NNPC lifts N1.2trn crude oil in 12 months

*Crude oil tanker.

*Crude oil tanker.

11 June 2016, Lagos — The value of the domestic crude oil purchased by the Nigerian National Petroleum Corporation (NNPC) between April 2015 and April 2016 was $1.8 billion (N1.2 trillion).

Besides, the combined value of output by the three refineries (at import parity price) for the month of April 2016 amounted to ₦28.57 billion while the associated crude plus freight cost was ₦21.57 billion, giving a positive margin of ₦1.30 billion after considering overhead of ₦5.70 billion.

NNPC, who made this disclosure in its monthly report released on Monday, said that NNPC lifted 14,185,585.00 barrels of crude oil for domestic utilization translating to an average volume of 457,599.52 barrels of oil per day in terms of performance.

The report disclosed that in order to meet domestic product supply requirement for the month of March, 2016 about 9,493,824 barrels of crude oil was processed through Offshore Processing Agreements (OPA), while 1,897,063 barrels was processed as Direct Sales Direct Purchase (DSDP) whereas 904,221 barrels was sold in the export market and the balance of 1,890,477 was processed in the domestic refineries.

It said that in April 2016, 958.35 million litres of white products was supplied into the country through the OPA arrangements which comprised of 909.04 million litres and 49.31 million litres of PMS and DPK respectively while 955.29 million litres was supplied in the month of March 2016; PMS and DPK receipt in March 2016 were 873.82 million litres and 81.48 million litres.

NNPC put the total crude processed by the three Refineries, for the month of April 2016 was 351,698MT (2,578,650 bbls) which translate to a combined yield efficiency of 89.70 per cent compared to crude processed in March 2016 of 329,396MT (2,415,131 bbls) with combined yield efficiency of 94.98 per cent.

It stated: “For the month of April 2016, the three Refineries produced 318,104MT of finished Petroleum Products out of 351,698MT of crude processed at a combined capacity utilization of 19.32 percent compared to 17.51 percent combined capacity utilization achieved in the month of March 2016.

“The improved performance was due to the success achieved by the domestic refineries, for the first time in several months the three refineries operated concurrently.

“The petroleum products (PMS & DPK Only) production by the domestic refineries in April 2016 amounted to 233.54 million litres compared to 110.51 million litres in March 2016”.
*Roseline Okere – The Guardian

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