Thread by @BudgITng

THREAD!

What was NNPC's performance in Q3 2019?
Has there been any improvement in our local refineries?

We looked into NNPC’s performance in Q3 2019 and here are our key findings.

#Fixouroil

All four refineries did not process any crude oil in Q3 2019. In the same quarter, the operating deficit recorded by the refineries was N34.11bn. This is unsustainable!

NNPC sold 191.49 million barrels of crude oil in Q3 2019. This represents a 10.1% increase compared to Q3 2018. Highest sales came from IOCs and Independent Sources with 67.79% of total sales.

A total of $12.12 billion was made from the sale of crude oil in Q3 2019. This is a 5.9% decrease in sales compared to 2018 despite a 10.1% increase in sales volume. Highest sales came from NNPC domestic, NNPC export and FIRS (PSC) with $1.93bn, $668.04m and $662.78m respectively

The Nigeria Petroleum Development Company (NPDC), a subsidiary of NNPC contributed 17.52 million barrels of crude oil to the total crude oil sold in Q3 2019.

41.93 million barrels of crude oil was lifted for domestic use by NNPC in Q3 2019 with the highest volume (15.37m) lifted in September 2019

The total volume of gas produced in the same period amounted to 24,101.81 mmscfd with the highest production of 8.16million scfd recorded in July.

Total gas flared stands at 8.39% of the total gas produced. While this represents a slight decrease compared to Q2 (8.93%) We look forward to having gas flaring reduced to the barest minimum as promised by the NNPC.

Despite not processing a single barrel of crude oil, the refineries recorded a whooping sum of N34.11 billion as the operating deficit in Q3 2019

A total of 5.17 billion litres of petroleum products was supplied by NNPC through Direct Sales Direct Purchase (DSDP) in Q3 2019 while 4.67 billion litres of white products (petrol, diesel, kerosene) were sold

The total revenue generated by Pipeline and Products Marketing Company (PPMC) in Q3 2019 amounted to N573.29 billion. Petrol generated the highest sale of 99.3% while Diesel has 0.58%.

The subsidiaries of NNPC made a total surplus of N18.05 billion in Q3 2019

70.22% of the total crude oil sales receipt from the dollar payment was remitted into the JV Cost Recovery Account while 29.77% was remitted to FAAC in Q3 2019. The Joint Ventures Cost Recovery is an account for the repayment of debt owed to oil operators by NNPC

In Q3 2019, 572 pipeline breaks were reported; an increase of 96.56% compared to 2018. Pipeline repairs and management costs gulped a sum of N36.57 billion

We reiterate again that deregulation of the downstream sector is the way to go. Having an operational deficit of N34bn while processing nothing is unsustainable.

NNPC corporate HQ had a loss of N45bn in Q3 2019 again. Why has this become consistent? We need answers