NNPC Data/Ful… · National Gas production in December increased by 4.65% at 239.29BCF compared to...

December 2019

Monthly Report

Financial and Operations

Report

NNPC

2 NNPC | Monthly Financial and Operations Report December 2019 www.nnpcgroup.com | www.facebook.com/NNPCgroup | www.twitter.com/NNPCgroup

Disclaimer

This publication presents information on the Nigerian oil and gas

industry. Its content reflects individual as well as general analysis and

trend of activities that characterized the industry within the country.

Although NNPC endeavors to ensure accuracy of information in this

unaudited report, it cannot guarantee 100% accuracy, nor can it be held

liable for errors that may be contained therein. Users are to note that use

of any information herein is purely at their own discretion.

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Outline

1.0 Introduction

2.0 National Crude Oil & Natural Gas Production, Lifting and Utilization

3.0 Refinery Operations

4.0 Petroleum Product Supply & Distribution

5.0 Budget Performance Report

6.0 Federation Crude Oil & Gas Revenue

7.0 Key Determinants For Change

8.0 Glossary





1.0 Introduction

In December 2019, the average crude oil price soared for the second consecutive month

by $2.32 or 3.78% m-o-m to average $63.62/b; the highest since May 2019. Similarly, ICE

Brent climbed by $2.46 or 3.9% m-o-m at $65.17/b while NYMEX WTI increased by $2.73

or 4.8% m-o-m to stand at $59.80/b. As encapsulated in the OPEC Monthly Oil Market

Report (MOMR), the support for Oil prices is backed by confidence about the outlook of

oil market fundamentals arising from diminishing trade tensions between the US and

China and ongoing market equilibrium efforts absorbed under the Declaration of

Cooperation (DoC).

The OPEC MOMR maintained global economic growth forecast for 2019 at 3.0% but

slightly revised 2020 position upwards to 3.1%. 2019 US economic growth remained at

2.3% but up by 0.1pp to 1.9% for 2020. Euro-zone growth is unchanged at 1.2% for 2019

and 1.0% for 2020. Gross Domestic Product (GDP) growth in Japan is revised up at 1.1%

and 0.7% for 2019 and 2020 respectively. China’s growth is unchanged at 6.2% for 2019

and 5.9% for 2020 and so is India’s growth at 5.5% for 2019 and at 6.4% for 2020. Brazil’s

economic growth is stagnant at 1.0% for 2019 but up by 0.3 pp to 2.0% for 2020. Equally,

Russia’s growth is unaffected at 1.1% for 2019 but reviewed up to 1.5% for 2020.

As publicized in the OPEC MOMR, global oil demand growth is lower by 0.05 mb/d

compared to last month assessment; to grow at 0.93 mb/d and reach 99.77 mb/d.

Sluggish growth in the OECD Americas and OECD Asia is the reason for this downward

review. For 2020, global oil demand is reviewed up by 0.14 mb/d to grow at 1.22 mb/d

and reach 100.98 mb/d; basically reflecting a positive global outlook. Demand from OECD

countries is expected to contribute 0.09 mb/d majorly from OECD Americas while

demand from non-OECD countries is higher at 1.13 mb/d largely in Other Asia, especially

China and India. Demand for OPEC crude in 2019 is down minimally at 30.6 mb/d.

Likewise, OPEC demand in 2020 decreased slightly at 29.5 mb/d, about 1.2 mb/d lesser

than the 2019 level.

For supply, the non-OPEC oil supply growth in 2019 is up by 0.04mb/d at an average of

1.86 mb/d to reach 64.34 mb/d. Also in 2020, non-OPEC oil supply is estimated to

increase by 0.18 mb/d at 2.35 mb/d to stand at 66.68 mb/d. Australia, Brazil, Canada and

the US are the key drivers for growth in 2019 and continue to spearhead growth in 2020,

with the addition of Norway and Guyana. In December 2019, OPEC crude oil production

decreased by 161 tb/d m-o-m to average 29.44 mb/d. Globally, oil supply increased by

0.41 mb/d m-o-m to average 99.78 mb/d in the month.

The National Bureau of Statistics reported that the Nigerian real GDP grew by 2.28%

(quarter-on-quarter) in Q3 2019; an increase of 0.17% points from the 2.12% recorded

in Q2 2019. Compared to growth rate of 1.81% in Q3 2018, real GDP increased by 0.47%

points (year-on-year). However quarter-on-quarter, real GDP grew by 9.23%. The

growth rate in Q3 2019 represents the second highest since 2016. For the oil sector, real

growth stood at 6.49% (year-on-year) in Q3 2019 indicating 9.40% points increase in





comparison to the equivalent quarter of 2018. Also, a decrease of 0.68% points relative

to revised Q2 2019. Quarter-on-Quarter, the oil sector Q3 2019 growth rate is 18.88%.

Contribution of the oil sector to total real GDP in Q3 2019 stood at 9.77%, higher than the

9.38% posted in corresponding period of 2018 and the 8.98% posted in Q2 2019.

In November 2019, total crude oil production in Nigeria decreased by 4.20 mb or 6.59%

to average 59.48 mb with daily average of 1.98 mb/d. Production was disrupted by

shutdown of the TFP at Forcados for repairs while Bonny NCTL was shut down due to

leaks on ROW near Boro / Awoba axis. Production was also interrupted at Bonga, Egina,

Brass, Erha, Usan, Amenam, Ogo Ocha and Ima terminals due to lube oil loss, pump issues,

loss of power, riser protector replacement, pipeline repairs and flare management.

National Gas production in December increased by 4.65% at 239.29BCF compared to

output in November 2019; translating to an average daily production of 7,718.99mmscfd.

However, the daily average natural gas supply to gas power plants decreased by 7.49%

to 596mmscfd, equivalent to power generation of 2,498MW.

To ensure continuous increased PMS supply and effective distribution across the country,

a total of 2.76bn litres of PMS translating to 89.08mn liters/day were supplied for the

month; in the downstream sector. The Corporation has continued to diligently monitor

the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of

petroleum products and zero fuel queue across the Nation.

This month, a total of 40 pipeline points were vandalized representing about 41%

decrease from the 68 points vandalized in November 2019. Out of the vandalized points,

10 failed to be welded while no pipeline point was ruptured. ATC-Mosimi and Mosimi-

Ibadan axes accounted for 35% and 30% of the breaks respectively while all other routes

accounted for the remaining 35%. NNPC in collaboration with the local communities and

other stakeholders continuously strive to reduce and eventually eliminate this menace.

This 53rd edition of the Report indicates an increased trading surplus of ₦5.28Billion

compared to the ₦3.95Billion surplus posted in November 2019. The 34% increase for

the month resulted from improved performances by some SBUs both in the Upstream

and Downstream dominating the 37% decrease in NPDC’s performance; coupled with

reduced deficit posted by the corporate headquarters. SBUs with notable improved

positions include IDSL, NGMC, NPSC and Duke Oil Incorporated. While performances of

IDSL and Duke Oil were imparted by upward adjustments to previously understated

revenues, NPSC and NGMC saw a reduction in cost of sales for pipeline repairs /right of

way maintenance costs and gas purchases respectively.

This report highlights NNPC’s activities for the period of December 2018 to December

2019. In line with the Corporation’s commitment to becoming more accountable,

responsive and transparent and a FACTI based Organization; the Corporation has

continued to sustain effective communication with stakeholders through this report via

publications on its website and in national dailies. NNPC in return demands continued





support from Nigerians especially in areas of security to achieve zero vandalism of the

Nation’s oil & gas infrastructure.

Activity update

NLNG TRAIN7: NNPC, Partners take Final Investment Decision.

Condensate Refinery: NNPC, Partners Kick off First Phase.

Nigeria, Best Investment Destination in Africa, Kyari Assures.

NNPC Proposes Measure to curb Pipeline Vandalism, Crude Theft.

NNPC Retail Limited Enters Lubricants Market with Nitro, Rhino Engine Oils.

AKK Pipeline: NNPC, Chinese Company, Brantex Consortium Firm up Plan to Kick

off Construction Work.





2 National Crude Oil & Natural Gas Production, Lifting and Utilization

2.1 National Crude Oil & Condensate Production

In November 2019, a total of 59.48million barrels of crude oil & condensate were

produced representing an average daily production of 1.98million barrels. This translates

to a decrease of 3.48% in the average daily production compared to October 2019

average daily performance. Of the November 2019 Production, Joint Ventures (JVs) and

Production Sharing Contracts (PSC) contributed about 32.07% and 41.91% respectively.

While AF, NPDC and Independents accounted for 10.74%, 7.80% and 7.48% respectively.

The tables and charts below provide details of the National Crude Oil Production for the

period November 2018 to November 2019.

Table 2.1.1: Fiscalised National Crude Oil & Condensate Production

JVs PSC AF NPDCIndependent /

Marginal FieldsTotal

Average Daily Production

Barrels Barrels Barrels Barrels Barrels Barrels Barrels

Nov-18 18,612,068 18,745,390 6,900,890 4,410,454 5,428,523 54,097,325 1,803,244

Dec-18 19,349,575 21,901,114 7,790,576 4,719,450 5,288,429 59,049,144 1,904,811

Jan-19 18,822,538 23,581,458 7,483,749 4,946,892 6,334,359 61,168,995 1,973,193

Feb-19 17,486,614 22,957,771 6,673,108 4,346,424 4,178,816 55,642,733 1,987,240

Mar-19 19,120,775 27,045,491 7,724,090 3,894,652 4,961,504 62,746,512 2,024,081

Apr-19 17,442,808 26,638,336 6,731,332 5,676,252 3,508,973 59,997,701 1,999,923

May-19 17,402,590 27,248,246 6,464,447 4,875,061 4,029,966 60,020,310 1,936,139

Jun-19 17,815,332 26,978,405 7,529,665 5,665,192 4,728,791 62,717,385 2,090,580

Jul-19 20,925,923 27,914,006 6,558,131 5,548,452 4,414,862 65,361,374 2,108,431

Aug-19 20,456,210 27,392,883 6,292,482 6,312,535 4,186,431 64,640,541 2,085,179

Sep-19 18,444,962 27,425,205 5,258,304 4,350,850 6,620,481 62,099,802 2,069,993

Oct-19 21,395,347 26,503,302 6,761,513 5,878,606 3,143,467 63,682,235 2,054,266

Nov-19 19,075,620 24,932,225 6,387,164 4,638,276 4,451,537 59,484,822 1,982,827

PTD 246,350,362 329,263,831 88,555,451 65,263,097 61,276,137 790,708,878 2,001,531

Month

Notes: November 2019 Crude Oil figure includes Pure Condensate of 7,618,529 barrels & Spiked Condensate of 1,943,773 barrels.

Crude oil Production is reported 1 month in arrears & still subject to further reconciliation with DPR and IOCs.

NPDC’s Crude production is based on NPDC’s wholly owned assets and percentage holding in JV assets.

NPDC 60 Series production is included in JVs & MCA production, the volume included in November 2019 is 1,584,449bbls.

Jan 2019 production is adjusted to reconciled total of 61,168,995 bbls with average daily production at 1,973,193 bbls.

For more details on production by company, streams and well-head productions (Non-Fiscalised) click on these links:

Company streams and well-head respectively.




http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/Terminal.pdf

http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/Streams.pdf

http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/WellHead.pdf


Chart 2.1.1: Crude Oil & Condensate Production: November ’18 – November ‘19

Chart 2.1.2: Average Daily Crude Oil & Condensate Production & Percentage distribution

Table 2.1.2: NPDC Monthly Crude Oil & Condensate Production

Field/Company YTD Budget

(bbls)Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 PTD

NPDC Owned Direct Operated Assets Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels

Abura OML 65 2,264,163 238,177 250,255 271,777 188,258 195,904 198,851 35,716 1,242,635 91,927 146,551 204,821 173,298 16,695 3,254,864

Oredo OML 111 2,502,500 193,670 222,266 244,706 206,824 192,692 201,231 248,611 228,718 246,473 263,086 263,005 130,630 157,251 2,799,164

Oziengbe OML 111 678,337 20 0 0 0 0 0 279,221 0 0 0 0 0 279,241

Okono_Okpoho OML 119 15,574,163 90,315 467,041 500,899 455,427 547,344 534,892 544,066 0 511,745 504,810 482,736 495,160 489,457 5,623,892

Brass OML 60-63 - 0 0 0 579,932 0 1,251,210 1,114,874 384,729 1,326,340 2,035,458 0 1,729,923 865,463 9,287,928

SUB-TOTAL 21,019,163 522,183 939,562 1,017,382 1,430,441 935,940 2,186,184 1,943,267 2,135,303 2,176,485 2,949,905 950,562 2,529,010 1,528,867 21,245,090

Ogini_Isoko/FHN OML 26 1,457,500 204,387 179,020 198,797 89,211 74,836 138,030 84,842 131,464 139,689 156,707 140,256 151,953 180,866 1,870,059

Opuama/Elcrest OML 40 751,663 435,580 424,462 481,714 347,117 234,203 393,530 358,076 323,996 285,836 309,953 273,574 334,096 218,437 4,420,573

Batan_Odidi/Neconde OML 42 2,731,663 958,362 948,135 812,608 696,738 806,658 704,977 626,280 869,746 861,196 604,618 754,558 635,546 547,834 9,827,256

Afiesere_Kokori/Shoreline OML 30 6,737,500 1,021,861 1,021,417 1,275,053 959,667 904,518 1,118,615 947,255 1,077,375 1,110,506 1,234,239 1,206,716 1,219,297 1,151,412 14,247,930

Utorogu_Ughelli/NDW OML 34 3,125,837 326,350 314,775 278,025 232,394 273,517 310,569 204,540 294,203 202,021 168,980 278,817 244,254 143,220 3,271,667

NPDC JV Direct Operated Assets

Block

SUB-TOTAL 14,804,163 2,946,540 2,887,810 3,046,197 2,325,127 2,293,732 2,665,722 2,220,992 2,696,784 2,599,248 2,474,497 2,653,920 2,585,146 2,241,769 33,637,485 0.5154 11,097,183 OBEN_Amukpe_Sapele/SEPLAT

OBEN_Amukpe_Sapele/SEPLAT OML 4,38&41 28,242,500 941,732 892,078 883,313 590,856 664,980 824,347 710,801 833,105 772,720 888,133 746,367 764,450 867,640 10,380,522

SUB-TOTAL 28,242,500 941,732 892,078 883,313 590,856 664,980 824,347 710,801 833,105 772,720 888,133 746,367 764,450 867,640 10,380,522

GRAND TOTAL 64,065,826 4,410,454 4,719,450 4,946,892 4,346,424 3,894,652 5,676,252 4,875,061 5,665,192 5,548,452 6,312,535 4,350,850 5,878,606 4,638,276 65,263,097

Average Daily Production 191,814 147,015 152,240 159,577 155,229 125,634 189,208 157,260 188,840 178,982 203,630 145,028 189,632 154,609 165,223

NPDC JV Non-Operated Assets

18.6 19.3 18.8 17.5 19.1 17.4 17.4 17.8 20.9 20.5 18.4 21.4 19.1

18.7 21.9 23.6 23.027.0 26.6 27.2 27.0

27.9 27.4 27.4 26.524.9

6.97.8 7.5 6.7

7.7 6.7 6.5 7.56.6 6.3 5.3 6.8

6.4

54.10 59.05 61.17 55.6462.75 60.00 60.02 62.72 65.36 64.64 62.10 63.68 59.48

0

10

20

30

40

50

60

70

Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

Total Monthly Crude Oil & Condensate Production (Million Barrels)

JVs PSC AF NPDC Independent / Marginal Fields

1.801.90 1.97 1.99 2.02 2.00 1.94

2.09 2.11 2.09 2.07 2.05 1.98

0.0

0.5

1.0

1.5

2.0

2.5

Average Daily Crude Oil & Condensate Production (Million Barrels/Day)

31.2%

41.6%

11.2%

8%8%

PTD Percentage Distribution of Crude Oil Production by Commercial

Arrangements

JVs

PSC

AF

NPDC

Independent /Marginal Fields





The NPDC November 2018 to November 2019 cumulative production from all fields

totaled 65,263,097 barrels of crude oil translating to an average daily production of

165,223 barrels per day. Comparing PTD NPDC performance to National Production, the

Company’s production share is 8.25%. NPDC is projected to ramp-up production level to

250,000bp/d in the near future. PTD production from NPDC wholly operated assets

amounted to 21,245,090 barrels (or 32.55% of the total NPDC production) with Okono

Okpoho (OML 119) alone producing 26.47% of the NPDC wholly owned operated assets

and 8.62% of the total NPDC production. Also, on the NPDC operated JV assets, in which

NPDC owns 55% controlling interest, crude oil production amounted to 33,637,485

barrels (or 51.54% of the NPDC total production). On the non-operated assets,

production level stood at 10,380,522 barrels or 15.91% of the Company’s production.

Chart 2.1.3 NPDC Monthly Crude Oil & Condensate Production

Chart 2.1.4 NPDC Monthly Average Daily Crude Production by Field

522940 1,017

1,430936

2,186 1,943 2,135 2,1762,950

951

2,529

1,529

2,9472,888 3,046 2,325

2,294

2,6662,221

2,697 2,599

2,474

2,654

2,585

2,242

942892

883591

665

824

711

833 773

888

746

764

868

4,4104,719

4,947

4,3463,895

5,676

4,875

5,665 5,548

6,313

4,351

5,879

4,638

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000


NPDC Crude Monthly Production (Thousand Barrels)

NPDC Owned Direct Operated Assets NPDC JV Direct Operated Assets NPDC JV Non-Operated Assets

147 152160 155

126

189

157

189179

204

145

190

155

0

50

100

150

200

250

NPDC Average Daily Crude Oil Production

(Thousand Barrels/Day)

279

1,870

2,799

3,255

4,421

3,272

5,624

9,765

9,926

10,381

0 4,000 8,000 12,000

Oziengbe

Ogini_Isoko/FHN

Oredo

Abura

Opuama/Elcrest

Utorogu_Ughelli/NDW

Okono_Okpoho

Afiesere_Kokori/Shoreline

Batan_Odidi/Neconde

OBEN_Amukpe_Sapele/SEPLAT

NPDC PTD Ranking by Field (Thousand Barrels)





2.2. National Gas Production

A total of 239.29 Billion Cubic Feet (BCF) of natural gas was produced in the month of

December 2019 translating to an average daily production of 7,718.99 Million Standard

Cubic Feet per Day (mmscfd). For the period December 2018 to December 2019, a total

of 3,116.11 BCF of gas was produced representing an average daily production of

7,926.27 mmscfd during the period. Period-to-date Production from Joint Ventures (JVs),

Production Sharing Contracts (PSCs) and NPDC contributed about 69.33%, 21.35% and

9.33% respectively to the total national gas production. The tables and charts overleaf

provide details of the national gas production for the period December 2018 to December

2019.

Table 2.2.1: National Gas Production by Regime

Total Monthly Production Daily Average Production

JV PSC NPDC TOTAL

BCF BCF BCF BCF

Dec-18 172.41 44.48 23.75 240.64

Jan-19 173.35 48.60 23.88 245.83

Feb-19 153.52 47.16 22.28 222.96

Mar-19 183.41 56.23 23.85 263.49

Apr-19 173.34 56.29 25.44 255.08

May-19 146.79 52.10 24.84 223.73

Jun-19 148.41 51.42 24.16 223.98

Jul-19 177.84 53.64 21.87 253.35

Aug-19 175.72 52.95 19.05 247.72

Sep-19 160.09 53.66 21.38 235.12

Oct-19 165.35 51.85 19.07 236.27

Nov-19 162.69 46.60 19.36 228.65

Dec-19 167.34 50.28 21.68 239.29

Total 2,160.25 665.25 290.62 3,116.11

PERIOD

JV PSC NPDC TOTALmmscfd mmscfd mmscfd mmscfd

Dec-18 5,746.97 1,482.49 791.75 8,021.21

Jan-19 5,778.46 1,619.95 795.93 8,194.34

Feb-19 5,482.93 1,684.30 795.58 7,962.82

Mar-19 5,916.36 1,814.01 769.21 8,499.58

Apr-19 5,778.09 1,876.31 848.14 8,502.54

May-19 4,893.09 1,736.49 801.38 7,430.96

Jun-19 4,946.80 1,713.90 805.39 7,466.09

Jul-19 5,736.81 1,730.32 705.58 8,172.70

Aug-19 5,668.22 1,708.10 614.63 7,990.95

Sep-19 5,336.22 1,788.60 712.60 7,837.42

Oct-19 5,334.00 1,673.00 615.00 7,622.00

Nov-19 5,423.06 1,553.27 645.35 7,621.68

Dec-19 5,397.90 1,621.80 699.29 7,718.99

Average 5,495.30 1,692.50 738.45 7,926.25

PERIOD

Chart 2.2.1: Average Daily National Gas Production for the period

5,747 5,778 5,483 5,916 5,7784,893 4,947

5,737 5,668 5,336 5,334 5,423 5,398

1,482 1,620 1,6841,814 1,876

1,736 1,7141,730 1,708 1,789 1,673 1,553 1,622

792 796 796769 848

801 805706 615 713 615 645 699

8,021 8,194 7,9638,500 8,503

7,431 7,4668,173 7,991 7,837 7,622 7,622 7,719

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

7,000.00

8,000.00

9,000.00

10,000.00

Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Average Daily National Gas Production (mmscfd)

JV PSC NPDC





Chart 2.2.2: Monthly National Gas Production & Percentage Distribution

2.3 Crude Oil & Condensate Lifting & utilization

In November 2019, a total volume of 57.86 million barrels of crude oil and condensate

was lifted by all parties. Out of this volume, 13.97 million barrels was lifted by NNPC on

behalf of the Federation. This comprises 10.78 million barrels lifted on the account of

NNPC (Domestic and Federation Export) while 2.92 million barrels and 0.27 million

barrels were superintended for FIRS and DPR respectively.

Table 2.3.1: Crude Oil & Condensate Lifting and utilization

NNPC

Barrels Barrels Barrels Barrels Barrels Barrels Barrels Barrels BarrelsNov-18 2,955,861 582,066 2,286,962 9,293,740 11,580,702 15,118,629 35,813,407 3,165,289 54,097,325Dec-18 2,551,482 300,000 4,085,279 11,059,517 15,144,796 17,996,278 38,543,088 1,736,583 58,275,949Jan-19 3,849,293 306,614 5,862,889 8,420,913 14,283,802 18,439,709 35,398,363 3,885,820 57,723,892Feb-19 4,572,984 856,350 4,475,918 7,150,971 11,626,889 17,056,223 38,006,714 1,912,940 56,975,877Mar-19 2,847,027 1,635,562 5,085,876 5,783,416 10,869,292 15,351,881 39,473,600 3,844,913 58,670,394Apr-19 5,776,491 411,977 6,259,548 9,487,883 15,747,431 21,935,899 38,448,458 3,170,082 63,554,439May-19 3,221,008 899,160 3,471,348 8,069,842 11,541,190 15,661,358 40,858,616 2,031,249 58,551,223Jun-19 2,645,264 2,121,765 3,743,417 10,955,223 14,698,640 19,465,669 42,407,067 2,040,752 63,913,488Jul-19 5,027,810 1,032,618 2,403,119 7,932,679 10,335,798 16,396,226 43,102,152 1,497,280 60,995,658Aug-19 2,820,098 1,101,850 4,419,247 11,557,171 15,976,418 19,898,366 44,305,889 2,380,704 66,584,959Sep-19 6,027,754 800,077 6,197,366 10,665,632 16,862,998 23,690,829 40,747,618 1,005,552 65,443,999Oct-19 5,726,139 800,000 6,131,393 9,560,513 15,691,906 22,218,045 41,797,923 669,000 64,684,968Nov-19 2,918,727 271,100 2,161,697 8,621,658 10,783,355 13,973,182 40,058,189 3,826,181 57,857,552

TOTAL 50,939,938 11,119,139 56,584,059 118,559,158 175,143,217 237,202,294 518,961,084 31,166,345 787,329,723

AF GRAND TOTALDPR (PSC)

SUB-TOTAL GOVERNMENT

LIFTINGFEDERATION

EXPORTSUB-TOTAL

(NNPC)

IOCs & INDEPENDENTS

(INC. NPDC)DOMESTIC LIFTING MONTH

NIGERIAN GOVERNMENT

FIRS (PSC)

Notes: Crude oil lifting is reported one month in arrears

For more details on crude oil lifting under each AF lifting arrangement and MCA performance analysis

follow the link

241 246223

263 255

224 224

253 248235 236 229

239

0

50

100

150

200

250

300

Total Monthly Natural Gas Production (BCF)

69.3%

21.3%

9.3%

Percentage Distribution of Upstream Gas Production-

December '18 - December '19 Average

JV

PSC

NPDC




http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/AF%20Liftings.pdf

http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/MCA%20Performance.pdf


Of the 10.78 million barrels lifted on the account of NNPC in November 2019, 8.62 million

barrels and 2.16 million barrels were for domestic and export markets respectively. At

an average oil price of $ 65.02/barrel and exchange rate of N306.00/$, the domestic crude

oil lifted by NNPC is valued at $560,595,652 or a Naira equivalent of

N171,542,269,396.33 for the month of November 2019. The remaining crude oil lifted for

export was valued at $136,360,677 at an average price of $63.08/barrel. The total value

of crude oil lifted on the account of NNPC in November 2019 was thus $696,956,329.

From November 2018 to November 2019, a total volume of 787 million barrels of crude

oil and condensate was lifted by all parties. The tables 2.3.1 above and charts 2.3.1

overleaf provide the details of crude oil and condensate lifting and their corresponding

accrual values for the period November 2018 to November 2019.

Chart 2.3.1: Crude Oil & Condensate Monthly Lifting Entitlements

Table 2.3.2: Crude Oil Lifting Values

NNPC

USD USD USD USD USD USD USD USD USD

Nov-18 193,329,849 35,177,831 145,499,630 594,198,890 739,698,519 968,206,199 2,278,497,613 199,534,807 3,446,238,619

Dec-18 142,814,465 15,988,200 240,228,241 619,569,200 859,797,440 1,018,600,105 2,266,464,106 101,436,240 3,386,500,450

Jan-19 225,457,206 17,765,417 350,289,728 506,963,728 857,253,456 1,100,476,079 2,114,944,179 228,578,129 3,443,998,387

Feb-19 301,782,282 56,535,513 294,218,112 465,742,615 759,960,728 1,118,278,523 2,498,317,359 127,262,616 3,743,858,499

Mar-19 196,502,747 109,959,024 342,111,048 393,039,223 735,150,270 1,041,612,041 2,655,266,203 260,854,284 3,957,732,528

Apr-19 417,651,349 30,204,627 458,593,727 697,219,934 1,155,813,661 1,603,669,636 2,816,852,215 165,832,328 4,586,354,180

May-19 210,541,171 68,744,993 248,220,441 556,610,864 804,831,305 1,084,117,470 2,921,615,371 167,322,462 4,173,055,303

Jun-19 173,810,248 138,227,830 249,346,976 728,505,245 977,852,221 1,289,890,299 2,824,711,735 137,091,227 4,251,693,261

Jul-19 322,755,378 68,146,893 150,730,868 508,739,032 659,469,900 1,050,372,171 2,703,496,907 97,362,202 3,851,231,280

Aug-19 166,211,340 64,621,991 267,969,532 693,347,037 961,316,569 1,192,149,900 2,686,572,696 143,972,059 4,022,694,655

Sep-19 378,053,358 49,429,794 396,937,648 675,456,228 1,072,393,876 1,499,877,028 2,609,860,973 60,696,651 4,170,434,652

Oct-19 349,667,917 50,473,400 383,894,138 602,913,863 986,808,000 1,386,949,317 2,617,019,918 41,191,553 4,045,160,788

Nov-19 126,223,579 17,644,884 136,360,677 560,595,652 696,956,329 840,824,791 2,526,885,955 245,323,957 3,613,034,703

TOTAL 3,204,800,890 722,920,396 3,664,400,766 7,602,901,509 11,267,302,274 15,195,023,561 33,520,505,229 1,976,458,517 50,691,987,307

AF GRAND TOTALFIRS (PSC) DPR (PSC)LIFTING MONTH

IOCs & INDEPENDENTS

(INC. NPDC)

NIGERIAN GOVERNMENT

SUB-TOTAL (NNPC)

DOMESTIC

SUB-TOTAL GOVERNMENT

LIFTINGFEDERATION

EXPORT

Note:

IOCs, Independents, & AF values include government taxes and royalties superintended by FIRS and DPR respectively.

For more information on crude oil lifting by Company and Crude Destination click the link.

11.6 15.1 14.3 11.6 10.9 15.7 11.5 14.7 10.3 16.0 16.9 15.7 10.83.0 2.6 3.8 4.6 2.8

5.83.2 2.6 5.0

2.8 6.0 5.72.9

35.838.5 35.4 38.0 39.5

38.440.9 42.4 43.1

44.3 40.7 41.840.1

54.1058.28 57.72 56.98 58.67

63.5558.55

63.91 61.0066.58 65.44 64.68

57.86

0

20

40

60

80


Monthly Lifting Entitlement (Million Barrels)

SUB-TOTAL (NNPC) FIRS (PSC) IOCs & INDEPENDENTS (INC. NPDC) AF




http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/Lifting%20By%20Company.pdf

http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/Crude%20destinations.pdf


Chart 2.3.2: Government Crude Oil Lifting and utilization on Account of NNPC

2.4 Utilization of Crude Oil for Domestic Product Supply

In November 2019, NNPC lifted 8,621,658 barrels of crude oil from the daily allocation

for domestic utilization translating to an average volume of 287,389 barrels of oil per day

in terms of performance. In order to meet domestic product supply requirement for the

month of November 2019, the entire 8,621,658 barrels were processed under the Direct-

Sales-Direct Purchase (DSDP) scheme while no deliveries to the domestic refineries for

processing. Tables and charts below provide details of NNPC’s Utilization of Crude Oil for

Domestic Product Supply for the period of November 2018 to November 2019.

Table 2.4.1: Domestic Crude Purchased By NNPC from Federation

Volume Ave. Price Sales Value Sales Value Average Lifting

Barrels $/bbl USD NGN Barrels Per Day

Nov-18 9,293,740.00 63.94 594,198,889.67 181,587,180,683.76 309,791.33

Dec-18 11,059,517.00 56.02 619,569,199.76 189,464,261,286.31 356,758.61

Jan-19 8,420,913.00 60.20 506,963,727.65 155,130,900,659.37 271,642.35

Feb-19 7,150,971.00 65.13 465,742,615.47 142,400,804,681.18 255,391.82

Mar-19 5,783,416.00 67.96 393,039,222.71 120,211,046,266.77 186,561.81

Apr-19 9,487,883.00 73.49 697,219,933.82 213,314,438,751.62 316,262.77

May-19 8,069,842.00 68.97 556,610,864.34 170,295,093,943.29 260,317.48

Jun-19 10,955,223.00 66.50 728,505,244.79 222,886,179,643.20 365,174.10

Jul-19 7,932,679.00 64.13 508,739,031.81 155,623,269,830.37 255,892.87

Aug-19 11,557,171.00 59.99 693,347,036.95 212,060,191,251.77 372,811.97

Sep-19 10,665,632.00 63.33 675,456,227.68 206,689,605,668.55 355,521.07

Oct-19 9,560,513.00 63.06 602,913,862.53 184,491,641,934.48 308,403.65

Nov-19 8,621,658.00 65.02 560,595,651.62 171,542,269,396.33 287,388.60

Total/Ave 118,559,158.00 64.13 7,602,901,508.79 2,325,696,883,997.00 300,149.77

Period

9.311.1

8.47.2

5.8

9.58.1

11.0

7.9

11.6 10.7 9.6 8.6

2.3

4.1

5.9

4.55.1

6.3

3.5

3.7

2.4

4.4 6.26.1

2.2

11.58

15.1414.28

11.6310.87

15.75

11.54

14.70

10.34

15.9816.86

15.69

10.78

0

2

4

6

8

10

12

14

16

18


Government Crude Oil Lifting & Utilisation (Million Barrels)

DOMESTIC FEDERATION EXPORT





Table 2.4.2: Breakdown of NNPC Utilization of Crude oil for Domestic Product Supply

Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn Qty ('000 Bbls) Value in US$'Mn Naira'Mn

Nov-18 700.34 45.97 14,048.40 11,493.09 738.04 225,545.44 12,193.44 784.01 239,593.84

Dec-18 619.95 35.31 10,797.59 12,343.12 692.54 211,779.84 12,963.07 727.85 222,577.43

Jan-19 823.53 50.61 15,485.78 8,546.33 508.99 155,749.87 9,369.87 559.59 171,235.64

Feb-19 513.74 33.87 10,355.28 10,460.91 683.87 209,092.97 10,974.65 717.74 219,448.24

Mar-19 996.90 68.86 21,059.62 7,681.44 521.45 159,484.19 8,678.35 590.30 180,543.82

Apr-19 0.00 0.00 0.00 14,284.19 1,042.99 319,101.57 14,284.19 1,042.99 319,101.57

May-19 430.09 29.38 8,990.33 11,162.00 757.33 231,706.60 11,592.09 786.72 240,696.93

Jun-19 0.00 0.00 0.00 13,829.17 918.06 280,879.16 13,829.17 918.06 280,879.16

Jul-19 0.00 0.00 0.00 12,728.27 814.21 249,147.16 12,728.27 814.21 249,147.16

Aug-19 0.00 0.00 0.00 15,374.46 917.94 280,751.62 15,374.46 917.94 280,751.62

Sep-19 0.00 0.00 0.00 14,490.43 917.05 280,616.06 14,490.43 917.05 280,616.06

Oct-19 0.00 0.00 0.00 15,286.65 952.58 291,490.02 15,286.65 952.58 291,490.02

Nov-19 0.00 0.00 0.00 12,490.35 807.61 247,127.50 12,490.35 807.61 247,127.50

PTD 4,084.56 264.00 80,736.99 160,170.41 10,272.64 3,142,472.01 164,254.97 10,536.64 3,223,209.00

Month

TOTAL DELIVERIES TO REFINERIES DIRECT SALES DIRECT PURCHASE - JV/PSC (Domestic)+FIRS-PPT+EXTENDED

Note: DSDP has been adjusted to include daily crude allocation from Federation (Domestic), FIRS-PPT Crude & Extended DSDP. This is reported retrospectively from July 2018.

Chart 2.4.1: NNPC Crude Oil Utilization for Domestic Product Supply

Chart 2.4.2: Percentage Distribution for November 2019 Domestic Crude Utilization

11.5 12.3

8.510.5

7.7

14.3

11.2

13.8

12.715.4 14.5 15.3

12.5

0.70 0.62

0.82

0.51

1.00

-

0.43

--

-- -

-

12.213.0

9.4

11.0

8.7

14.3

11.6

13.8

12.7

15.4

12.5

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00


NNPC Crude Oil Utilisation For Domestic Product Supply (Million Barrels)

DSDP REFINERY DIRECT EXPORT

100.0%

November 2019 Crude Oil Utilization For Domestic Product Consumption

REFINERY

DSDP

DIRECTEXPORT

0.0%

5.5%

94.5%

0.0%

PTD Crude Oil Utilization For Domestic Product Consumption

REFINERY

DSDP

DIRECTEXPORT





2.5 Natural Gas Off take, Commercialization & Utilization

Out of the 239.29 BCF of gas supplied in December 2019, a total of 148.32 BCF of gas was

commercialized consisting of 34.78 BCF and 113.54 BCF for the domestic and export

market respectively as shown in Table 2.5.1 below. This translates to a total supply of

1,121.77 mmscfd of gas to the domestic market and 3,662.70 mmscfd of gas supplied to

the export market for the month as shown in Table 2.5.2 on page 16.

This implies that 62.22% of the average daily gas produced was commercialized while

the balance of 37.78% was re-injected, used as upstream fuel gas or flared. Gas flare rate

was 7.78% for the month under review i.e. 598.03 mmscfd compared with average Gas

flare rate of 8.56 % i.e. 678.02 mmscfd for the period December 2018 to December 2019.

Table 2.5.1: Total Gas Commercialization and utilization

Domestic Gas To

Power

Domestic Gas to

Industry

Total Domestic Gas

SupplyWAPG EGTL NGL/ LPG NLNG Total Export Gas

BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF BCF

Dec-18 24.00 14.61 38.61 2.18 5.88 3.32 101.14 112.52 55.61 11.96 21.89 89.46 240.59

Jan-19 23.48 14.55 38.03 1.98 7.75 3.37 100.36 113.47 62.58 12.26 18.30 93.14 244.65

Feb-19 22.96 14.82 37.77 1.56 6.25 3.50 78.53 89.85 62.98 11.41 21.22 95.61 223.23

Mar-19 24.08 16.28 40.35 1.84 8.20 4.10 100.52 114.66 70.78 12.85 24.95 108.58 263.59

Apr-19 20.38 14.52 34.89 1.90 7.59 3.47 97.99 110.96 68.84 12.28 24.82 105.94 251.79

May-19 21.32 14.93 36.25 2.11 7.13 3.72 75.08 88.04 65.05 12.02 19.84 96.92 221.21

Jun-19 21.03 14.66 35.69 2.43 7.41 3.72 78.17 91.73 64.16 12.34 18.12 94.62 222.04

Jul-19 20.44 14.02 34.45 2.70 5.11 4.03 99.64 111.47 69.89 13.11 20.47 103.47 249.39

Aug-19 20.50 15.77 36.27 3.47 2.90 2.77 105.81 114.95 65.72 12.37 21.66 99.75 250.98

Sep-19 17.84 14.41 32.25 2.43 0.53 2.35 98.07 103.38 67.94 11.61 19.94 99.49 235.12

Oct-19 17.15 14.22 31.37 2.57 0.00 2.13 98.90 103.60 70.34 13.00 17.52 100.86 235.82

Nov-19 19.34 15.96 35.29 1.98 1.35 2.48 95.93 101.73 60.83 11.89 18.97 91.70 228.72

Dec-19 18.48 16.29 34.78 2.87 5.44 2.00 103.24 113.54 59.58 11.94 18.54 90.05 238.37

Total 270.98 195.02 466.00 30.02 65.53 40.98 1,233.36 1,369.90 844.30 159.04 266.25 1,269.59 3,105.48

Domestic Gas Export Gas

Gas Commercialisation

Grand TotalPeriod

Non-Commercialized Gas

Re-Injection Fuel Gas FlareTotal Non-

Commerialized Gas

Note: For more details on Gas Liftings follow this link

Total gas supply for the period December 2018 to December 2019 stood at 3,105.48 BCF

out of which 466.00 BCF and 1,369.90 BCF were commercialized for the domestic and

export market respectively. Gas re–injected, Fuel gas and Gas flared stood at 1,269.59

BCF. The table 2.5.1 and chart 2.5.1 provides more details of the gas utilization and

commercialization for the period December 2018 to December 2019.




http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/NGL.pdf


Chart 2.5.1: December ’18 – December ‘19 Percent Distribution of Gas Utilization

As shown in Table 2.5.2 below, out of the 1,121.77 mmscfd of gas supplied to the domestic

market in December 2019, about 596.27 mmscfd of gas representing 53.15% was

supplied to Gas-Fired power plants while the balance of 525.50 mmscfd or 46.85% was

supplied to other industries. Similarly, for the period of December 2018 to December

2019 an average of 1,209.90 mmscfd of gas was supplied to the domestic market

comprising an average of 704.08 mmscfd or (58.19%) as gas supply to the power plants

and 505.82 mmscfd or (41.81%) as gas supply to industries.

Table 2.5.2: Total Average Daily Gas Commercialization and utilization

Domestic Gas To

Power

Domestic Gas to

IndustryTotal Gas To Domestic WAPG EGTL NGL/LPG NLNG Total Gas To Export

mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd mmscfd

Dec-18 774.27 471.21 1,245.48 70.43 195.97 110.76 3,371.31 3,748.47 1,853.74 398.64 729.55 2,981.93 7,975.88

Jan-19 757.49 469.34 1,226.83 63.98 258.40 112.41 3,345.44 3,780.24 2,086.01 408.69 610.07 3,104.77 8,111.84

Feb-19 819.85 529.17 1,349.03 55.72 223.21 125.14 2,804.67 3,208.74 2,249.21 407.52 757.94 3,414.66 7,972.43

Mar-19 776.60 525.02 1,301.62 59.38 264.51 132.28 3,242.43 3,698.59 2,283.20 414.64 804.69 3,502.53 8,502.73

Apr-19 727.67 518.40 1,246.06 67.95 253.12 115.72 3,266.28 3,703.07 2,294.69 409.26 827.42 3,531.37 8,480.50

May-19 761.46 533.12 1,294.57 70.43 237.53 124.09 2,502.73 2,934.78 2,168.33 400.79 661.47 3,230.59 7,459.94

Jun-19 751.18 523.62 1,274.80 81.00 246.90 124.15 2,605.60 3,057.65 2,138.72 411.34 603.97 3,154.03 7,486.48

Jul-19 729.84 500.68 1,230.52 87.00 164.68 130.04 3,214.06 3,595.78 2,254.40 422.74 660.04 3,337.18 8,163.48

Aug-19 666.15 508.82 1,174.97 111.89 93.65 89.42 3,413.23 3,708.19 2,119.93 399.13 698.78 3,217.84 8,100.99

Sep-19 594.56 480.30 1,074.86 81.00 17.53 78.36 3,269.12 3,446.02 2,264.71 387.05 664.70 3,316.46 7,837.34

Oct-19 553.15 458.70 1,011.85 82.84 0.00 68.84 3,190.16 3,341.84 2,269.00 419.28 565.17 3,253.45 7,607.13

Nov-19 644.58 531.82 1,176.40 65.90 44.93 82.67 3,197.54 3,391.04 2,027.71 396.43 632.37 3,056.51 7,623.95

Dec-19 596.27 525.50 1,121.77 92.59 175.58 64.36 3,330.17 3,662.70 1,921.94 384.99 598.03 2,904.96 7,689.43

Average 704.08 505.82 1,209.90 76.16 167.38 104.48 3,134.83 3,482.85 2,148.58 404.65 678.02 3,231.25 7,924.01

Gas Commercialisation

Export GasDomestic GasGrand Total

Non-Commercialized Gas

Re-Injection Fuel Gas FlarePeriodTotal Non-

Commerialized Gas

15.3%

44.0%

40.8%

PTD Year Average Percentage Distribution of Gas Utilisation

Total GasToDomestic

Total GasTo Export

Total Non-Commerialized Gas

14.6%

47.6%

37.8%

December 2019Percentage Distribution of Gas

Utilisation

Total GasToDomestic

Total GasTo Export

Total Non-Commerialized Gas





About 3,330.17 mmscfd or 90.92% of the export gas was sent to Nigerian Liquefied

Natural Gas Company (NLNG) Bonny for December 2019 compared with the period,

December 2018 to December 20l9 average of 3,134.83 mmscfd or 90.01% of the export

gas.

Chart 2.5.2: Average Daily National Gas to Domestic, Export & Gas Non-Commercialized

2.6 Domestic Gas Supply to the Power Sector

A total of 596 mmscfd was delivered to gas fired power plants in the month of December

2019 to generate an average power of about 2,498 MW compared with November 2019

where an average of 645 mmscfd was supplied to generate 2,178 MW. The table 2.6.1 and

chart 2.6.1 below provide more details.

Table 2.6.1: Domestic Gas Supply to the Power Sector & Generation

Gas Supply To Gas-Fired Power Plants

(mmscfd)

Power Generated from Gas-Fired Power Plants

(MW)

% of Total Generation including Hyrdo

mmscfd MW %

Dec-18 774 3,131 MW 75.4%

Jan-19 757 3,124 MW 76.4%

Feb-19 820 3,336 MW 78.9%

Mar-19 777 3,223 MW 77.4%

Apr-19 728 3,095 MW 80.8%

May-19 761 2,958 MW 81.6%

Jun-19 751 2,896 MW 82.5%

Jul-19 730 2,864 MW 81.6%

Aug-19 666 2,462 MW 77.7%

Sep-19 595 2,227 MW 69.2%

Oct-19 553 2,050 MW 64.3%

Nov-19 645 2,178 MW 66.7%

Dec-19 596 2,498 MW 68.4%

Average 704 2,772 MW 75.5%

Period

1,245 1,227 1,349 1,302 1,246 1,295 1,275 1,231 1,175 1,075 1,012 1,176 1,122

3,748 3,780 3,209 3,699 3,703 2,935 3,058 3,596 3,708 3,446 3,342 3,391 3,663

2,982 3,105 3,4153,503 3,531

3,231 3,1543,337 3,218 3,316 3,253 3,057 2,905

7,976 8,112 7,972 8,503 8,4807,460 7,486

8,163 8,101 7,837 7,607 7,624 7,689

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000


Average Daily National Gas to Domestic, Export & Gas Non-Commericlized (mmscfd)

Total Gas To Domestic Total Gas To Export Total Non-Commerialized Gas





Chart 2.6.2: Domestic Gas Supply to the Power Sector & Generation

774 757820 777

728 761 751 730666

595 553645

596

3,131 MW 3,124 MW

3,336 MW3,223 MW

3,095 MW2,958 MW 2,896 MW 2,864 MW

2,462 MW

2,227 MW2,050 MW

2,178 MW

2,498 MW

0 MW

500 MW

1,000 MW

1,500 MW

2,000 MW

2,500 MW

3,000 MW

3,500 MW

4,000 MW

0

100

200

300

400

500

600

700

800

900

1,000


mm

scfd

Gas Supply to Thermal Power plants vs Generation from Thermal Power Plants

Gas Supply To Gas-Fired Power Plants (mmscfd) Power Generated from Gas-Fired Power Plants (MW)





3 Refinery Operations

3.1 Capacity Utilization

In December 2019, the three refineries processed no crude and produced -619 MT of

finished products; comprising -2,593 MT and 1974 MT by WRPC and PHRC respectively.

Combined yield efficiency is 0.00% owing largely to on-going rehabilitation works in the

Refineries.

Table 3.1.1: Monthly Consolidated Refineries Operational Performance

Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Total

Opening Stock (A) MT 427,144 447,121 455,780 306,852 249,224 249,224 413,004 412,971 413,896 413,896 425,969 425,953 425,718 5,066,752

Crude Received (B) MT 84,445 113,538 70,430 138,016 0 62,915 0 925 0 12,485 4 4 0 482,762

Crude Transferred to KRPC (C) MT 929 4,000 0 -3,702 0 0 0 0 0 0 0 0 0 1,227

Total Crude Available (D=A+B-C) MT 512,518 564,659 526,210 441,166 249,224 312,139 413,004 413,896 413,896 426,381 425,973 425,957 425,718 5,550,741

Closing Stock (E=D-F) MT 445,379 460,200 302,235 381,477 249,224 279,172 374,027 413,896 413,896 426,381 425,973 425,957 425,718 5,023,535

Crude Processed (F) MT 67,139 104,459 223,975 59,689 0 32,967 38,977 0 0 0 0 0 0 527,206

(i) Finished Products MT 27,486 123,725 118,911 76,369 420 22,676 23,878 59,311 29,979 967 2,504 5,031 619 474,728

(ii) Intermediate Products MT 4,784 47,249 84,313 33,013 5,575 3,118 11,722 72,313 39,542 9,599 575 385 4,513 130,351

(iii) Plant Consumption MT 22,153 18,031 17,588 13,045 5,088 27,038 21,018 9,429 3,986 7,209 4,918 3,157 4,321 147,145

(iv) Losses MT 12,716 9,953 3,142 3,288 470 2,422 5,803 3,573 5,577 1,423 6,847 1,489 810 57,513

Plant Capacity kpd 445 445 445 445 445 445 445 445 445 445 445 445 445 445

Capacity Utilization % 3.57% 5.55% 13.18% 3.17% 0.00% 1.75% 2.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.19%

Losses % 18.94% 9.53% 1.40% 5.51% 0.00% 7.35% 14.89% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.91%

Plant Consumption % 33.00% 17.26% 7.85% 21.85% 0.00% 82.02% 53.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 27.91%

Yields Efficiency based on CDU, CRU & FCC (%) % 48.06% 73.21% 90.74% 72.64% 0.00% 78.24% 31.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 65.32%

Operational Parameters UnitsConsolidated Refineries Operations

Note: KRPC received their crude via WRPC.

For the month of December 2019, the three refineries produced -4513 MT of

intermediate products at combined capacity utilization of 0.00%. The intermediate

products were primarily used by WRPC and PHRC. The declining operational

performance recorded is attributable to ongoing revamping of the refineries which is

expected to further enhance capacity utilization once completed.





Chart 3.1.1: Monthly Refineries Consolidated Capacity Utilization

Table 3.1.2: Refineries Monthly Operations

Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Total


Crude Received (B) MT 84,445 113,538 70,430 138,016 0 62,915 0 404 0 12,485 4 4 0 482,241

Crude Transferred to KRPC (C) MT 929 4,000 0 -3,702 0 0 0 0 0 0 0 0 0 1,227

Total Crude Available (D=A+B-C) MT 274,310 324,709 286,680 216,685 170,891 233,806 200,839 201,243 201,243 213,728 213,732 213,736 214,196 2,965,798

Closing Stock (E=D-F) MT 207,171 220,250 77,754 170,891 170,891 200,839 200,839 201,243 201,243 213,728 213,732 213,736 214,196 2,506,513

Crude Processed (F) MT 67,139 104,459 208,926 45,794 0 32,967 0 0 0 0 0 0 0 459,285

(i) Finished Products MT 26,441 119,541 119,005 71,178 2,487 21,347 10,420 17,537 10,424 511 559 3,052 2,593 393,805

(ii) Intermediate Products MT 26,431 36,293 80,178 35,764 5,176 4,771 18,463 22,152 10,759 511 559 0 1,489 19,786

(iii) Plant Consumption MT 10,058 11,835 7,769 7,562 2,689 31,541 5,064 2,851 335 0 0 3,052 4,081 86,837

(iv) Losses MT 4,209 9,377 1,973 2,818 0 1,426 2,979 1,764 0 0 0 0 0 24,546



Losses % 6.27% 8.98% 0.94% 6.15% 0.00% 4.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.34%


Yields Efficiency based on CDU, CRU & FCC (%) % 78.75% 79.69% 95.34% 77.33% 0.00% 79.22% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 81.44%

Operational Parameters Units

Opening Stock (A) MT 159,375 161,617 161,197 146,148 133,832 133,799 134,320 134,320 133,908 133,888 133,189 1,565,593

Crude Received (B) MT 0 0 0 0 0 0 0 521 0 0 0 0 0 521

Total Crude Available (C=A+B) MT 159,375 161,617 161,197 146,148 0 0 133,832 134,320 134,320 134,320 133,908 133,888 133,189 1,566,114

Closing Stock (D=C-E) MT 159,375 161,617 146,148 132,253 0 0 133,832 134,320 134,320 134,320 133,908 133,888 133,189 1,537,170

Crude Processed (E) MT 0 0 15,049 13,895 0 0 0 0 0 0 0 0 0 28,944

(i) Finished Products MT 1,045 4,184 426 5,191 2,907 1,329 717 41,774 19,555 456 3,063 1,979 1,974 67,268

(ii) Intermediate Products MT 13,528 7,580 8,206 2,751 399 5,630 3,131 44,583 25,189 1,879 1,134 385 3,024 92,467

(iii) Plant Consumption MT 2,970 2,372 5,248 5,483 2,399 0 1,024 1,000 57 0 0 105 240 20,898

(iv) Losses MT 9,513 1,024 1,169 470 470 470 2,824 1,809 5,577 1,423 1,929 1,489 810 28,977



Losses % 0.00% 0.00% 7.77% 3.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.11%


Yields Efficiency based on CDU, CRU & FCC (%) % 0.00% 0.00% 57.36% 57.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -87.06%



Crude Received (B) MT 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total Crude Available (C=A+B) MT 78,833 78,333 78,333 78,333 78,333 78,333 78,333 78,333 78,333 78,333 78,333 78,333 78,333 1,018,829

Closing Stock (D=C-E) MT 78,833 78,333 78,333 78,333 78,333 78,333 39,356 78,333 78,333 78,333 78,333 78,333 78,333 979,852

Crude Processed (E) MT 0 0 0 0 0 0 38,977 0 0 0 0 0 0 38,977

(i) Finished Products MT 0 0 520 0 0 0 14,175 0 0 0 0 0 0 13,655

(ii) Intermediate Products MT 8,119 3,376 4,071 0 0 3,977 9,872 5,578 3,594 7,209 0 0 0 18,098

(iii) Plant Consumption MT 9,125 3,824 4,571 0 0 4,503 14,930 5,578 3,594 7,209 4,918 0 0 39,410

(iv) Losses MT 1,006 448 0 0 0 526 0 0 0 0 4,918 0 0 3,990



Losses % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 10.24%


Yields Efficiency based on CDU, CRU & FCC (%) % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 61.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -11.40%


PHRC

KRPC

WRPC

Note: For more details on breakdown for Refineries Crude grade received, follow this link.

3.57%

5.55%

13.18%

3.17%

0.00%

1.75% 2.14%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0%

2%

4%

6%

8%

10%

12%

14%


Refineries Consolidated Capacity Utilisation




http://nnpcgroup.com/Portals/0/Monthly%20Financial%20and%20Operations%20Data/Links/Crude%20Grade.pdf


Chart 3.1.2: Refineries Capacity Utilization

3.2 Refineries Economics for the Period December 2019

The Corporation has been adopting a Merchant Plant Refineries Business Model since

January 2017. The model takes cognizance of the Products Worth and Crude Costs. The

combined value of output by the three refineries (at Import Parity Price) for the month

of November 2019 amounted to approximately ₦0.10billion. No associated crude plus

freight cost for the three refineries since there was no production but operational

expenses amounted to ₦13.55billion. This resulted to an operating deficit of ₦13.46billion

by the Refineries as shown in Table 3.2 beneath.

Table 3.2: Refinery Financial Performance December 2018 - December 2019 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million NGN Million

Revenue 9,587.44 32,640.00 32,640.00 6,205.30 31.93 4,627.57 151.44 70.13 41.76 40.39 45.22 38.51 38.66

Crude + Frieght (COGS)-8,890.47 -31,580.53 -31,578.96 -7,183.48 0.00 -5,304.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Opex -3,217.83 -3,565.36 -4,498.38 -4,587.13 -3,709.72 -3,933.78 -4,222.07 -3,644.61 -3,357.25 -3,160.52 -3,140.91 -3,140.91 -5,180.42

Operating Surplus/Deficit-2,520.86 -2,505.89 -3,437.34 -5,565.30 -3,677.79 -4,610.63 -4,070.63 -3,574.48 -3,315.49 -3,120.13 -3,095.69 -3,102.40 -5,141.76

Revenue 1,245.52 522.93 579.57 42.14 555.21 567.45 1,848.83 720.29 507.53 930.74 2.23 1.34 2.20

Crude + Frieght (COGS) 0.00 0.00 0.00 0.00 0.00 0.00 -6,336.18 0.00 0.00 0.00 0.00 0.00 0.00

Opex -3,074.19 -4,264.71 -3,643.50 -5,136.06 -4,893.61 -4,878.66 -5,068.19 -5,103.95 -6,420.95 -4,598.06 -5,242.68 -5,048.26 -4,620.70


Revenue 26.99 527.50 1,243.73 1,522.62 4.76 45.82 12.00 34.72 6.36 62.84 3.77 2.40 55.11

Crude + Frieght (COGS) 0.00 0.00 -2,252.48 -2,158.52 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Opex -12,994.49 -2,641.85 -2,749.25 -4,741.05 -3,428.43 -4,753.26 -3,806.30 -5,912.62 -3,986.53 -3,476.91 -3,384.19 -4,370.17 -3,752.43

Operating Surplus/Deficit-12,967.50 -2,114.35 -3,758.00 -5,376.95 -3,423.67 -4,707.44 -3,794.30 -5,877.90 -3,980.17 -286.86 -3,380.42 -4,367.77 -3,697.32

Revenue 10,859.95 33,690.43 34,463.30 7,770.07 591.90 5,240.84 2,012.27 825.14 555.65 1,033.97 51.22 42.25 95.97

Crude + Frieght (COGS)-8,890.47 -31,580.53 -33,831.44 -9,342.00 0.00 -5,304.41 -6,336.18 0.00 0.00 0.00 0.00 0.00 0.00

Opex -19,286.51 -10,471.92 -10,891.13 -14,464.24 -12,031.76 -13,565.70 -13,096.56 -14,661.18 -13,764.73 -11,235.49 -11,767.78 -12,559.34 -13,553.56


Description

WRPC

KRPC

PHRC

Consolidated

Note: For PHRC, The overstated losses for June -236.49 and July -2890.72 have been added to the current deficit of -3434.07 to arrive at the adjusted

balance of -286.84 in September 2019.

12

.7% 19

.8%

43

.8%

8.7

%

0.0

% 6.2

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

1.9

%

1.6

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

% 8.7

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0%

20%

40%

60%


Refineries Capacity Utilisation

WRPC PHRC KRPC





4 Petroleum Product Supply & Distribution

4.1 Petroleum Product Supply from Direct sales Direct Purchase (DSDP)

In December 2019, 1,637.85 million litres of PMS were supplied into the country through

the DSDP arrangement as against the 1,792.91 million litres of PMS supplied in the month

of November 2019. The table and chart below provide more details of the total petroleum

products supply from DSDP.

Table 4.1.1: Monthly Imported Petroleum Products via DSDP in litres

Month DSDP (Domestic) Extended DSDP/NFSF

PMS PMS AGO DPK

Litres Litres Litres Litres

Dec-18 1,625,267,839.20 558,746,413.27 - -

Jan-19 1,066,047,263.08 151,804,588.71 - -

Feb-19 567,886,452.03 101,915,055.94 - -

Mar-19 769,656,769.13 209,994,955.73 - -

Apr-19 2,436,497,208.14 154,517,419.64 - -

May-19 2,098,547,949.47 0.00 - -

Jun-19 1,687,689,202.03 544,893,026.37 - -

Jul-19 1,221,285,513.13 238,027,042.72 38,761,200.00 -

Aug-19 1,441,693,147.46 198,789,390.77 113,378,702.98 -

Sep-19 1,601,487,407.47 325,323,613.59 - -

Oct-19 1,198,434,182.52 425,522,978.04 111,860,420.95 -

Nov-19 1,293,464,265.53 499,446,697.29 - -

Dec-19 1,245,207,523.63 392,640,519.53 95,014,557.83 -

TOTAL 18,253,164,722.82 3,801,621,701.59 359,014,881.76 0.00

DSDP (Domestic)

Notes: DSDP has been adjusted to include daily crude allocation from Federation (Domestic), FIRS-PPT Crude & Extended DSDP. This

is reported retrospectively from July 2018. Under recovery for DSDP (Domestic) is charged to the Federation account. Under recovery for Flush Volumes and Extended DSDP is charged to the National Fuel Support Fund (NFSF).

Table 4.1.2: Monthly Imported Petroleum Products via DSDP in litres

PMS AGO TOTAL

Litres Litres Litres

Dec-18 2,184,014,252.48 - 2,184,014,252.48

Jan-19 1,217,851,851.79 - 1,217,851,851.79

Feb-19 669,801,507.97 - 669,801,507.97

Mar-19 979,651,724.86 - 979,651,724.86

Apr-19 2,591,014,627.78 - 2,591,014,627.78

May-19 2,098,547,949.47 - 2,098,547,949.47

Jun-19 2,232,582,228.41 - 2,232,582,228.41

Jul-19 1,459,312,555.85 38,761,200.00 1,498,073,755.85

Aug-19 1,640,482,538.23 113,378,702.98 1,753,861,241.21

Sep-19 1,926,811,021.06 - 1,926,811,021.06

Oct-19 1,623,957,160.55 111,860,420.95 1,735,817,581.51

Nov-19 1,792,910,962.82 - 1,792,910,962.82

Dec-19 1,637,848,043.15 95,014,557.83 1,732,862,600.98

TOTAL 22,054,786,424.42 359,014,881.76 22,413,801,306.17

Period

Note: DSDP has been adjusted to include daily crude allocation from Federation (Domestic), FIRS-PPT Crude & Extended DSDP. This is reported retrospectively from July 2018.





Chart 4.1.1: Petroleum Products Supply from DSDP (Million Litres)

4.2 Petroleum Products Supply from Domestic Refineries

Table 4.2.1 shows comparison of white petroleum products produced by the domestic

refineries. No white product (PMS & DPK) was produced in December 2019 and for the

past six consecutive months. The lack of production is due to ongoing rehabilitation

works at the refineries.

Table 4.2.1: Monthly Refined White Petroleum Products from Local Refineries

PMS DPK Total (PMS+DPK)

Litres Litres Litres

Dec-18 23,145,632 11,891,655 35,037,287

Jan-19 45,489,052 36,005,130 81,494,182

Feb-19 44,147,374 36,131,130 80,278,504

Mar-19 44,147,374 38,247,397 82,394,771

Apr-19 0 0 0

May-19 9,101,176 4,990,044 14,091,220

Jun-19 0 0 0

Jul-19 0 0 0

Aug-19 0 0 0

Sep-19 0 0 0

Oct-19 0 0 0

Nov-19 0 0 0

Dec-19 0 0 0

Total 166,030,608 127,265,356 293,295,964

Period

2,184

1,218

670980

2,591

2,099 2,233

1,4591,640

1,9271,624

1,7931,638

0

0

113

2,184

1,218

670

980

2,591

2,0992,233

1,498

1,7541,927

1,736 1,7931,733

0

500

1,000

1,500

2,000

2,500

3,000


Petroleum Products from Direct Sales Direct Purchase (Million Litres)

PMS AGO





Table 4.2.2: Total White Petroleum Product Supply from NNPC (DSDP + Refineries)

PMS AGO Total PMS AGO Total

Litres Litres Litres Litres/Day Litres/Day Litres/Day

Dec-18 2,207,159,884.48 11,891,655.00 2,219,051,539.48 71,198,705.95 383,601.77 71,582,307.73

Jan-19 1,263,340,903.79 36,005,130.00 1,299,346,033.79 40,752,932.38 1,161,455.81 41,914,388.19

Feb-19 713,948,881.97 36,131,130.00 750,080,011.97 25,498,174.36 1,290,397.50 26,788,571.86

Mar-19 1,023,799,098.86 38,247,397.00 1,062,046,495.86 33,025,777.38 1,233,787.00 34,259,564.38

Apr-19 2,591,014,627.78 - 2,591,014,627.78 86,367,154.26 - 86,367,154.26

May-19 2,107,649,125.47 4,990,044.00 2,112,639,169.47 67,988,681.47 160,969.16 68,149,650.63

Jun-19 2,232,582,228.41 - 2,232,582,228.41 74,419,407.61 - 74,419,407.61

Jul-19 1,459,312,555.85 38,761,200.00 1,498,073,755.85 47,074,598.58 1,250,361.29 48,324,959.87

Aug-19 1,640,482,538.23 113,378,702.98 1,753,861,241.21 52,918,791.56 3,657,377.52 56,576,169.07

Sep-19 1,926,811,021.06 - 1,926,811,021.06 64,227,034.04 - 64,227,034.04

Oct-19 1,623,957,160.55 111,860,420.95 1,735,817,581.51 52,385,714.86 3,608,400.68 55,994,115.53

Nov-19 1,792,910,962.82 - 1,792,910,962.82 59,763,698.76 - 59,763,698.76

Dec-19 1,637,848,043.15 95,014,557.83 1,732,862,600.98 52,833,807.84 3,064,985.74 55,898,793.58

Total 22,220,817,032.42 486,280,237.76 22,707,097,270.17 728,454,479.04 15,811,336.46 744,265,815.50

Total Product Supply (OPA, DSDP+Refineries)

Period

Average Daily Supply

Chart 4.2.1: Total White Petroleum Product Supply from NNPC (DSDP+ Refineries)

Chart 4.2.2: Average Daily Petroleum Product Supply from NNPC (DSDP+ Refineries)

2,4532,207

1,263

7141,024

2,591

2,108 2,233

1,4591,640

1,9271,624 1,793

2

12

36

36

38

0

50

39

113

0

1120

2,455

2,219

1,299

750

1,062

2,591

2,1132,233

1,498

1,7541,927

1,736 1,793

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,6002,800


Total Petroleum Products Supply From NNPC Via DSDP + Refineries (Million Litres)

PMS AGO+DPK

81.871.2

40.825.5

33.0

86.4

68.0 74.4

47.1 52.964.2

52.459.8

0.1

0.4

1.2

1.31.2

0.0

0.20.0

1.33.7

0.0

3.60.0

81.82

71.58

41.91

26.79 34.26

86.37

68.15 74.42

48.32

56.58 64.23

55.99 59.76

-

20.00

40.00

60.00

80.00

100.00


Daily Average Petroleum Products Supply From NNPC Via DSDP & Refineries (Million Litres)

PMS AGO+DPK





4.3 Downstream Petroleum Product Distributions

A total of 2.775billion litres of white products were sold and distributed by PPMC in the

month of December 2019 compared with 0.841billion litres in the month of November

2019. This comprised 2.762billion litres of PMS, 0.013billion litres of AGO and

0.000billion litres of DPK. Total sale of white products for the period December 2018 to

December 2019 stood at 21.861 billion litres and PMS accounted for 21.514billion litres

or 98.41%. The tables and charts below provide more details of white products sold by

NNPC/PPMC for the period December 2018 to December 2019. There was sale of special

product of 0.003billion litres of LPFO in the month.

Table 4.3.1: Downstream Petroleum Product Sales by PPMC

PMS AGO DPK Total White Products LPFO Other Special

Products Total Special

Products

Litres Litres Litres Litres Litres Litres Litres

Dec-18 1,937,233,569 6,978,910 14,226,922 1,958,439,401 8,213,782 150,000 8,363,782

Jan-19 1,690,738,286 51,046,470 17,961,107 1,759,745,863 13,463,819 0 13,463,819

Feb-19 1,274,823,499 45,676,227 10,207,009 1,330,706,735 1,752,000 300,000 2,052,000

Mar-19 1,294,610,496 47,341,709 22,502,046 1,364,454,251 6,437,387 0 6,437,387

Apr-19 2,080,538,397 12,440,922 19,322,583 2,112,301,902 1,254,000 0 1,254,000

May-19 2,061,148,901 26,154,932 19,511,492 2,106,815,325 9,628,756 0 9,628,756

Jun-19 1,759,615,504 8,661,566 9,293,903 1,777,570,973 30,987,463 0 30,987,463

Jul-19 1,727,960,801 16,313,314 33,000 1,744,307,115 4,818,000 0 4,818,000

Aug-19 1,916,624,803 299,404 0 1,916,924,207 0 0 0

Sep-19 1,013,064,625 1,250,832 3,375,055 1,017,690,512 0 0 0

Oct-19 1,156,217,879 262,648 15,000 1,156,495,527 33,000 0 33,000

Nov-19 839,698,013 1,062,016 301,860 841,061,889 759,000 0 759,000

Dec-19 2,761,609,174 13,124,103 45,000 2,774,778,277 3,366,000 0 3,366,000

Total 21,513,883,947 230,613,053 116,794,977 21,861,291,977 80,713,207 450,000 81,163,207

Period

Chart 4.3.1: Monthly White Product sales by PPMC

1,9371,691

1,275 1,295

2,081 2,0611,760 1,728 1,917

1,013 1,156840

2,762

1418

10 23

19 20

9 00

30

0

0

751

46 47

12 26

9 160

10

1

13

1,958.441,759.75

1,330.71 1,364.45

2,112.30 2,106.82

1,777.57 1,744.311,916.92

1,017.691,156.50

841.06

2,774.78

0

500

1,000

1,500

2,000

2,500

3,000


Total Montly PPMC Product Distribution Sales Volume (Million Litres)

PMS DPK AGO





Table 4.3.2: Average Daily Petroleum Product Sales by PPMC

PMS AGO DPK Total White Products LPFO Other Special

Products Total Special

Products

Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day Litres/Day

Dec-18 62,491,405 225,126 458,933 63,175,465 264,961 4,839 269,799

Jan-19 54,539,945 1,646,660 579,391 56,765,996 434,317 0 434,317

Feb-19 45,529,411 1,631,294 364,536 47,525,241 62,571 10,714 73,286

Mar-19 41,761,629 1,527,152 725,872 44,014,653 207,658 0 207,658

Apr-19 69,351,280 414,697 644,086 70,410,063 41,800 0 41,800

May-19 66,488,674 843,707 629,403 67,961,785 310,605 0 310,605

Jun-19 58,653,850 288,719 309,797 59,252,366 1,032,915 0 1,032,915

Jul-19 55,740,671 526,236 1,065 56,267,971 155,419 0 155,419

Aug-19 61,826,607 9,658 0 61,836,265 0 0 0

Sep-19 33,768,821 41,694 112,502 33,923,017 0 0 0

Oct-19 37,297,351 8,473 484 37,306,307 1,065 0 1,065

Nov-19 27,989,934 35,401 10,062 28,035,396 25,300 0 25,300

Dec-19 89,084,167 423,358 1,452 89,508,977 108,581 0 108,581

Average 54,327,990 582,356 294,937 55,205,283 203,821 1,136 204,958

Period

Chart 4.3.2: Average Daily White Products Distribution by PPMC

A total sum of ₦337.63 billion was made on the sale of white products by PPMC in the

month of December 2019 compared to ₦105.62 billion sales in November, 2019. Total

revenues generated from the sales of white products for the period December 2018 to

December 2019 stood at ₦2,705.76 billion, where PMS contributed about 97.56% of the

total sales with a value of ₦2,639.68 billion. The table and chart below provide details

accordingly.

6255

46 42

69 6659 56

62

34 3728

89

0

1

01

11

00

0

00

0

0

0

2

22

0 1

01

0

00

0

0

63.1856.77

47.5344.01

70.41 67.96

59.2556.27

61.84

33.9237.31

28.04

89.51

0

10

20

30

40

50

60

70

80

90

100


Average Daily PPMC Product Distribution Sales Volume (Million Litres)

PMS DPK AGO





Table 4.3.3: Revenue from Sales of White Product

PMS AGO DPK Total White Products

Revenue LPFO

Other Special Products

Total Special

Products Revenue

Naira Naira Naira Naira Naira Naira Naira

Dec-18 237,122,677,370 1,307,846,496 3,030,397,176 241,460,921,042 1,082,658,605 21,187,500 1,103,846,105

Jan-19 208,651,023,319 9,695,568,796 3,412,610,330 221,759,202,445 1,710,479,467 0 1,710,479,467

Feb-19 158,036,092,915 8,678,483,130 1,939,331,710 168,653,907,755 216,915,120 40,875,000 257,790,120

Mar-19 161,353,491,796 8,989,733,510 4,280,498,376 174,623,723,682 797,012,884 0 797,012,884

Apr-19 255,332,011,840 2,363,775,180 3,663,329,322 261,359,116,342 155,257,740 0 155,257,740

May-19 252,350,443,561 4,978,662,080 3,695,374,480 261,024,480,121 1,156,037,500 0 1,156,037,500

Jun-19 213,577,710,940 1,635,008,458 1,719,372,055 216,932,091,453 3,802,266,112 0 3,802,266,112

Jul-19 211,647,332,775 3,050,589,718 6,105,000 214,704,027,493 596,516,580 0 596,516,580

Aug-19 233,367,696,696 55,988,548 0 233,423,685,244 0 0 0

Sep-19 124,311,940,808 233,905,584 624,385,175 125,170,231,567 0 0 0

Oct-19 143,349,124,961 49,115,176 2,775,000 143,401,015,137 4,085,730 0 4,085,730

Nov-19 105,366,620,662 198,596,992 55,844,100 105,621,061,754 93,971,790 0 93,971,790

Dec-19 335,216,500,573 2,401,710,849 8,325,000 337,626,536,422 416,744,460 0 416,744,460

Total 2,639,682,668,218 43,638,984,517 22,438,347,724 2,705,760,000,459 10,031,945,990 62,062,500 10,094,008,490

Period

Note: The PPMC Sales figure includes PEF & PPPRA collections.

Chart 4.3.3: Monthly Sales Revenue from Petroleum Product Distribution

237209

158 161

255 252214 212

233

124143

105

335

3

3

2 4

4 4

2 00

10

0

0

1

10

9 9

2 5

2 30

00

0

2

241.46

168.65

261.36 261.02

216.93 214.70233.42

125.17143.40

105.62

337.63

0

50

100

150

200

250

300

350

400


Sales Revenue From PPMC Product Distribution (Billion Naira)

PMS DPK AGO





5.1 Summary of Group Operating Revenue and Expenditure for December 2019

In December 2019, Group operating revenue in comparison with last month’s

performance; soared by 110% or N364.38Billion to stand at N695.18Billion. Similarly,

expenditure for the month increased by 111% or N363.05Billion, at N689.90Billion.

Expenditure as a proportion of revenue is almost at par for the current month following

same trend with the last two consecutive months.

This 53rd edition of the Report indicates an increased trading surplus of ₦5.28Billion

compared to the ₦3.95Billion surplus posted in November 2019. The 34% increase for

the month resulted from improved performances by some SBUs both in the Upstream

and Downstream dominating the 37% decrease in NPDC’s performance; coupled with

reduced deficit posted by the corporate headquarters. SBUs with notable improved

positions include IDSL, NGMC, NPSC and Duke Oil Incorporated. While performances of

IDSL and Duke Oil were imparted by upward adjustments to previously understated

revenues, NPSC and NGMC saw a reduction in cost of sales for pipeline repairs /right of

way maintenance costs and gas purchases respectively.

Table 5.1.0: Group Financial Performance by Entity

Revenue ExpenseSurplus/

(Deficit)Revenue Expense

Surplus/


Surplus/


Surplus/


Surplus/

(Deficit)

NPDC 181,951 69,061 112,891 86,036 51,974 34,061 91,867 70,331 21,537 2,183,417 1,037,727 1,145,690 1,080,961 775,986 304,975

IDSL 2,982 2,205 777 1,082 1,852 -769 6,069 2,757 3,313 35,784 26,459 9,325 31,574 16,572 15,001

NETCO 2,148 1,873 275 2,673 2,622 51 7,172 6,913 260 25,774 22,479 3,296 38,049 34,454 3,595

Sub-Total 187,081 73,139 113,943 89,791 56,448 33,343 105,109 80,000 25,109 2,244,975 1,086,665 1,158,311 1,150,584 827,012 323,572

NGC 11,984 1,933 10,051 7,332 2,320 5,012 7,074 1,770 5,304 143,805 23,197 120,609 100,570 22,801 77,768

NGMC 18,578 13,254 5,324 14,837 13,724 1,113 16,889 13,997 2,892 222,935 159,053 63,883 192,543 163,109 29,434

Sub-Total 30,562 15,187 15,374 22,169 16,044 6,125 23,963 15,767 8,196 366,741 182,249 184,491 293,112 185,910 107,202

KRPC 8,640 10,387 -1,747 1 5,048 -5,047 2 4,621 -4,619 103,678 124,646 -20,968 6,280 65,255 -58,975

PHRC 10,360 12,588 -2,227 2 4,370 -4,368 55 3,752 -3,697 124,324 151,051 -26,727 3,521 48,287 -44,766

WRPC 6,762 8,471 -1,709 39 3,141 -3,102 39 5,180 -5,142 81,139 101,649 -20,511 59,155 104,640 -45,485

Sub-Total 25,762 31,445 -5,684 42 12,559 -12,517 96 13,554 -13,458 309,140 377,346 -68,205 68,957 218,183 -149,226

RETAIL 28,619 26,566 2,053 14,930 15,094 -164 18,605 18,970 -365 343,426 318,789 24,637 178,760 177,966 794

PPMC 182,774 177,161 5,613 102,326 101,316 1,010 335,260 333,637 1,623 2,193,284 2,125,934 67,350 2,466,115 2,443,647 22,468

NPSC 6,733 4,025 2,708 3,641 5,559 -1,918 3,835 2,780 1,056 80,793 48,296 32,497 45,822 65,049 -19,227

SHIPPING 8,142 7,291 850 8,306 8,683 -377 8,325 8,321 4 97,699 87,497 10,202 68,984 80,215 -11,231

DUKE OIL 1,183 270 913 89,398 88,827 571 199,341 196,447 2,895 14,193 3,243 10,950 1,770,423 1,756,906 13,517

Sub-Total 227,450 215,313 12,136 218,601 219,479 -878 565,366 560,155 5,212 2,729,394 2,583,758 145,637 4,530,104 4,523,782 6,322

CHQ 38,757 53,887 -15,130 151 20,543 -20,392 242 18,337 -18,095 465,084 646,644 -181,560 3,016 184,456 -181,440

VENTURES 727 3,471 -2,744 46 1,776 -1,730 402 2,089 -1,687 8,721 41,652 -32,930 1,143 14,418 -13,275

Sub-Total 39,484 57,358 -17,874 197 22,319 -22,122 644 20,426 -19,782 473,806 688,296 -214,490 4,159 198,873 -194,715

Grand Total 510,338 392,443 117,895 330,800 326,850 3,950 695,178 689,902 5,277 6,124,056 4,918,313 1,205,743 6,046,916 5,953,761 93,155

PTD (=N= MILLION) (=N= MILLION)

2019 BUDGET

(=N= MILLION)

NOVEMBER, 2019SBU/CSU

MONTHLY BUDGET

(=N= MILLION) 2019 ACTUALDECEMBER, 2019

Note:

• SBUs/CSUs retained the excess revenue generated but share Head Office Cost through Corporate Overhead Cost Allocation.

• GPIC Performance is captured under the CHQ.

• NGPTC is now merged with NGC which was interchanged with NGMC in previous reports.





Chart 5.1.1: Group Operating Revenue: December 2018 – December 2019

Chart 5.1.2: Group Operating Expenditure: December 2018 – December 2019

426.59

97.03 74.33 100.00 80.48109.47 89.17

61.32 83.43 81.90125.93

86.04 91.87

7

76

86

76

219 9

8

77

14.55

15.3416.34

16.3113.96

14.2014.54

18.13 17.57 18.08

16.35

14.8416.89

10.86

16.2734.46

7.770.59

5.242.01

0.83 0.56 1.03

0.05

0.040.10

19.13

14.05 11.62 14.37

21.0717.32

13.6314.20 12.21 11.82

14.92

14.9318.60

232.31

218.36

165.13 171.08256.67

257.43

217.41210.96

229.34162.55

139.61

102.33

335.26

0

0

0 0

0

1

0 0

0 0

0

0

1

731.88

541.71

427.48 449.29

531.23

578.35

518.18502.49

540.59 539.81

391.80

330.80

695.18

0

100

200

300

400

500

600

700

800


NNPC Group Revenue: December 2018 - December 2019 (Billion Naira)

NPDC IDSL NETCO NGC NGMC REFINERIES RETAIL PPMC NPSC SHIPPING DUKE OIL CHQ/VENTURES

373.27

61.17 43.5469.38 55.51

89.90 64.38 45.55 57.89 71.90 94.4551.97 70.33

7

1 1

6 2

2 3

2 3 3

3

2.621866.91269

12.95

12.8514.75

14.7111.24

11.2511.22

14.66 14.8914.55

15.28

13.7214.00

28.18

24.90 44.7223.81

12.03

18.8719.43

14.66 13.76 8.1111.77

12.5613.55

19.70

13.79 11.4614.27

20.82

17.1213.52

14.01 12.22 11.8314.85

15.0918.97

230.77

215 164

168 253

255

217 210

229 160

139

101

334

719.75

526.67

416.29438.72

525.62

572.02

514.26 498.23 535.40 531.22

378.57326.85

689.90

0

100

200

300

400

500

600

700

800


NNPC Group Expenditure: December 2018 - December 2019 (Billion Naira)

NPDC IDSL NETCO NGC NGMC REFINERIES RETAIL PPMC NPSC SHIPPING DUKE OIL CHQ/VENTURES





Chart 5.1.3: Monthly Group Surplus/Deficit: December 2018 – December 2019

Chart 5.1.4: NNPC Group Surplus/Deficit YTD 2019

11.19

15.04

12.13

5.60

10.57

3.92

6.33

4.26

5.20

8.59

13.23

3.95

5.28

0

2

4

6

8

10

12

14

16


Monthly NNPC Group Surplus/Deficit: December 2018 - December 2019 (Billion Naira)

13,27511,231

44,766

45,48558,975

19,227

181,440

304,975

77,768 22,468

29,434

15,00113,517

3,595 794

93,155

0

30,000

60,000

90,000

120,000

150,000

180,000

210,000

240,000

270,000

300,000

330,000

360,000

390,000

420,000

450,000

Surplus Deficit





6 Federation Crude Oil & Gas Revenue

Federation Crude Oil and Gas lifting are broadly classified into Equity Export and

Domestic. Both categories are lifted and marketed by NNPC and the proceeds remitted

into the Federation Account.

Equity Export receipts, after adjusting for Joint Venture (JV) Cash Calls, are paid directly

into Federation Account domiciled in the Central Bank of Nigeria (CBN). Domestic Crude

Oil of 445,000bopd is allocated for refining to meet domestic products supply. Payments

are effected to Federation Account by NNPC after adjusting crude & product losses and

pipeline repairs & management cost incurred during the period.

6.1 Flow of Oil Revenue into Federation Account.

NNPC also lifts Crude Oil and Gas other than Equity and Domestic Crude Oil on behalf of

DPR and FIRS proceeds of which are remitted into Federation Account.

The Third-Party finance lifting are Crude Oil and Gas lifting from fields that are financed

using alternative finance/loan facility which require the servicing of debt obligations

before remitting the balance into the Federation Account as Price Balance as shown

below:

Oil Field Terminals

Equity Crude Export

3rd Party Finance Liftings

Other Liftings

Domestic Crude (445kbpd)

CBN/NNPC JP Morgan USD Crude

Oil Accounts

Debt Service

Payment to CBN/NNPC

JVCC Account

CBN/DPR JP Morgan USD Crude

Oil Account

CBN/FIRS JP Morgan USD

Crude Oil Account

Local Refining

Direct Export

Adjustment for Subsidy,

Losses & Pipeline Mgt.

Costs

Royalty to DPR

PPT/CIT to FIRS

Federation Account

CBN/NNPC Naira Crude Oil Account

Price Balance

IOC Partners & PSC Contractor Liftings

Direct Sales Direct Purchase





6.2 Accounting for Federation Crude Oil & Gas

The summary of Oil & Gas Sales and inflow into Federation Account can be depicted as

follows:

6.3 Dollar Payments to Federation Account

A total export sale of $223.81 million was recorded in December 2019; decreasing by

55.63% compared to last month. Crude oil export sales contributed $136.36 million

(60.93%) of the dollar transactions compared with $383.89 million contribution in the

previous month; while the export Gas sales amounted to $87.45 million in the month. The

December 2018 to December 2019 Crude Oil and Gas transactions indicated that Crude

Oil & Gas worth $5.02 Billion was exported. See Table 6.3.1 & Chart 6.3.1 overleaf for

details.

Market Trial





Table 6.3.1: NNPC/FGN Export Crude Oil & Gas Dollar Accruals, Receipts & Payments

Crude Oil Sales Proceed Gas Sales Proceed Total Oil & Gas Sales

Proceed

Crude Oil Proceed

Receipts

Gas Proceed Reciepts

(NLNG,EGTL,NGLs,N-

GAS)

Other ReceiptsTotal Sales Proceed

ReceiptsJV Cost Recovery Balance Remitance to FAAC

USD USD USD USD USD USD USD USD USD

Dec-18 145,499,630 119,649,502 265,149,131 180,464,837 114,610,575 50,608,250 345,683,662 208,598,861 137,084,801

Jan-19 240,228,241 129,749,725 369,977,965 269,430,147 111,747,521 523,771 381,701,439 225,595,965 156,105,474

Feb-19 350,289,728 139,743,447 490,033,176 343,253,620 122,503,939 27,425,821 493,183,380 316,835,413 176,347,967

Mar-19 294,218,112 88,410,952 382,629,064 294,158,058 74,635,086 278,862 369,072,006 300,732,706 68,339,301

Apr-19 342,111,048 128,216,752 470,327,799 339,032,827 92,412,626 1,355,728 432,801,181 368,006,755 64,794,426

May-19 458,593,727 121,728,695 580,322,422 410,250,198 102,438,682 34,919,442 547,608,322 379,018,380 168,589,942

Jun-19 248,220,441 73,009,825 321,230,266 273,083,468 38,909,635 937,718 312,930,820 280,659,348 32,271,473

Jul-19 249,346,976 85,725,509 335,072,485 250,346,938 76,275,053 63,711,805 390,333,796 297,072,023 93,261,773

Aug-19 150,730,868 82,141,744 232,872,612 115,159,511 89,705,282 497,048 205,361,841 110,816,595 94,545,247

Sep-19 267,969,532 87,959,657 355,929,189 303,096,487 56,372,090 71,123,948 430,592,526 312,783,640 117,808,886

Oct-19 396,937,648 86,315,163 483,252,811 396,856,135 85,337,483 21,356,378 503,549,996 350,166,957 153,383,039

Nov-19 383,894,138 120,549,510 504,443,648 327,812,697 115,664,337 32,228,292 475,705,326 362,333,686 113,371,640

Dec-19 136,360,677 87,446,516 223,807,194 115,998,241 65,361,188 124,052,593 305,412,023 118,262,677 187,149,346

Total 3,664,400,766 1,350,646,998 5,015,047,763 3,618,943,164 1,145,973,499 429,019,657 5,193,936,320 3,630,883,005 1,563,053,315

Payment Month

Export Sales Proceed Value Due

NNPC/FGN Export Lifting Only

Allocation of Proceeds to FederationExport Sales Proceed Reciepts

Note: Export Crude Oil Sales proceeds are received 30 days after bill of lading date.

In December 2019, Naira portion of N136,952,886,103 equivalent to a functional Dollar of $449,025,856.07 at a budgeted exchange

rate of N305/$ was transferred to JVCR from Domestic Crude Oil receipts in addition to the $118,262,677.

Chart 6.3.1: Monthly dollar receipts from NNPC/Federation Oil & Gas Exports

180.46269.43

343.25294.16

339.03410.25

273.08 250.35

115.16

303.10

396.86327.81

116.00

114.61

111.75

122.50

74.64

92.41

102.44

38.91 76.28

89.71

56.37

85.34

115.66

65.36

345.68381.70

493.18

369.07

432.80

547.61

312.93

390.33

205.36

430.59

503.55475.71

305.41

-

100

200

300

400

500

600


Monthly Dollar Reciepts from NNPC/Federation Oil & Gas Exports (Million Dollars)

Crude Oil Proceed Receipts Gas Proceed Reciepts (NLNG,EGTL,NGLs,N-GAS) Other Receipts





6.3.2 Dollar Payments to JV Cost Recovery & Federation Account

Total export receipt of $305.41 million was recorded in December 2019 as against

$475.71 million in November 2019. Contribution from Crude oil amounted to $116.00

million while Gas and miscellaneous receipts stood at $65.36 million and $124.05 million

respectively. Of the export receipts, $187.15 million was remitted to the Federation

Account while $118.26 million was remitted to fund the JV cost recovery for the month

of December 2019 to guarantee current and future production. Total export crude Oil &

Gas receipt for the period December 2018 to December 2019 stood at $5.19 Billion. Out

of which the sum of $3.63 Billion was transferred to JV Cash Call as first line charge and

the balance of $1.56 Billion was paid into Federation Account (See Table & Chart 6.3.1).

Chart 6.3.2.1: Monthly Dollar Allocation to JV Cost Recovery & Federation Account

Note:



Chart 6.3.2.2: NNPC Federation Lifted Volumes vs. Crude Oil Prices

Source: NNPC Average monthly lifting are in tables 2.3.1 and 2.3.2 of pages 11 & 12 respectively.

208.6 225.6

316.8 300.7368.0 379.0

280.7 297.1

110.8

312.8350.2 362.3

118.3

137 156

176

68

65

169

32

93

95

118

153 113

187

345.68381.70

493.18

369.07

432.80

547.61

312.93

390.33

205.36

430.59

503.55475.71

305.41

-

100

200

300

400

500

600


Monthly Allocation of Dollar Proceeds from NNPC/Federation Oil & Gas Exports (Million Dollar)

JV Cost Recovery Balance Remitance to FAAC

16.18

11.5815.14 14.28

11.63 10.87

15.7511.54

14.7010.34

15.98 16.86

10.78

77.14

63.87

56.7760.02

65.36 67.6473.40

69.7466.53 63.80

60.1763.59 64.63

0

10

20

30

40

50

60

70

80

90

0

5

10

15

20

25

30

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19

$/b

bl

Mil

lio

ns

Ba

rre

ls

NNPC/Federation Lifted Volumes and Crude Prices

NNPC Lifted Volumes Crude Price





6.4 Naira Payments to Federation Account

In December 2019, NNPC remitted the sum of N189.32 Billion to the Federation Account

Allocation Committee (FAAC). From December 2018 to December 2019, total NNPC

remittances to FAAC is N1,683.32 Billion; out of which Federation and JV received the

sum of N712.31 Billion and N971.01 Billion respectively. The tables below show the Naira

proceeds from the Sale of Domestic Crude Oil and Gas as well as the corresponding Naira

remittances to the Federation Account.

Table 6.4.1: Naira Proceed from Sale of Domestic Crude Oil & Gas

Proceed Value Due

Total Domestic Sales

Proceed due

Domestic Crude

Proceed ReceiptsGas Proceed Receipts Other Receipts

Total Sales Proceed

Receipts

NGN NGN NGN NGN NGN

Sep-18 Dec-18 165,220,572,855 100,514,846,391 10,745,690,156 0 111,260,536,547

Oct-18 Jan-19 205,544,848,360 148,135,118,804 4,878,190,544 0 153,013,309,349

Nov-18 Feb-19 181,587,180,684 166,511,985,175 7,120,886,924 0 173,632,872,099

Dec-18 Mar-19 189,464,261,286 163,096,447,039 11,827,835,476 0 174,924,282,515

Jan-19 Apr-19 155,130,900,659 43,891,178,674 7,766,116,700 0 51,657,295,374

Feb-19 May-19 142,400,804,681 21,917,668,384 10,502,521,372 0 32,420,189,756

Mar-19 Jun-19 120,211,046,267 68,030,213,679 5,164,680,334 0 73,194,894,013

Apr-19 Jul-19 213,314,438,752 103,108,903,156 5,411,450,341 0 108,520,353,497

May-19 Aug-19 170,295,093,943 111,540,631,373 8,937,711,115 0 120,478,342,488

Jun-19 Sep-19 222,886,179,643 178,478,126,020 7,525,169,751 165,316,812 186,168,612,582

Jul-19 Oct-19 155,623,269,830 120,799,171,155 8,351,843,549 0 129,151,014,703

Aug-19 Nov-19 212,060,191,252 173,797,059,398 3,411,115,325 2,372,617,494 179,580,792,217

Sep-19 Dec-19 206,689,605,669 170,675,544,792 3,727,772,805 14,915,345,008 189,318,662,605

TOTAL TOTAL 2,340,428,393,881 1,570,496,894,040 95,370,984,392 17,453,279,313 1,683,321,157,745

Receipt/ Payment

MonthLifting Month

Domestic Sales Proceed Recipets

Chart: 6.4.1: Monthly Naira Crude Oil, Gas and Other Receipts

10.75 4.88 7.12 11.83 7.77 10.50 5.16 5.41 8.94 7.53 8.35 3.41 3.73

100.51

148.14166.51 163.10

43.8921.92

68.03

103.11111.54

178.48

120.80

173.80 170.68

111.26

153.01

173.63 174.92

51.66

32.42

73.19

108.52120.48

186.17

129.15

179.58189.32

0

20

40

60

80

100

120

140

160

180

200


Domestic Crude Oil , Gas Sales & Other Reciepts (Billion Naira )

Gas Proceed Receipts Domestic Crude Proceed Receipts Other Receipts





Table 6.4.2: Allocation of Naira Proceeds from Sale of Domestic Crude Oil: Payment to FAAC

Proceed Value Due

Domestic Crude CostDomestic Crude

PaymentsUnder Recovery Crude Losses Product Losses

Pipeline Repairs &

Managmet CostGas & Other Receipts

JV Cost Recovery (Naira

Only)

Transfer to Federation

Account

Debt Repayemt To FG

(N450bn)

Total Payment

To FAAC

=N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N= =N=

Sep-18 Dec-18 165,220,572,855 100,514,846,391 45,764,391,935 44,629,953 5,022,434,622 13,874,269,954 10,745,690,156 175,966,263,011 63,100,253,079 48,160,283,468 0 111,260,536,547

Oct-18 Jan-19 205,544,848,360 148,135,118,804 40,532,561,017 28,039,569 2,248,412,675 14,600,716,294 4,878,190,544 210,423,038,904 98,845,930,785 54,167,378,564 0 153,013,309,349

Nov-18 Feb-19 181,587,180,684 166,511,985,175 2,875,580,922 0 0 10,123,702,555 7,120,886,924 186,632,155,576 135,628,668,355 38,004,203,744 0 173,632,872,099

Dec-18 Mar-19 189,464,261,286 163,096,447,039 13,335,581,366 44,476,005 992,701,161 11,995,055,716 11,827,835,476 201,292,096,762 115,343,804,358 59,580,478,157 0 174,924,282,515

Jan-19 Apr-19 155,130,900,659 43,891,178,674 104,347,173,012 3,331,318,522 -3,141,789,448 7,082,078,048 7,766,116,700 163,276,075,508 15,577,209,148 36,080,086,226 0 51,657,295,374

Feb-19 May-19 142,400,804,681 21,917,668,384 102,338,409,727 57,159,640 5,657,069,733 12,430,497,197 10,502,521,372 152,903,326,053 988,990,794 31,431,198,962 0 32,420,189,756

Mar-19 Jun-19 120,211,046,267 68,030,213,679 30,637,245,949 0 4,730,839,707 16,812,746,932 5,164,680,334 125,375,726,601 2,613,767,092 70,581,126,920 0 73,194,894,013

Apr-19 Jul-19 213,314,438,752 103,108,903,156 93,691,861,719 0 8,437,502,977 12,577,933,569 5,411,450,341 223,227,651,762 47,024,180,062 61,496,173,435 0 108,520,353,497

May-19 Aug-19 170,295,093,943 111,540,631,373 42,926,632,833 0 4,748,766,400 11,079,063,337 8,937,711,115 179,232,805,058 68,692,098,351 51,786,244,137 0 120,478,342,488

Jun-19 Sep-19 222,886,179,643 178,478,126,020 31,405,120,306 0 86,651,362 12,916,281,955 7,690,486,562 230,576,666,205 111,625,169,687 74,543,442,895 0 186,168,612,582

Jul-19 Oct-19 155,623,269,830 120,799,171,155 29,312,835,072 0 659,469,440 4,851,794,164 8,351,843,549 163,975,113,379 75,763,871,104 53,387,143,600 0 129,151,014,703

Aug-19 Nov-19 212,060,191,252 173,797,059,398 33,187,554,072 0 88,971,597 4,986,606,184 5,783,732,819 217,843,924,071 98,857,502,347 80,723,289,870 0 179,580,792,217

Sep-19 Dec-19 206,689,605,669 170,675,544,792 26,628,940,202 0 2,177,221,829 7,207,898,845 18,643,117,813 225,332,723,481 136,952,886,103 52,365,776,502 0 189,318,662,605

TOTAL TOTAL 2,340,428,393,881 1,570,496,894,040 596,983,888,133 3,505,623,689 31,708,252,055 140,538,644,749 112,824,263,705 2,456,057,566,371 971,014,331,265 712,306,826,480 0 1,683,321,157,745

Tramsfers To JV Cost Recovery, FG & Federation Account

Total RemittancesReceipt/ Payment

Month

Lifting Month

Allocation of Domestic Sales Proceeds

Note: The Under recovery is the portion charged to the Federation account.

Chart: 6.4.2: Monthly Naira Payments to JV Cash Call, FG and Federation Account

Note:



63.10

98.85

135.63115.34

15.580.99 2.61

47.0268.69

111.63

75.7698.86

136.95

48.16

54.17

38.0059.58

36.08

31.43

70.58

61.50

51.79

74.54

53.39

80.72

52.37

111.26

153.01

173.63 174.92

51.66

32.42

73.19

108.52120.48

186.17

129.15

179.58 189.32

0

20

40

60

80

100

120

140

160

180

200


Tranfers to JV Cash Call and FG & Federation Account (Billion Naira)

JV Cost Recovery (Naira Only) Transfer to Federation Account Debt Repayemt To FG (N450bn)





7.0 Key Determinants for Change

7.1 Key events and activities during the period

NLNG TRAIN7: NNPC, Partners take Final Investment Decision

The Nigerian National Petroleum Corporation (NNPC) and its investment paid partners,

Shell, Total and ENI, have finally taken the Final Investment Decision [FID] to go ahead

with the construction of Train 7 of the Nigerian Liquefied Natural Gas (NLNG.)

Announcing the development at the NLNG Headquarters Annex in Abuja, a visibly elated

NNPC Group Managing Director, Mele Kyari, said it was a great day for Nigeria as the

NLNG Train 7 project would rake about $20b revenue into the coffers of the Federal

Government and create 10,000 Direct and 40,000 Indirect jobs. He said the FID was a vote

of confidence on the Nigerian economy as a prime investment destination by the

International Oil Companies.

Condensate Refinery: NNPC, Partners Kick off First Phase

As part of plans to guarantee energy security and stop petroleum products importation

in the Country, the NNPC has kicked off the first phase of establishing the first condensate

refinery in the Country with a firm commitment to take the Final Investment Decision

(FID) on it in July 2020. The Group Managing Director of the NNPC, Mele Kyari, disclosed

this at the signing of the Front End Engineering Design (FEED) phase of the condensate

refinery project at the NNPC towers in Abuja.

Nigeria, Best Investment Destination in Africa, Kyari Assures

The Group Managing Director of the NNPC, Mele Kyari, has described Nigeria as the best

investment destination in Africa, urging major players in the oil and gas industry to invest

Nation’s growing economy and with a population of over 200 million people. The GMD

made this disclosure in Abuja while receiving then Chairman and Group Chief Executive

Officer, Total Group, Patrick Jean Pouganne, and the top management of the Group at the

NNPC Towers. Kyari stated that the Corporation would continue to align its business

processes with its partners in accordance with global best practice for the benefit of the

investments and for the good of Nigerians who, he noted, remain the key shareholders of

the National Oil Company.

NNPC Proposes Measure to Curb Pipeline Vandalism, Crude Theft

The Nigerian National Petroleum Corporation NNPC has laid out steps to mitigate the

raging twin menace of pipeline vandalism and crude oil theft in the nation’s oil and gas

industry. Speaking at the inaugural Nigeria Extractive Industries Transparency Initiative

(NEITI) Policy Dialogue which held in Abuja, the Group Managing Director of the NNPC,

Mele Kyari, said oil theft had remained a challenge in the industry despite some strong

interventions in the past. Kyari however averred that the gradual reduction in incidences

would be sustained through improved collaboration, implementation of Global





Memoranda of Understanding (GMoUs) and deployment of appropriate technologies,

among other measures.

NNPC Retail Limited Enters Lubricants Market with Nitro, Rhino Engine Oils

After years of painstaking research and meticulous planning, NNPC retail limited, the

downstream subsidiary of the NNPC in charge of retail sales and marketing of petroleum

products, has entered the lubricant market with the launch of a broad range of high

performance engine oils to provide better options to customers across the country. The

products include Nitro (Diamond, Gold, Super, 2T) and Nitro Super 40, all designed for

petrol-powered engines, while the diesel-propelled engines have the Rhino (Rhino HD40

and Rhino X) engines oils.

AKK Pipeline: NNPC, Chinese Company, Brantex Consortium Firm up Plan to Kick

off Construction Work

The Nigerian National Petroleum Corporation (NNPC), China Petroleum Pipeline

Engineering Company Limited (CPPECL) and Brantex Consortium, have concluded plans

to start the construction of the Abuja-Kaduna-Kano Pipeline project popularly known as

AKK project. Group Managing Director of the NNPC, Mele Kyari, disclosed this during a

business meeting with the President of CPPECL, Sun Quanjun, and the head of the Brantex

Consortium at the NNPC Tower in Abuja. Kyari stated that the AKK project was key to

resolving the power deficit challenge facing the Country, stressing that NNPC was ready

to give all necessary support to CPPECL and Brantex Consortium to deliver the project

within time and budget.

7.2 Key challenges

The following are some key setbacks that affected production in the month:

i. FORCADOS TERMINAL

Batan flow station came down due to trip alarm on the ABB HV switchgera

which led to generator shutting down with10kbd shut-in in 6 days. Opuama

and Otumara flowstations were also shut down on 01/11/19 for 13 days

due to leaks and suspected illegal connection on the TEP with loss of 50kbd.

ii. BONGA TERMINAL

Production shut-down for 3 days due to power loss initiated by a smoke

detection alarm activation which led to ESD. Total loss was 51,000 bpd.

iii. OGU OCHA TERMINAL

Odidi flow station was shut down for 5 days to commission the VIOSS with

shut-in of 20kbd while Jones Creek flow station shutdown over 4 days for

debottlenecking and statutory inspection of pressure vessels and release

valves. 17kbd shut-in.





iv. ERHA TERMINAL

Production shut-in due to emergency for 6 days with aggregate loss of

320,470barrels.

v. BONNY TERMINAL

NCTL shutdown due to leaks on Botokiri axis from 31/10/19 - 11/11/19

(12 days) with shut-in of 120kpd. NCTL was also shut down for 8 days due

to second leak along Cawthorne channel 2 Axis with production cut of

approximately 110kbd. Cumulative loss of production within the period

was 2,320,000 barrels.

vi. AMENAM TERMINAL

OML 102: Well closed due to unavailability of MP/HP compressor B

(Shortfall of 8,393bbls). MP/HP compressor A TRIP on VSD high

temperature due to unavailabilty of OFP 2 HVAC (Shortfall of 10,021bbls).

Equally on OML 102: Field shut down following ESD OFP1 / OFP2 due to

LSHH on HP flare knockout drum with shortfall of 22,396 bbls).

vii. EGINA TERMINAL

This was shut-in 8 times in course of the month due to low /loss of electrical

power from switchgear faults. Cumulative loss was 54,407 barrels.

viii. AKPO TERMINAL

Production dropped due to confirmed gas detection. Also plant trip due to

false gas detection caused by dust cloud from sand blasting as well as

unavailability of gas compressor. Cumulative loss is 84,654 barrels.

ix. BRASS TERMINAL

Addax stopped delivery into NAOC facility with shut-in of 10kbd over 7

days. Likewise the Platform stopped delivery into NAOC facility from

09/07/19 - 31/08/19 with production cut of 10kbd for a period of 30days.

x. USAN TERMINAL

Addax stopped delivery into NAOC facility with shut-in of 10kbd over 7

days. Likewise the Platform stopped delivery into NAOC facility from

09/07/19 - 31/08/19 with production cut of 10kbd for a period of 30days.

xi. OTHER TERMINALS

There was controlled shut down at Ima terminal for annual maintenance

starting from 14/09/19 - Date (30days in November) with production cut

of 1kbd. Similarly, production was shut-in at Qua Iboe terminal for 7days to

carry out PSD EAP maintenance. Cumulative loss of production of 257,000

barrels within this period





7.2.2 Products theft and Pipeline Security

Products theft and vandalism have continued to destroy value and put NNPC at

disadvantaged competitive position. A total of 1,748 vandalized points has been recorded

between December 2018 to December 2019 (see chart 7.2.2.1).

Chart 7.2.2.1 PPMC Pipeline Breaks December 2018 – December 2019

216

14198

45 45 45 5076

20 27 3060

36

13

14

11

15 12 2 20

2 0 0

00

25

41

8

11 2712

43

140

133157

5

23

6

23

15

3034

1

0

0

0

0

0

00

4

11

5

107

0

11

12

3

2

0

6

1

264

230

137

111125

60

106

228

158

186

35

68

40

0

50

100

150

200

250

300


PPMC Pipeline Breaks December 2018 - December 2019

Mosimi Kaduna Port Harcourt Warri Gombe





8 Glossary and Definition of Terms

AF Alternative Funding (Financing)

AGO Automotive Gas Oil

B/L Bill of Lading

BBLS Barrels

CA Carry Agreement

CBN Central Bank of Nigeria

DPK Dual Purpose Kerosene

DPR Department of Petroleum Resources

DSDP Direct Sales Direct Purchase

EGTL Escravos Gas to Liquid

FCCU Fluid Catalytic Cracking Unit

FX Foreign Exchange

FAAC Federation Account Allocation Committee

FACTI Focused, Accountable, Competitive & Transparent with Integrity

FGN Federal Government of Nigeria

FIRS Federal Inland Revenue Service

IOCs International Oil Companies

JV(s) Joint Ventures

JVCC Joint Venture Cash Call

LPG Liquefied Petroleum Gas

MCA Modified Carry Agreement

MMBTU Million British Thermal Unit

M-O-M Month-on-Month

MT Metric Tons

NGL Natural Gas Liquid

NLNG Nigerian Liquefied Natural Gas

NNPC Nigerian National Petroleum Corporation

NPDC Nigerian Petroleum Development Company

OECD Organization for Economic Co-operation and Development

OPA Offshore Processing Agreement

PMS Premium Motor Spirit

PPMC Pipelines and Products Marketing Company

PPPRA Petroleum Products Pricing Regulatory Agency

PPT Petroleum Profit Tax

PSC Production Sharing Contract

PTD Period to Date

QIT Qua Iboe Terminal

QTY Quantity

RDP Reserve Development Project

SC Service Contract

SOF Satellite Oil Field Project

TM Trial Marketing

TMP Trial Marketing Period WTI West Texas Intermediate Y-O-Y Year-on-Year YTD Year-to-Date





Explanatory Notes

Federation Equity Crude Oil & Gas Export Sales

Export sales proceeds are receivable 30 days after B/L date.

About 61% of the NGL sales are dedicated for servicing the NGL II Project debt’s

obligations. The balance is transferred into the Federation Account as price

balance.

NLNG feedstock: Gas supplied by NNPC/JV partners to NLNG.

Domestic Crude Oil Costs

445,000 barrels/day of crude oil is allocated to NNPC for the purpose of supplying

refined products for domestic consumption.

NNPC purchases its allocated crude oil from the Federation at the prevailing

International market price per barrel and payment is due 90 days after the B/L

date.

NNPC obligations are paid in Naira based on CBN determined exchange rate in the

month of lifting.

Remittances To FAAC

Domestic Gas: Revenues received from NNPC Joint Ventures for Gas sales in

Domestic market e.g. - Gas sales to Indorama, IPPs, and NGC etc.

Miscellaneous Income consists of the following:

(a) Assets disposal income

(b) Ullage fees

(c) Osubi air strip

(d) JP Morgan Bank Account interest

(e) Price balance from Third Party financing e.g. RDP, SOF, NGLII

(f) Revenue from Afam-Power

(g) Insurance Claims settlement etc.

FIRS PPT And DPR Royalty Remittances

Receipts from PPT and Royalty crude lifting are paid directly into FIRS/CBN JP

Morgan Accounts and DPR/CBN JP Morgan Accounts respectively without involvement of NNPC in the collection process.




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