The Nigerian National Petroleum Corporation (NNPC) said it earned $378.42 million from exporting crude oil and gas in June 2020, higher than the $133.16m it posted in May 2020.
The increase in revenue followed the ease of the COVID-19 pandemic global lockdown and the subsequent increased global oil demand.
NNPC in a statement by its spokesman, Kennie Obateru, said the receipts showed $230.65m for crude oil, gas was $75.97m, and miscellaneous proceeds was $71.80m.
The statement which cited its June 2020 Monthly Financial and Operations Report (MFOR) said, between June 2019 and June 2020, NNPC had earned $4.60 billion from exports.
In the downstream sector, the report said 1.34bn litres of white products were sold by the Petroleum Products Marketing Company (PPMC), a figure higher than the 950.67m litres sold in May.
Over 1.3b litres of Premium Motor Spirit (PMS), 5.10m litres of Automotive Gas Oil (AGO) and 1.65m litres of Dual Purpose Kerosene (DPK) were sold in June. ₦134.22bn was derived from white products’ sales, higher than ₦92.58bn realized in May.
White products sales from June 2019 to June 2020 was 19.104bn litres, with PMS taking 18.9bn litres or 99.36 percent. NNPC realized ₦2.267 trillion, with PMS recording 99.12 percent (₦2.247tn).
In June, NNPC said 33 pipeline points were vandalized representing about 11 percent decrease from the 37 points recorded in May.
From the 232.03bn Cubic Feet (BCF) of gas supplied in June 2020, 148.66BCF was commercialized with 34.64BCF for the local market while 114.01BCF was exported.
The NNPC report stated that gas flare rate for June 2020 stood at 6.11 percent, that is: 472.94 million Standard Cubic Feet (mmscfd), compared with average gas flare rate of 7.84 percent, equivalent of 611.73mmscfd from June 2019 to June 2020.
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