels of crude oil and condensate was lifted in the month of August 2017 by all parties.