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NNPC earns $490m from oil, gas export in February


The Nigeria National Petroleum Corporation, NNPC, said it grossed $490.03 million from crude oil and gas export in February 2019.

In a statement on its Monthly Financial and Operations Report for February 2019, the NNPC said earnings from crude oil and gas export in the month under review, appreciated by 32.45 percent compared to the previous month’s sale.

In the statement signed by its Group General Manager, Group Public Adviser Division, Mr. Ndu Ughamadu, the NNPC noted that crude oil export sales contributed $350.29 million, representing 71.48 percent, of the dollar transactions compared with $240.23 million contributions in the previous month.

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The report pointed out that the NNPC earned $139.74 million from export gas sales in the month under review, stating that the February 2018 to February 2019 crude oil and gas transactions indicated that crude oil and gas worth of $5.94 billion was exported.

The NNPC further stated that it recorded a 40 percent drop in cases of oil pipeline vandalism in February 2019 when compared with the reported incidents of January 2019.

It stated that “A breakdown of the report indicated that in February 2019, a total of 137 pipeline points were vandalized which translates to 40 percent drop from the 230 points vandalized in January 2019.

It was revealed that Mosimi-Ibadan petroleum products pipeline accounted for 72 percent of the breaks while Kaduna, Port-Harcourt, Warri and Gombe lines made up the remaining 28 percent.

“The report attributed the drop in the line break to efforts by NNPC, the local communities and other stakeholders to reduce and eventually eliminate pipeline vandalism.”

To ensure continuous increase in petrol supply and effective distribution across the country, the NNPC added that 1.27bn litres translating to 45.53 million liters/day were supplied for the month.

The report further stated that in the downstream sector, the NNPC had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.