Thread by @BudgITng

What was NNPC’s performance in January 2020?
Has there been any improvement in our local refineries?

We examined @NNPCgroup's performance in January 2020 and here are our key discoveries.

#FixOurOil

#Thread

NNPC sold 59.31 million barrels of crude oil in January 2020. The highest sales came from IOCs and Independent Sources with 65.21% of total sales.

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A total of $4.08 billion was made from the sale of crude oil in January 2020. The highest sales came from IOCs and Independent Sources, NNPC domestic and NNPC export at $2.63bn, $622.06m, and $336.64m respectively. #FixOurOil

The Nigeria Petroleum Development Company (NPDC), a subsidiary of NNPC contributed 5.51 million barrels of crude oil to the total crude oil sold in January 2020.

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14.82 million barrels of crude oil that were lifted for domestic use by NNPC in January 2020 were utilized for Direct Sales Direct Purchase as all the refineries were out of operation.

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The total volume of gas produced in the same period amounted to 8,141.84 mmscfd, 7.90% of this was flared away.

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All four refineries did not process any crude oil in January 2020. In the same month, the operating deficit recorded by the refineries was N9.60bn.

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A total of 1.96 billion litres of petrol was supplied by NNPC through Direct Sales Direct Purchase (DSDP) in January 2020 while 1.21 billion litres of white products (petrol and diesel) were sold.

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The total revenue generated by Pipeline and Products Marketing Company (PPMC) in January 2020 amounted to N151.79 billion. Petrol generated the highest sale at 98.80% while Diesel had 1.20%.

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The subsidiaries of NNPC made a total surplus of N1.87 billion in January 2020.

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61.38% of the total crude oil sales receipt from the dollar payment was remitted into the JV Cost Recovery Account while 38.62% was remitted to FAAC in January 2020.

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N138.57bn was remitted to FAAC from the naira payments from the crude oil sales, while N5.47bn was spent on pipeline repairs and management.

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In January 2020, 60 pipeline breaks were reported; a decrease of 283.33% compared to January 2019.

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It is worrisome that the refineries started out badly this year with zero crude oil production and an operating deficit of N9.60b.

What stringent techniques are being put in place by @NNPCgroup to ensure proper management of the refineries?

#FixOurOil