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NNPC posts $108m for raw petroleum, gas send out deals in November – Report

 

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The Nigerian National Petroleum Corporation (NNPC) has said that it accomplished an exchanging excess of 108.84 million dollars (about an N13.43billion) for November 2020.

The Corporation uncovered this in its Monthly Financial and Operation Report (MFOR) for the long stretch of November 2020, delivered in Abuja.

It said that the sum demonstrated a 70.33 percent increment contrasted with the October 2020 deals.

"Unrefined petroleum sends out deals contributed 73.09million dollars (67.15 percent) of the dollar exchanges contrasted and 12.38 million dollars commitment in the earlier month; while the fare gas deals added up to 35.75 million dollars in the month.

" The complete raw petroleum and gas send out for the time of November 2019 to November 2020 remained at 2.89billion dollars,'' it said

The report also uncovered an exchanging overflow of ₦13.43billion for November 2020, up by 54 percent compared to the ₦8.71billion excess recorded in October 2020.

It noticed that the exchanging excess or exchanging shortage was inferred after the consumption profile allowance from the income in the time frame under survey.

The report additionally demonstrated that in the month under audit, NNPC Group's working income, when contrasted with October 2020, diminished marginally by 0.02 percent or ₦0.09billion to stand at N423.08 billion.

Likewise, it uncovered that use for the month diminished by 1.16 percent or N4.81billion to stand at N409.65billion, prompting the ₦13.43billion exchanging excess.

"In general, use as an extent of income was 0.97 in November as against 0.98 in October 2020.

"The 54 percent expansion in exchanging surplus the November MFOR is attributed to the significant lessening in consumption from the Nigeria Gas Company (NGC) because of cost decrease in overheads, combined with 38 percent decrease in NNPC Corporate Headquarters shortage.

"Also, the NNPC Group's excess was supported by the observably improved benefits for extra designing administrations delivered by the Nigerian Engineering and Technical Company (NETCO) and expanded income from import exercises posted by Duke Oil Incorporated,'' It said.

In the Gas Sector, a sum of 222.34 Billion Cubic Feet (BCF) of gaseous petrol was created in the month under audit.

This meant a regular everyday creation of 7,411.52 Million Standard Cubic Feet each Day (mmscfd).

It noticed that for the time frame November 2019 to November 2020, an aggregate of 3,004.06BCF of gas was created, addressing a regular everyday creation of 7,642.69mmscfd during the time frame.

"Out of this volume, creation from Joint Ventures (JVs) represented 67.29per penny, Production Sharing Contracts (PSCs) represented 19.97 percent, while the Nigerian Petroleum Development Company (NPDC) represented 12.74 percent,'' it said

A further breakdown demonstrated that a sum of 137.41 BCF of gas was popularized, comprising of 39.99BCF and 97.42BCF for the homegrown and fare market individually.

This, it noted, meant an all-out stockpile of 1,332.82 mmscfd of gas to the homegrown market and 3,247.44 mmscfd of gas provided to the fare market for the month.

The report noticed that the stockpile suggested that 62.55 percent of the typical day by day gas delivered was marketed. In comparison, the equilibrium of 37.45 percent was re-infused, utilized as upstream fuel gas, or erupted.

" Gas flare rate was 7.89 percent for the month under survey, meaning 577.39 mmscfd.

"An aggregate of 789mmscfd was conveyed to gas-terminated force plants in November 2020 to produce a normal force of about 3,358MW contrasted and October 2020 when a normal of 750mmscfd was provided,'' it said.

In the Downstream Sector, the report noted 1.725 billion liters of white items were sold and disseminated by the Petroleum Products Marketing Company (PPMC), an auxiliary of the NNPC, in the month under survey, contrasted and over 1.224billion liters in the long stretch of October 2020.

It added that the items included 1.723 billion liters of Premium Motor Spirit (PMS), otherwise called petroleum, 2.13 million liters of Automotive Gas Oil (AGO), otherwise called diesel, and 0.33 million liters of Dual Purpose Kerosene.

"Complete offer of white items for the time frame November 2019 to November 2020 remained at 17.031 billion liters, and PMS represented 16.911 billion liters or 99.29per penny.

"In financial terms, an amount of ₦226.08 billion was made on the offer of white items by PPMC in November contrasted with ₦158.04 billion deals in October 2020.

"All out incomes created from the deals of white items for the time frame November 2019 to November 2020 remained at N2.034 trillion, where PMS contributed about 99.09 percent of the total sales with an estimation of over ₦2.015 trillion.

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