54 Oil Pipelines Vandalised In February

6 min read 1,160 words 9 views

The Nigerian National Petroleum Corporation (NNPC) said that 54
petroleum pipeline points were vandalised in February 2021.

The corporation disclosed this on its Monthly Financial and
Operations Report (MFOR) for the month of February released in
Abuja, on Thursday.

It said the number represented 50 percent increase from 27
points recorded in January this year.

“During the period under review, 54 pipeline points were
vandalised representing 50 percent increase from the 27 points
recorded in January 2021.

“The Warri Area accounted for 50 percent and Mosimi Area
accounted for 39 percent of the vandalized points while Kaduna and
Port Harcourt Areas accounted for seven percent and four percent,
respectively,” it said.

According to the report, the NNPC said it will continue to work
in collaboration with the local communities and other stakeholders
to eliminate the menace of pipeline vandalism.

Also, in the period under review, the report revealed that the
corporation made N39.85 billion trading surplus, representing a
massive 314.24 percent leap from the N9.62 billion surplus it
recorded in January.

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

“NNPC Group operating revenue as compared to January 2021,
increased by 35.64 percent or N152.07 billion to stand at N578.79
billion.

“Similarly, expenditure for the month increased by 29.21 percent
or N121.83 billion to stand at N538.94 billion.

“The expenditure for the month as a proportion of revenue was
0.93 percent as against 0.98 percent the previous month,” it
said.

The report attributed the significant increase in trading
surplus to reconciled accounts by the corporation’s downstream
subsidiary, the Petroleum Products Marketing Company (PPMC), using
the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing
template.

Other factors that boosted the trading surplus figure, according
to the corporation, included the performance of Duke Oil, Nigerian
Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which
recorded robust gains as a result of increased debt collection and
cost optimisation measures.

On supply of premium motor spirit (PMS) also known as petrol,
it said that the corporation supplied a total of 1.41 billion
litres of petrol translating to 50.52 million litres/day.

In terms of natural gas offtake, commercialisation and
utilisation, out of the 206.05 billion cubic feet (BCF) produced
in February 2021, a total of 133.06BCF was commercialised
consisting of 40.15BCF and 92.91BCF for the domestic and export
market, respectively.

This, it said, translated to a total supply of 1,433.75 million
standard cubic feet per day (mmscfd) of gas to the domestic market
and 3,318.25mmscfd of gas supplied to the export market for the
month.

According to the MFOR, it implies that 64.48 percent of the
average daily gas produced was commercialised while the balance of
35.52 percent was re-injected, used as upstream fuel gas or
flared.

The report also revealed that gas flare rate was 7.67 percent
for the month under review (i.e. 565.52mmscfd) compared with
average gas flare rate of 7.12 percent (i.e. 529.20mmscfd) for the
period of February 2020 to February 2021.

The February 2021 NNPC Monthly Financial and Operations Report
is the 67th in the series.