The monthly financial report of the Nigerian National Petroleum Corporation (NNPC) has been released. The report is one of the initiatives of the new GMD of the Corporation. The importance of the report is to ensure probity, transparency and accountability in the conduct of NNPC and being the largest contributor the the Nigeria government revenue, all eyes are on NNPC.
National Crude Oil & Natural Gas Production, Lifting and Utilization
National Crude Oil & Condensate Production A total of 63.34 million barrels of crude oil & condensate was produced for the month of August 2015 representing an average daily production of 2.04 million barrels .This represents a decline of production by about 6.16% relative to July, 2015 performance. Of the August, 2015 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 32.40% and 41.84% respectively. While other production arrangements accounted for 25.76%. The tables and charts below provide details of the National Crude Oil & Condensate Production for the period January to August 2015.
Utilization of Crude Oil for Domestic Product Supply
In August 2015, NNPC lifted 10,902,373 barrels of Crude Oil for domestic utilization translating to an average volume of 351,689 barrels of oil per day. In order to meet domestic product supply requirement for the month of August 2015, 6,643,327 barrels of crude oil was processed through Offshore Processing Agreements (OPA), 2,397,681 barrels was processed in the domestic refineries and the balance of 1,861,365 barrels was sold in the export market. Tables and charts below provide details of NNPC’s Utilization of Crude Oil for Domestic Product Supply for the period of January to August 2015
Capacity Utilization: Total Crude processed by the three Refineries, for the month of September was 261,371.14 bbls (35,648 MT) which translates to a combined capacity utilization of 1.96%. During the period under review, Only PHRC produced 31,008million MT of Petroleum Products out of 35,648 MT (261,371.14 bbls) of crude processed at an average capacity utilization of 5.77%.