54 pipelines vandalized in February – NNPC

The Nigerian National Petroleum Corporation (NNPC) says 54 oil pipeline points were vandalized in February 2021.

The Company disclosed this in its February Monthly Finance and Operations Report (MFOR) released in Abuja on Thursday.

He said that number represented a 50% increase from the 27 points recorded in January of this year.

“During the period under review, 54 pipeline points were vandalized, which represents an increase of 50% from the 27 points recorded in January 2021.

“The Warri area accounted for 50% and the Mosimi area 39% of the vandalized points while the Kaduna and Port Harcourt areas represented 7% and 4% respectively,” he said.

According to the report, the NNPC says it will continue to work with local communities and other stakeholders to eliminate the threat of pipeline vandalism.

Furthermore, during the period under review, the report found that the company achieved a trade surplus of £ 39.85 billion, a massive jump of 314.24% from the surplus of 9, £62 billion she had saved in January.

The trade surplus or trade deficit is calculated after deducting the expenditure profile from the revenue for the period under review.

“The operating income of the NNPC group compared to January 2021, increased 35.64% or N152.07 billion to N578.79 billion.

“Likewise, spending for the month increased 29.21 per cent, or N121.83 billion, to N538.94 billion.

“The expenses of the month in proportion to the receipts were 0.93% against 0.98% the previous month”, he indicates.

The report attributes the significant increase in trade surplus to the reconciled accounts of the Company’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the pricing model of the Petroleum Products Price Regulatory Agency (PPPRA).

Other factors that boosted the trade surplus figure, according to the Company, included the performance of Duke Oil, Nigerian Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC), which posted solid gains. due to increased debt collection and cost optimization measures.

Regarding the supply of Premium Motor Spirit (PMS) also known as gasoline, the company said the company supplied a total of 1.41 billion litres of gasoline or 50.52 million litres/day.

In terms of the withdrawal, marketing and use of natural gas, out of the 206.05 billion cubic feet (BCF) produced in February 2021, a total of 133.06 BCF was marketed, i.e. 40.15 BCF and 92, 91 BCF for domestic and export market, respectively.

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

According to MFOR, this means that 64.48% of the average daily gas produced was marketed while the remaining 35.52% was reinjected, used as fuel gas upstream or flared.

The report also found that the gas flaring rate was 7.67% for the month under review (i.e. 565.52 mmscfd) against an average gas flaring rate of 7.12% (i.e. 529.20 mmscfd) for the period from February 2020 to February 2021.

The NNPC’s monthly financial and operational report for February 2021 is the 67th in the series.