March 1, 2024

Mosimi depot accounts for 51% pipeline vandalism



The Nigerian National Petroleum Company Limited(NNPC), on Sunday announced that its depot in Mosimi, Ogun state recorded the highest incidences of pipeline vandalism in the month of June 2021.

This is contained in the NNPC Monthly Financial and Operations Report (MFOR), June 2021 edition released in Abuja.

According to the report 47 pipeline points were vandalized in June 2021,representing 26.56% decrease from the 64 points recorded in May 2021.

A breakdown of incidents show that Mosimi area accounted for 51% while the Port Harcourt and Kaduna area were responsible for 43%, and 6% respectively of the vandalized points.

The report also stated that the company distributed a total of 1.63bn litres of Premium Motor Spirit (PMS) otherwise known as petrol across the country during the month. By implication, daily petrol supply stood at 54.50mn liters/day in June 2021.

The NNPC Limited also reported a trading surplus of ₦141.96billion in the month under review compared to a deficit of ₦37.46Billion in May 2021.

A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion. Similarly, expenditure for the month decreased by 29.32% or N299.44billion to stand at N721.93billion.

Thus, in the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.

The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

The result was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.

In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).

For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production.

The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.

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