The Nigerian National Petroleum Corporation (NNPC) has released its Monthly Financial Operations Report (MFOR) for May 2020. In the report, it showed that 37 pipeline points were vandalised in May which represented about 43% decrease from the 65 points vandalised in April 2020.

In a release signed by the Group General Manager of the Group’s Public Affairs Division, Dr Kennie Obateru, he gave a break-down of the details of the report of wilful damage of the country’s oil pipeline infrastructure by suspected oil thieves.

The breakdown indicated that the Mosimi-Ibadan pipeline accounted for 38% of the points, the Atlas Cove-Mosimi axis accounted for 19%, the Suleja-Kaduna pipeline accounted for 16% while other locations accounted for the remaining 27%.

In the report, the National Oil Company stated that is continuously monitoring the daily stock of Premium Motor Spirit (PMS), known as petrol, to ensure a fair distribution and adequate availability of the product nationwide.

From May 2019 to May 2020, the total sale of white products was 19,865.80 million litres with PMS accounting for 19,704.49 million litres or 99.19%. The total revenue generated from the sales of white products for the stated period was N2,393.88 billion with PMS contributing about 98.84% that amounted to N2,366.15 billion. The Pipelines and Product Marketing Company (PPMC) made N92.58 billion from the sale of white products in May 2020.

In the gas sector, the daily average natural gas supply to gas power plants increased by 5.87% to 834 million Standard Cubic Feet of gas per day (mmscfd) which is equivalent to a power generation of 3,128MW. Natural gas production increased by 2.38% at 226.51 Billion Cubic Feet (BCF) in May compared to April which is an average of 7,480.34 mmscfd per day.

A trading surplus of N2.68 billion was recorded in May compared to N30.81 billion deficit for April. The Corporation noted that the 109% upturn in revenue is due to the improved performances of some of its Strategic Business Units. The Company’s operating revenue also increased by 15.33% to stand at N238.33 billion while expenditure decreased by 0.76% to stand at N235.66 billion.

The Nigerian Gas Marketing Company (NGMC) recorded 257% increased profit due to improved debt collection. The Nigerian Petroleum Development Company (NPDC) posted a surplus due to a slight global oil market recovery. PPMC’s surplus rose 250% from investment dividend received and the significant drop in average product cost landing. The Corporation’s Retail, Integrated Data Services Limited (IDSL), the NNPC Shopping and Ventures also positively contributed to the performance of May which led to the Group’s surplus position during the period under review.

Also, the Corporate Headquarters deficit decreased by 47% in May compared to April.