NNPC trading surplus hits N12.13bn in Dec 2018

The Nigerian National Petroleum Corporation has revealed that its trading surplus hit N12.13 billion for the month of December 2018.

This was contained in the monthly financial and operations report released on Sunday in Abuja.

The corporation’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC) recorded a positive upswing of average production of 332,000 barrels of oil per day with the corporation targeting 500,000bpd production in 2020.

According to the reports, 257 pipeline points were vandalised within the month under review out of which one pipeline point failed to be welded and six pipeline points were ruptured.

NNPC recorded 197 breaches on its pipelines in November last year.

A total of 197 breaches were recorded on all pipelines in November out of which Ibadan-Ilorin, Mosimi-Ibadan, and Atlas Cove-Mosimi network accounted for 90, 69 and 57 compromised points respectively or approximately 34 per cent, 26 per cent and 22 per cent of the vandalised points respectively.

Aba-Enugu pipeline link accounted for seven per cent, with other locations accounting for the remaining 11 per cent of the pipeline breaks.

The report further states that 1.8 billion litres of Premium Motor Spirit (PMS), popularly known as petroleum, translating to 58.17 million litres/day were supplied in the month under review.

The distribution of white products to its downstream subsidiaries rose from 1.09 billion litres in November to 1.96 billion litres in December.

1.94billion litres of the products were Petroleum, 0.007 billion litres of kerosene and 0.014 billion litres of diesel.

Total sale of white products for the period, December 2017 to December 2018, was 21.84 billion litres and PMS accounted for 20.17 billion litres or 92.36 per cent