A breakdown of @NNPCgroup's performance in 2019!
NNPC's expenditure increased by N1.04tn and a loss of N3.4bn was recorded on crude oil sales.
Revenue earned was N6.05tn while N1.09tn was remitted into FAAC account.
All refineries incurred a cumulative loss of N149bn.
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Crude oil production was a total of 734.27m barrels with an average production of 2.01mbpd in 2019.
This is a slight increase of 4.5% over the average of 1.92mbpd recorded in 2018.
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N3.46bn was recorded as crude oil losses from proceeds in domestic crude sales.
N32.97bn was deducted for product losses before remitting to FAAC while N551.21bn was also deducted from domestic sales proceeds to cover losses incurred due to under-recovery (petrol subsidy).
This represents a 24.58% decrease from the N730.85bn paid for under-recovery in 2018.
N126.66bn was spent on pipeline maintenance in 2019. This is a 9.89% decrease over the 2018 expenditure of N140.57bn.
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A total of N613.08bn was spent on pipeline maintenance and management from 2015 to 2019.
The number of Pipeline breaks reduced from 2,048 breakpoints in 2018 to 1,484 breakpoints in 2019.
This is a decrease of 27.54%
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The refineries were out of operation for the better part of 2019.
KRPC was in operation for one month, PHRC was in operation for two months while WRPC managed to be in operation for four months.
A cumulative loss of N148.96bn was incurred by the refineries in 2019.
A total payment of N1.09tn was remitted into the Federation Acct. This includes N664.15bn for Naira payments from Domestic Crude & $1.43bn (N434.92bn) USD payments
$3.42bn (N1.04tn) which represents 70.59% of total $4.84bn receipts from crude oil & gas exports was transferred...
...while the balance of $1.43bn was remitted from proceeds made from the sale of domestic crude oil.
N907.91bn was allocated to Joint Venture Cost recovery while N664.15bn was transferred to the Federation Account.
NNPC’s 2019 revenue decreased by 1.25% from N6.12tn to N6.05tn actual revenue representing a -1.25% deviation in its 2018 budget.
NNPC’s 2019 expenditure increased by N1.04tn from the N4.92tn initially budgeted to N5.95tn actual expenditure representing a 21.05% surge.
@NNPCgroup continues to record shocking losses with its Corporate Headquarters (CHQ) responsible for its biggest loss worth N138.48bn in 2019.
Six other subsidiaries made a cumulative loss of N175.05bn.
#FixOurOil
NPDC emerged as a shining star in the 2019 financial year with a profit of N207.69bn followed by NGC with N63.33bn and NGMC with N23.74bn.
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