The Nigerian National Petroleum Corporation (NNPC) have released details of the corporation financial and operation report for the month of October. It also explain extra measures been taken to address the issue of the lingering fuel scarcity.

SUMMARY

A total of 65.98 million barrels of crude oil & condensate was produced in the month of September 2015 representing an average daily production of 2.20 million barrels. This represents an increase of 4.16% relative to August, 2015 performance. Of the September, 2015 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 32.91% and 39.96% respectively.

A total of 246.02 billion standard cubic feet (BCF) of natural gas was produced in the month of October 2015 translating to an average daily production of 7.90 billion standard cubic feet per day (bscfd).

The NNPC also lifted 13,516,762 barrels of Crude Oil for domestic utilization translating to an average volume of 450,559 barrels of oil per day in terms of performance. In order to meet domestic product supply requirement for the month of September, 2015 about 7,597,207 barrels of crude oil was processed through Offshore Processing Agreements (OPA), 2,047,771 barrels was processed in the domestic refineries and the balance of 3,871,784 barrels was sold in the export market.

The Total Crude processed by the three Refineries, in the month of October 2015 was zero.

In October 2015, 852.10 million litres of white products was supplied into the country through the OPA arrangements compared with a volume of 763.90 million litres achieved in the prior month of September 2015.

Total export proceeds of $445.79million was recorded in October, 2015 with proceeds from Crude oil sales, LPG & NLNG Feedstock, and Miscellaneous receipt amounting to $325.28 million (72.97%), $84.57million i.e. 18.97% and $35.93(8.06%)million respectively.

NNPC Replaces Offshore Processing Arrangement In a major steer designed to enshrine transparency and stem the trend of value lost to Federation, NNPC had replaced Offshore Processing Arrangement, OPA option in preference for the more efficient Direct Sale-Direct Purchase alternative. The new option allows for the direct sale of crude oil by NNPC as well as direct purchase of petroleum products from credible international Refineries thereby eliminating the activities of middlemen, in the crude oil exchange for product matrix. Thus only bona fide owners of Refineries identified in the ongoing OPA Tender Evaluation process will be further engaged.

Download Full NNPC Monthly Financial and Operations Report for October 2015

Source: http://www.newsheadlines.com.ng/latest-news/2015/12/03/nnpc-financial-report-for-october-2015/

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Extra measures to Address Fuel Scarcity

Sequel to artificially induced fuel queues prevailing in some major cities across the country, PPMC has increased the volume of petrol being trucked out to fuel stations across major cities in the country and provided a projected volume of 1.4 billion litres of petrol for distribution all through the month of November. Also all NNPC Mega stations were ordered to commence 24-Hour Service.

Download Full Report http://www.newsheadlines.com.ng/latest-news/2015/12/03/nnpc-financial-report-for-october-2015/


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Ok observing...

"The Total Crude processed by the three Refineries, in the month of October 2015 was zero."

"In October 2015, 852.10 million litres of white products was supplied into the country through the OPA arrangements compared with a volume of 763.90 million litres achieved in the prior month of September 2015." But why the scarcity?

The new option allows for the direct sale of crude oil by NNPC as well as direct purchase of petroleum products from credible international Refineries thereby eliminating the activities of middlemen, in the crude oil exchange for product matrix.

- This is the game changer, subsidy would die naturally and oil marketers would begin to pay back our excess subsidy received from the treasury when the "heat is on". Sai Buhari