NNPC estimates that pipeline vandalism dropped by 28 %

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FRI, NOVEMBER 4 2016-Nigerian National Petroleum Corporation (NNPC) says pipeline vandalism across Nigeria has reduced by 28 percent.

The corporation disclosed this in its 13th publication of Monthly Financial and Operations Report released on its website on Thursday.

According to the report, the spate of pipeline vandalism has reduced following the Federal Government and NNPC’s sustained engagements with Niger Delta militants.

“In August 2016, there was 28.94 percent drop in the number of pipelines vandalised points relative to July 2016, which had up to 311 vandalised points,’’ the report noted.

On natural gas supply to power plants, the report stated that it edged up to 469 million standard cubic feet per day (mmscfd), which equaled about 2,083 megawatts of electricity generation in August 2016.

On refineries’ operations, it report said the combined value of output by the three refineries “at import parity price’’ for August 2016 was N50.19 billion.

“Associated crude plus freight cost was N39.77 billion, giving a surplus of N709.21 million after an overhead of N9.71 billion,’’ it said.

The report said that this was made possible in spite of the challenges of irregular crude supply and pipeline vandalism to the refineries.

On naira payments to the Federation Account, NNPC said that it transferred N35.05 billion into the account in September from the net domestic crude oil receipt and another N1.80 billion from gas receipts.

It added that its installment repayment of debt to the Federation Account was also done with N6.33 billion remitted as the 25th instance in the process.

“The domestic crude oil and gas receipt during the month amounted to N96.15 billion, consisting of N1.80 billion from domestic gas and the sum of N88.01 billion from domestic crude oil.

“Of the N88.01 billion receipt from crude oil, the sum of N52.96 billion (about 268.83 million dollars) was transferred to Joint Venture Cash Call (JVCC) being a first line charge.

“It also guarantees a continuous flow of revenue stream to Federation Account,” the report said.

 

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