Connect with us

Other News

NNPC records $378.42million crude oil proceeds in June, posts $4.60billion export sale in one year

Published

on

Modupe ASUDO

ABUJA-THE Nigerian National Petroleum Corporation (NNPC) has announced a total crude oil and gas export receipt of $378.42million in June 2020 as against $133.16million it posted in May 2020, signally a marked improvement in revenue earnings apparently 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.
The NNPC in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively. The release explained that details of the earnings were contained in the June 2020 Monthly Financial and Operations Report (MFOR) of NNPC, which it noted, is the 59th edition in the series.The report, which was released in Abuja today, put total crude oil & gas export receipts for the period: June 2019 to June 2020 at $4.60billion. In the Downstream Sector, the NNPC monthly report said in order to ensure continuous supply and effective distribution of petroleum products across the country in June, 2020, 1.34billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), saying the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020, again an apparent reflection of  the gradual ease of the lockdown in the Country and the picking up of business activities. A breakdown of the June 2020 figures indicated that over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period. White products sale for the period June 2019 to June 2020, the report disclosed, 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 2020, compared to ₦92.58billion sales in May, 2020. Total revenues recorded from the sales of white products for the period 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. During the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020. Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent. The NNPC monthly Financial and Operations Report for June, 2020 explained 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. In the Gas sector, out of the 232.03billion Cubic Feet of gas (BCF) supplied in June 2020, 148.66BCF of gas was commercialized; consisting of 34.64BCF and 114.01BCF for the domestic and export market, respectively. This, the report explains, translates 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, implying 64.07 per cent of the average daily gas produced was commercialized, while the balance of 35.93 per cent was re-injected, used as Upstream fuel gas or flared. The NNPC report stated that gas flare rate for June 2020 stood at 6.11 per cent, that is: 472.94mmscfd, compared with average Gas flare rate of 7.84 per cent, equivalent of 611.73mmscfd for the period June 2019 to June 2020.

Click to comment

Other News

Suleija Jailbreak: Over 100 Inmates Still Unaccounted For – NCoS

Published

on

In the aftermath of the escape from its Suleija facility in Niger State, the Nigeria Correctional Service (NCoS) has disclosed the successful recapture of three escaped inmates.

Despite these efforts, 106 inmates are still on the run.

Abubakar Umar, an Assistant Controller and spokesperson for the NCoS, dismissed rumors circulating online suggesting that 50 inmates had been apprehended, clarifying that only three had been recaptured.

He said “Aside from the 10 earlier recaptured, three more have been recaptured. So, we are on the chase of 106.”

He further dismissed reports from television sources alleging over 8,000 escaping inmates nationwide.

He clarified that following heavy rainfall damaging parts of the Suleija facility, at least 119 inmates had escaped.

During a visit to the facility, Minister of Interior, Dr. Olubunmi Tunji-Ojo, underscored the urgency of relocating the correctional center from its current urban location.

He noted that the facility, originally designed for 250 inmates, was accommodating 499 individuals prior to the incident.

He said; ”Obviously, it was a force majeure. There was a storm and there was a breach of the outer wall of this facility and some of the inmates escaped.

“Of course, we have been able to retrieve about 10 out of the 119. So we have 109 at large and the manhunt is presently ongoing. We will do everything possible to make sure that everyone is brought back”.

Additionally, the Service (NCoS) announced its intention to publish the identities of the escapees at a later time.

Continue Reading

Other News

JUST IN: Court Grants Cubana Chief Priest Bail In Naira Abuse Case

Published

on

In Lagos State’s Federal High Court, businessman and socialite Pascal Okechukwu, widely known as Cubana Chief Priest, was granted bail of N10 million with two sureties in like sum on Wednesday.

During his trial, he pleaded not guilty to charges of tampering and abusing the naira.

Cubana Chief Priest appeared before Justice Kehinde Ogundare facing three counts related to the alleged abuse of the national currency by spraying and tampering with it at a social event on February 13, 2024, at Eko Hotel, which is contrary to the provisions of the Central Bank Act of 2007.

At a social gathering, Cubana Chief Priest reportedly engaged in the offenses while dancing, manipulating funds in N500 notes issued by the CBN by spraying them continuously for two hours.

Continue Reading

Other News

BREAKING: Cubana Chief Priest Denies Naira Abuse Charges

Published

on

Okechukwu Pascal, popularly known as Cubana Chief Priest, was arraigned by the Economic and Financial Crimes Commission (EFCC) on Wednesday for alleged naira Abuse.

At the Federal High Court in Lagos, he pleaded not guilty to three charges brought against him.

His legal team is currently presenting arguments for his bail application, requesting the court to grant him bail under favorable conditions.

Charge filed against Cubana Chief Priest below

COUNT 1: That you. OKECHUKWU PASCAL on 13th February 2024,at Eko Hotel Victoria island. Lagos, within the juridition of this Honourable Court.

“whilst dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Nara) Issued by the Central Bank of Nigeria by spraying it,and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act.2007.

COUNT 2: That you,OKECHUKWU PASCAL sometime in 2020, in Lagos within the juridition of this Honourable Court,during a social event tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours,and you thereby committed an offence contrary to and punishable under section 21(1) of the Central Bank Act. 2007.

COUNT 3: That you,OKECHUKWU PASCAL sometime In January 2024,in Lagos.withih the juridition of this Honourable Court,during a social event tampered with funds in the denomination of N500 [Five Hundred Naira issued by the Central Bank of Nigeria by spraying same,ond rou thereby committed on offence contrary to and punishable under section 21(1) of the Central Bank Act, 2007.

 

 

More to follow…… 

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.