NNPC...(JVs) and Production Sharing Contracts (PSC) contributed about 34.40% and 34.65% respectively. While AF, NPDC and Independents accounted for 12.76%, 8.15% and 10.03% respectively

December 2018

Monthly Report

Financial and Operations

Report

NNPC

2 NNPC | Monthly Financial and Operations Report December 2018 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.


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


Introduction

The average crude oil price further dropped in a row by $8.26 or 13.10% m-o-m to

$54.77/b in December 2018; the lowest since October 2017. This decrease is due to

concerns over unforeseen rise in global oil supply with decreased demand amidst

ambiguity about worldwide economic growth. Likewise, the OPEC Reference Basket

(ORB) plunged by $8.39 or 12.8% m-o-m to average $56.94/b. However, y-o-y, average

ORB increased significantly by $17.35 or 33% in 2018 compared with the previous year.

This consecutive rise resulted from a more stable worldwide oil market during the year,

supported by the deliberate production adjustments under the ‘Declaration of

Cooperation’ as well as steady growth in 2018 oil demand. ICE Brent was lower by

$8.27 or 12.5% m-o-m to average $57.67/b, while NYMEX WTI shrunk by $7.71 or

13.6% m-o-m to close at $48.98/b.

As reported in the OPEC Oil Market Report, global economic growth forecast is

unadjusted at 3.7% for 2018 and 3.5% for 2019. In the OECD, US growth is retained at

2.9% and 2.6% for 2018 and 2019 respectively. Also, Euro-zone growth is maintained at

1.9% for 2018 and at 1.7% for 2019. GDP growth in Japan was slightly lowered to 0.8%

in 2018 but remains at 1.1% for 2019. For the non-OECD countries, growth forecasts in

China and India were unaffected at 6.5% and 7.5% for 2018, respectively and at 6.1%

and 7.2% for 2019 respectively. Also, Brazil’s growth remains unaffected at 1.1% in

2018 and at 1.8% in 2019 and so is Russia’s GDP growth forecast at 1.6% and 1.7% in

2018 and 2019 respectively. While there is a limitation to upside global growth

potential, there is prediction for increased downside risk amidst geopolitical challenges,

monetary tightening and ongoing trade tensions.

As reported by the National Bureau of Statistics, the Nigerian real GDP growth rate for

Q4, 2018 was 2.38% compared with 2.11% in Q3, 2018. Nigeria emerged from

recession in 2017 which is attributed to upsurge in Crude Oil prices.

Global oil demand forecast is maintained to grow at 1.50 mb/d and average 98.78

mb/d in 2018. Also for 2019, predictions for growth is preserved at 1.29 mb/d to

average 100.08 mb/d. Growth forecasts in the OECD and non-OECD regions were

unadjusted from predictions last month with Oil demand growth expected mainly

from Other Asia, particularly India, then China and OECD Americas. In 2019, demand

growth in OECD is projected to rise by 0.25 mb/d while growth in the non-OECD

region is pegged at 1.04 mb/d. In 2018, demand for OPEC crude stood at 31.7 mb/d,

about 1.2 mb/d lower than demand in 2017. In 2019, demand for OPEC crude is

forecast to drop by 0.9 mb/d to average 30.8 mb/d.

In 2018, Non-OPEC oil supply growth is appraised at 2.61mb/d to average 62.06

mb/d, an upward revision of 0.05 mb/d from assessment in the previous month and

compares to an average of 60.03 mb/d. In 2019 Non-OPEC oil supply growth was

revised down by 0.06 mb/d at 2.10 mb/d and to average 64.16 mb/d for the year. This

was primarily due to a downward revision in Canada’s supply forecast. For OPEC,


crude oil production decreased by 751 tb/d to average 31.58 mb/d in December 2018.

Globally, oil supply decreased by 0.35 mb/d to average 100.02 mb/d in December

2018, translating to a total increase in global oil output of 2.83 mb/d y-o-y. The stake

of OPEC crude oil in total global production declined by 0.6% to 31.6% in December

compared with the previous month.

In November 2018, total crude oil production in Nigeria decreased by 8.17 mb or

13.12% to average approximately 1.80 mb/d. Production in the month was cut back by

shut-down of BONNY terminal and TRP due to leakages at the Odimodi area and

planned maintenance at Okoloma and Imor facilities respectively. Production was also

disrupted at ABO, BRASS, AKPO, QUA IBOE, USAN, TULJA and ERHA terminals due to

maintenance, technical issues, flooding, leakages and system upgrade.

This month, National Gas production increased by 12.22% at 240.64BCF compared to

output in November 2018; translating to an average daily production of

8,021.21mmscfd. The daily average natural gas supply to gas power plants hiked by

5.36% to 774mmscfd, equivalent to power generation of 3,131MW.

To ensure continuous increased PMS supply and effective distribution across the

country, a total of 1.80bn litres of PMS translating to 58.17mn 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.

In this last month of the year 2018, a total of 257 pipeline points were vandalized; out of

which 1 pipeline points failed to be welded and 6 pipeline points were ruptured. The

situation further worsened by 34% from the 197 vandalized points recorded in

November 2018. Ibadan-Ilorin, Mosimi-Ibadan, and ATC-Mosimi accounted for 90, 69

and 57 points respectively or approximately 34%, 26% and 22% of the vandalized

points respectively. The Aba-Enugu accounted for 7%, and other locations accounted for

the remaining 11% of the pipeline breaks.

This 41st edition of the report indicates a trading surplus of ₦12.13Billion which is a

quantum leap in trading surplus relative to NNPC recent past performances. This

increased performance is attributable to NPDC’s higher revenue recorded during the

period following NPDC continues revenue drive arising from recent average weekly

production of 332,000bpd making the target of 500,000bpd for 2020 achievable. This

also includes the updated previous months revenue and expenses.

This report highlights NNPC’s activities for the period of December 2017 to December,

2018. 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

Baru Directs NNPC Retail to Attain 30 Per cent Market Share

$1.05bn NLNG Dividend Not Missing, says Senate Committee Chairman

NNPC, NCDMB to Grow Nigerian Content to 70%

Baru Seeks Investors to Unlock 10billion Barrels Deep-Water Resources

NNPC Clarifies Trans Forcados Pipeline Surveillance Contract


2 National Crude Oil & Natural Gas Production, Lifting and Utilization 2.1 National Crude Oil & Condensate Production

In November 2018, a total of 54.10 million barrels of crude oil & condensate was

produced representing an average daily production of 1.80million barrels. This

translates to a decrease of 10.23% in the average daily production compared to October

2018 average daily performance. Of the November 2018 Production, Joint Ventures

(JVs) and Production Sharing Contracts (PSC) contributed about 34.40% and 34.65%

respectively. While AF, NPDC and Independents accounted for 12.76%, 8.15% and

10.03% respectively. The tables and charts below provide details of the National Crude

Oil Production for the period November 2017 to November 2018.

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-17 19,363,865 23,743,061 7,920,080 3,806,080 3,921,240 58,754,326 1,958,478

Dec-17 19,551,104 24,370,374 8,324,954 4,059,375 4,357,980 60,663,787 1,956,896

Jan-18 21,637,764 23,253,975 7,922,333 4,688,259 4,402,587 61,904,918 1,996,933

Feb-18 18,808,641 21,451,962 7,623,086 4,115,610 4,242,481 56,241,780 2,008,635

Mar-18 19,950,334 24,133,001 8,441,597 3,830,063 3,950,565 60,305,560 1,945,341

Apr-18 19,201,118 23,216,779 7,982,997 4,219,576 4,335,005 58,955,475 1,965,183

May-18 18,097,509 23,033,348 8,097,128 2,386,521 3,529,292 55,143,798 1,778,832

Jun-18 13,620,002 23,050,872 7,494,093 3,124,348 6,192,791 53,482,106 1,782,737

Jul-18 19,329,899 23,266,534 8,181,356 3,533,223 3,134,513 57,445,525 1,853,081

Aug-18 19,973,453 24,118,465 8,082,088 4,346,779.49 5,379,950 61,900,735 1,996,798

Sep-18 18,964,640 22,915,115 7,817,183 4,573,419 4,447,270 58,717,627 1,957,254

Oct-18 20,536,053 23,092,627 8,420,600 4,719,450 5,501,515 62,270,245 2,008,718

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

PTD 247,646,450 298,391,503 103,208,385 51,813,157 58,823,712 759,883,207 1,923,755

Month

Note:

Crude oil Production is reported 1 month in arrears & still subject to further reconciliation with DPR and IOCs NPDC’s Crude production was 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 ‘18 was 1,660,303bbls.

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

company streams and well-head respectively.

Chart 2.1.1: Crude Oil & Condensate Production: November ’17 – November ‘18

19.4 19.6 21.6 18.8 20.0 19.2 18.1 13.6

19.3 20.0 19.0 20.5 18.6

23.7 24.4 23.3 21.5

24.1 23.2 23.0 23.1

23.3 24.1 22.9 23.1 18.7

7.9 8.3 7.9

7.6 8.4

8.0 8.1

7.5

8.2 8.1 7.8

8.4

6.9

58.75 60.66 61.90

56.24 60.31 58.96

55.14 53.48 57.45

61.90 58.72

62.27

54.10

0

10

20

30

40

50

60

70

Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18

Total Monthly Crude Oil & Condensate Production (Million Barrels)

JVs PSC AF NPDC Independent / Marginal Fields

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

Table 2.1.2: NPDC monthly Crude oil & Condensate Production Field/Company Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 PTD

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

Abura OML 65 184,221 155,948 164,019 144,023 234,245 236,235 108,552 129,446 185,848 122,771 262,231 250,255 238,177 2,415,971

Oredo OML 111 40,580 67,671 116,315 143,882 116,789 135,434 69,888 160,622 176,351 130,313 125,540 222,266 193,670 1,699,320

Oziengbe OML 111 11,154 14,072 3,976 0 9,700 5,385 2,176 818 398 0 0 0 20 47,699

Okono_Okpoho OML 119 590,686 604,756 582,499 521,973 599,892 540,471 553,731 534,451 549,144 495,377 446,496 467,041 90,315 6,576,832

SUB-TOTAL 826,641 842,446 866,809 809,878 960,626 917,525 734,347 825,337 911,741 748,460 834,266 939,562 522,183 10,739,822

Ogini_Isoko/FHN OML 26 0 84,825 92,326 73,012 66,381 95,775 54,071 66,863 68,657 47,922 132,536 179,020 204,387 1,165,774

Opuama/Elcrest OML 40 220,923 233,951 295,697 289,240 297,582 328,399 206,858 323,013 207,361 234,997 232,644 424,462 435,580 3,730,706

Batan_Odidi/Neconde OML 42 759,122 717,024 1,059,730 921,487 722,093 935,825 286,335 528,197 633,032 1,071,843 1,041,699 948,135 958,362 10,582,885

Afiesere_Kokori/Shoreline OML 30 845,605 905,106 1,016,461 855,771 701,883 671,800 355,739 462,711 637,214 886,649 1,033,882 1,021,417 1,021,861 10,416,099

Utorogu_Ughelli/NDW OML 34 260,813 320,124 267,215 238,119 257,872 255,809 185,525 200,451 272,895 274,383 344,147 314,775 326,350 3,518,479

NPDC JV Direct Operated Assets

Block

SUB-TOTAL 2,086,465 2,261,030 2,731,429 2,377,629 2,045,811 2,287,608 1,088,528 1,581,235 1,819,159 2,515,793 2,784,907 2,887,810 2,946,540 29,413,943 0.1269 11,097,183 OBEN_Amukpe_Sapele/SEPLAT

NPDC JV Non-Operated Assets

OBEN_Amukpe_Sapele/SEPLAT OML 4,38&41 892,974 955,899 1,090,021 928,103 823,626 1,014,443 563,646 717,776 802,323 1,082,526 954,246 892,078 941,732 11,659,393

SUB-TOTAL 892,974 955,899 1,090,021 928,103 823,626 1,014,443 563,646 717,776 802,323 1,082,526 954,246 892,078 941,732 11,659,393

GRAND TOTAL 3,806,080 4,059,375 4,688,259 4,115,610 3,830,063 4,219,576 2,386,521 3,124,348 3,533,223 4,346,779 4,573,419 4,719,450 4,410,454 51,813,158

Average Daily Production 126,869 130,948 151,234 146,986 123,550 140,653 76,985 104,145 113,975 140,219 152,447 152,240 147,015 131,173

NPDC JV Non-Operated Assets

The NPDC November 2017 to November 2018 cumulative production from all fields

totaled 51,813,158 barrels of Crude oil translating to an average daily production of

131,173 barrels per day. Comparing PTD NPDC performance to National Production, the

company’s production share is 6.82%. 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 10,739,822 barrels (or

20.73% of the total NPDC production) with Okono Okpoho (OML 119) alone producing

61.24% of the NPDC wholly owned operated assets or 12.69% of the total NPDC

production. Also on the NPDC operated JV assets, in which NPDC owns 55% controlling

1.96 1.96 2.00 2.01 1.95 1.97 1.78 1.78 1.85

2.00 1.96 2.01 1.80

0.0

0.5

1.0

1.5

2.0

2.5

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

32.6%

39.3%

13.6%

7% 8%

PTD Percentage Distribution of Crude Oil Production by Commercial Arrangements

JVs

PSC

AF

NPDC

Independent /MarginalFields


interest, crude oil production amounted to 29,413,943 barrels (or 56.77% of the NPDC

total production). On the non-operated assets, production level stood at 11,659,393

barrels or 22.50% of the company’s production.

Chart 2.1.3 NPDC Monthly Crude Oil & Condensate Productions

Chart 2.1.4 NPDC Monthly Average Daily Crude Production by Field

2.2. National Gas Production

A total of 240.64 Billion Cubic Feet (BCF) of natural gas was produced in the month of

December 2018 translating to an average daily production of 8,021.21 Million Standard

Cubic Feet Per Day (mmscfd). For the period December 2017 to December 2018, a total

of 3,073.07 BCF of gas was produced representing an average daily production of

7,867.36 mmscfd during the period. Period-to-date Production from Joint Ventures

(JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.11%,

20.86% and 9.03% respectively to the total national gas production. The tables and

charts overleaf provide details of the national gas production for the period December

2017 to December 2018.

827 842 867 810 961 918 734 825 912 748 834 940 522

2,086 2,261 2,731

2,378 2,046 2,288

1,089 1,581

1,819 2,516

2,785 2,888

2,947

893 956

1,090

928 824

1,014

564

718

802

1,083 954

892 942

3,806 4,059

4,688 4,116

3,830

4,220

2,387

3,124

3,533

4,347 4,573 4,719 4,410

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000


NPDC Crude Monthly Production (Thousand Barrels)

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

127 131

151 147

124

141

77

104 114

140

152 152 147

0

20

40

60

80

100

120

140

160

180

NPDC Average Daily Crude Oil Production (Thousand Barrels/Day)

48

1,166

1,699

2,416

3,731

3,518

6,577

9,765

9,926

11,659

0 10,000

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)


Table 2.2.1: National Gas Production by Regime

Total Monthly Production Daily Average Production JV PSC NPDC TOTAL

BCF BCF BCF BCF

Dec-17 163.80 51.05 19.23 234.08

Jan-18 174.86 54.25 19.67 248.78

Feb-18 166.68 49.25 19.18 235.10

Mar-18 181.06 49.01 23.00 253.06

Apr-18 168.65 49.29 23.70 241.63

May-18 166.51 46.20 18.88 231.59

Jun-18 138.25 51.68 21.58 211.51

Jul-18 155.62 51.96 22.77 230.35

Aug-18 174.65 53.56 23.23 251.44

Sep-18 169.71 51.29 19.95 240.94

Oct-18 166.70 53.09 19.75 239.54

Nov-18 155.64 35.95 22.83 214.42

Dec-18 172.41 44.48 23.75 240.64

Total 2,154.53 641.03 277.51 3,073.07

PERIOD

JV PSC NPDC TOTAL

mmscfd mmscfd mmscfd mmscfd

Dec-17 5,284.03 1,646.65 620.41 7,551.09

Jan-18 5,640.60 1,749.86 634.54 8,025.01

Feb-18 5,952.77 1,758.74 684.87 8,396.38

Mar-18 5,840.90 1,580.90 741.78 8,163.58

Apr-18 5,621.57 1,642.88 790.02 8,054.46

May-18 5,550.32 1,540.08 694.62 7,785.01

Jun-18 4,608.38 1,722.58 725.26 7,056.22

Jul-18 5,187.16 1,732.09 758.93 7,678.17

Aug-18 5,821.54 1,785.28 774.47 8,381.29

Sep-18 5,656.85 1,709.49 664.94 8,031.28

Oct-18 5,556.75 1,769.72 658.32 7,984.78

Nov-18 5,187.98 1,198.32 760.96 7,147.26

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

Average 5,511.99 1,639.93 715.45 7,867.36

PERIOD

Chart 2.2.1: Average Daily National Gas Production for the period

Chart 2.2.2: Monthly National Gas Production & Percentage Distribution

5,284 5,641 5,953 5,841 5,622 5,550 4,608

5,187 5,822 5,657 5,557 5,188

5,747

1,647 1,750

1,759 1,581 1,643 1,540

1,723 1,732

1,785 1,709 1,770

1,198

1,482

620 635

685 742 790 695

725

759

774 665 658

761

792

7,551 8,025 8,396 8,164 8,054

7,785

7,056

7,678 8,381 8,031 7,985

7,147

8,021

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

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

Average Daily National Gas Production (mmscfd)

JV PSC NPDC

234 249

235 253

242 232 212

230 251

241 240 214

241

0

50

100

150

200

250

300

Total Monthly Natural Gas Production (BCF)

70.1%

20.9%

9.0%

Percentage Distribution of Upstream Gas Production-

December '17 - December '18 Average

JV

PSC

NPDC


2.3 Crude Oil & Condensate Lifting & utilization

In November 2018, a total volume of 54.10 million barrels of crude oil and condensate

was lifted by all parties. Out of this volume, 15.12 million barrels was lifted by NNPC on

behalf of the Federation. This comprises 11.58 million barrels lifted on the account of

NNPC (Domestic and Federation Export) while 2.96 million barrels and 0.58 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 Barrels

Nov-17 6,737,220 350,000 5,424,555 5,766,199 11,190,754 18,277,974 40,649,805 1,027,800 59,955,579Dec-17 4,481,518 1,472,942 4,695,969 9,767,455 14,463,424 20,417,884 38,576,868 1,924,476 60,919,228

Jan-18 2,604,590 767,529 7,721,289 8,447,137 16,168,426 19,540,545 40,333,246 2,197,539 62,071,330Feb-18 2,735,826 330,513 2,661,229 13,905,930 16,567,159 19,633,498 35,897,340 2,405,761 57,936,599Mar-18 3,998,312 721,535 4,081,250 13,476,680 17,557,930 22,277,777 35,136,157 1,957,403 59,371,337Apr-18 5,801,047 459,582 3,269,099 6,273,617 9,542,716 15,803,345 35,055,768 5,074,734 55,933,847May-18 3,821,881 1,622,504 3,551,457 6,156,880 9,708,337 15,152,722 35,931,693 4,580,728 55,665,143Jun-18 5,401,824 1,820,367 3,744,609 8,063,090 11,807,699 19,029,890 34,468,928 2,013,876 55,512,694Jul-18 4,688,091 218,000 4,567,079 8,059,831 12,626,910 17,533,001 38,794,037 2,211,321 58,538,359Aug-18 3,528,139 1,656,887 6,981,137 7,722,680 14,703,817 19,888,843 36,869,447 3,101,822 59,860,112Sep-18 3,904,043 915,016 5,242,801 6,653,042 11,895,843 16,714,902 39,421,710 5,094,224 61,230,836Oct-18 3,799,594 244,040 7,665,216 8,514,146 16,179,362 20,222,996 37,484,427 2,232,868 59,940,291Nov-18 2,955,861 582,066 2,286,962 9,293,740 11,580,702 15,118,629 35,813,407 3,165,289 54,097,325

TOTAL 54,457,946 11,160,981 61,892,652 112,100,427 173,993,079 239,612,006 484,432,833 36,987,841 761,032,680

NIGERIAN GOVERNMENT

FIRS (PSC)AF GRAND TOTAL

DPR (PSC)SUB-TOTAL

GOVERNMENT LIFTING

FEDERATION EXPORT

SUB-TOTAL (NNPC)

IOCs & INDEPENDENTS

(INC. NPDC)DOMESTIC LIFTING MONTH

Note:

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

Of the 11.58 million barrels lifted on the account of NNPC in November 2018, 9.29

million barrels and 2.29 million barrels were for domestic and export markets

respectively. At an average oil price of $ 63.94/barrel and exchange rate of N305.60/$,

the domestic crude oil lifted by NNPC is valued at $594,198,889.67 or a Naira equivalent

of N181,587,180,683.76 for the month of November 2018. The remaining crude oil

lifted for export was valued at $145,499,630 at an average price of $63.62/barrel. The

total value of crude oil lifted on the account of NNPC in November 2018 was thus

$739,698,519.

From November 2017 to November 2018, a total volume of 761 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 2017 to November 2018.

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

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


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-17 426,704,785 21,378,000 342,184,908 368,796,216 710,981,124 1,159,063,909 2,564,219,517 65,225,673 3,788,509,099

Dec-17 299,603,014 98,248,681 308,608,053 637,170,711 945,778,763 1,343,630,458 2,535,181,154 130,319,826 4,009,131,438

Jan-18 177,896,620 53,689,989 535,505,021 588,718,855 1,124,223,876 1,355,810,485 2,797,286,275 151,985,105 4,305,081,865

Feb-18 180,386,813 21,008,185 175,603,492 903,588,307 1,079,191,799 1,280,586,798 2,368,716,963 158,696,046 3,807,999,807

Mar-18 269,929,162 48,545,609 277,242,971 914,568,466 1,191,811,437 1,510,286,208 2,386,830,645 135,637,283 4,032,754,136

Apr-18 432,302,349 34,490,355 244,721,551 444,487,096 689,208,647 1,156,001,351 2,624,240,472 376,244,663 4,156,486,485

May-18 299,424,722 122,889,083 273,781,466 475,825,424 749,606,889 1,171,920,694 2,769,970,626 351,358,131 4,293,249,452

Jun-18 406,236,939 135,039,629 283,433,274 606,282,407 889,715,681 1,430,992,250 2,608,988,314 149,611,719 4,189,592,284

Jul-18 344,896,927 15,726,890 337,620,716 594,863,755 932,484,471 1,293,108,288 2,867,844,097 159,731,438 4,320,683,823

Aug-18 263,357,128 119,751,029 508,540,747 566,188,588 1,074,729,334 1,457,837,492 2,685,753,925 226,465,435 4,370,056,852

Sep-18 313,083,964 74,586,559 425,003,725 541,440,514 966,444,239 1,354,114,761 3,195,691,309 412,360,569 4,962,166,639

Oct-18 288,340,916 19,780,656 574,948,496 673,145,074 1,248,093,570 1,556,215,142 2,811,612,213 168,424,996 4,536,252,351

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

TOTAL 3,895,493,188 800,312,497 4,432,694,049 7,909,274,301 12,341,968,351 17,037,774,035 34,494,833,123 2,685,595,691 54,218,202,849

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.

11.2 14.5 16.2 16.6 17.6 9.5 9.7 11.8 12.6 14.7 11.9 16.2

11.6

6.7 4.5 2.6 2.7 4.0

5.8 3.8 5.4 4.7 3.5

3.9 3.8

3.0

40.6 38.6 40.3 35.9 35.1

35.1 35.9 34.5 38.8 36.9 39.4

37.5

35.8

59.96 60.92 62.07 57.94 59.37

55.93 55.67 55.51 58.54 59.86 61.23 59.94

54.10

0

10

20

30

40

50

60

70

80


Monthly Lifting Entitlement (Million Barrels)

SUB-TOTAL (NNPC) FIRS (PSC) DPR (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 2018, NNPC lifted 9,293,740 barrels of Crude Oil for domestic utilization

translating to an average volume of 309,791.33 barrels of oil per day in terms of

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

November 2018 about 8,593,396 barrels were processed under the Direct-Sales-Direct

Purchase (DSDP) scheme and 700,344 barrels were delivered 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 2017 to November 2018.

Table 2.4.1 Domestic Crude Purchased By NNPC

Volume Ave. Price Sales Value Sales Value Average Lifting

Barrels $/bbl USD NGN Barrels Per Day

Nov-17 5,766,199.00 63.96 368,796,215.94 112,409,086,619.12 192,206.63

Dec-17 9,767,455.00 65.23 637,170,710.68 194,337,066,757.10 315,079.19

Jan-18 8,447,137.00 69.69 588,718,854.85 179,559,250,729.25 272,488.29

Feb-18 13,905,930.00 64.98 903,588,306.75 275,323,357,066.42 496,640.36

Mar-18 13,476,680.00 67.86 914,568,465.85 278,851,925,236.14 434,731.61

Apr-18 6,273,617.00 70.85 444,487,096.00 135,412,993,796.10 209,120.57

May-18 6,156,880.00 77.28 475,825,423.89 144,984,006,658.06 198,609.03

Jun-18 8,063,090.00 75.19 606,282,406.86 184,885,819,970.74 268,769.67

Jul-18 8,059,831.00 73.81 594,863,755.02 181,284,729,341.74 259,994.55

Aug-18 7,722,680.00 73.32 566,188,587.74 172,630,900,400.40 249,118.71

Sep-18 6,653,042.00 81.38 541,440,514.03 165,220,572,855.34 221,768.07

Oct-18 8,514,146.00 79.06 673,145,074.05 205,544,848,359.95 274,649.87

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

Total/Ave 112,100,427.00 926.56 7,909,274,301.31 2,412,031,738,474.11 3,702,967.88

Period

5.8

9.8 8.4

13.9 13.5

6.3 6.2 8.1 8.1 7.7 6.7

8.5 9.3

5.4

4.7 7.7

2.7 4.1

3.3 3.6

3.7 4.6 7.0

5.2

7.7

2.3

11.19

14.46

16.17 16.57 17.56

9.54 9.71

11.81 12.63

14.70

11.90

16.18

11.58

0

2

4

6

8

10

12

14

16

18

20


Government Crude Oil Lifting & Utilisation (Million Barrels)

DOMESTIC FEDERATION EXPORT


Chart 2.4.1: NNPC Crude Oil Utilization for Domestic Product Supply

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

Nov-17 0.00 0.00 0.00 0.00 0.00 0.00 1,967.71 126.69 38,613.78 3,798.49 242.11 73,795.31 5,766.20 368.80 112,409.09

Dec-17 0.00 0.00 0.00 0.00 0.00 0.00 2,174.00 143.49 43,764.01 7,593.45 493.68 150,573.06 9,767.46 637.17 194,337.07

Jan-18 0.00 0.00 0.00 0.00 0.00 0.00 1,813.80 127.34 38,837.91 6,633.34 461.38 140,721.34 8,447.14 588.72 179,559.25

Feb-18 0.00 0.00 0.00 0.00 0.00 0.00 1,594.03 104.65 31,886.81 12,311.90 798.94 243,436.55 13,905.93 903.59 275,323.36

Mar-18 0.00 0.00 0.00 0.00 0.00 0.00 1,074.73 73.69 22,469.47 12,401.95 840.87 256,382.45 13,476.68 914.57 278,851.93

Apr-18 0.00 0.00 0.00 0.00 0.00 0.00 1,524.58 110.66 33,712.07 4,749.03 333.83 101,700.92 6,273.62 444.49 135,412.99

May-18 0.00 0.00 0.00 0.00 0.00 0.00 2,358.28 183.31 55,853.03 3,798.60 292.52 89,130.97 6,156.88 475.83 144,984.01

Jun-18 0.00 0.00 0.00 0.00 0.00 0.00 2,371.65 177.64 54,171.12 5,691.44 428.64 130,714.70 8,063.09 606.28 184,885.82

Jul-18 0.00 0.00 0.00 0.00 0.00 0.00 1,391.57 103.31 31,484.55 6,668.27 594.86 149,800.18 8,059.83 698.18 181,284.73

Aug-18 0.00 0.00 0.00 0.00 0.00 0.00 132.34 9.60 2,927.13 7,590.34 566.19 169,703.77 7,722.68 575.79 172,630.90

Sep-18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,653.04 541.44 165,220.57 6,653.04 541.44 165,220.57

Oct-18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,514.15 673.15 205,544.85 8,514.15 673.15 205,544.85

Nov-18 0.00 0.00 0.00 0.00 0.00 0.00 700.34 45.97 14,048.40 8,593.40 548.23 167,538.79 9,293.74 594.20 181,587.18

PTD 0.00 0.00 0.00 0.00 0.00 0.00 17,103.02 1,206.34 367,768.26 94,997.41 6,815.85 2,044,263.47 112,100.43 8,022.19 2,412,031.74

Month

EXPORT TOTAL OFFSHORE PROCESSING DELIVERIES TO REFINERIES DIRECT SALES DIRECT PURCHASE

Chart 2.4.2: Percentage Distribution for November 2018 Domestic Crude Utilization

3.8

7.6 6.6

12.3 12.4

4.7

3.8

5.7 6.7 7.6 6.7 8.5 8.6 1.97

2.17 1.81

1.59 1.07

1.52 2.36

2.37 1.39 0.13 -

8.5 0.70

5.8

9.8

8.4

13.9 13.5

6.3 6.2

8.1 8.1

0.0

7.7

6.7

9.3

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00


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

DSDP REFINERY DIRECT EXPORT

92.5%

November 2018 Crude Oil Utilization For Domestic Product Consumption

REFINERY

DSDP

7.5%

16.1%

83.1%

0.8%

PTD Crude Oil Utilization For Domestic Product Consumption

REFINERY

DSDP

DIRECTEXPORT


2.5 Natural Gas Off take, Commercialization & Utilization

Out of the 240.59 BCF of gas supplied in December 2018, a total of 151.13BCF of gas

was commercialized consisting of 38.61BCF and 112.52BCF for the domestic and export

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

1,245.48 mmscfd of gas to the domestic market and 3,748.47 mmscfd of gas supplied to

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

This implies that 62.61% of the average daily gas produced was commercialized while

the balance of 37.39% was re-injected, used as upstream fuel gas or flared. Gas flare rate

was 9.15% for the month under review i.e. 729.55mmscfd compared with average Gas

flare rate of 9.92 % i.e. 777.37mmscfd for the period December 2017 to December 2018.

Table 2.5.1 Total Gas Commercialization and utilization

Domestic Gas To Power Domestic Gas to IndustryTotal Domestic Gas

SupplyWAPG EGTL NGL/ LPG NLNG Total Export Gas

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

Dec-17 25.66 13.87 39.53 1.30 4.82 2.35 90.99 99.46 57.13 10.40 31.88 99.41 238.40

Jan-18 22.66 11.35 34.01 1.21 4.40 2.04 102.52 110.18 66.48 10.92 31.68 109.07 253.26

Feb-18 23.07 13.79 36.86 1.21 4.76 2.64 94.82 103.43 62.08 10.30 27.25 99.62 239.91

Mar-18 26.49 14.03 40.52 2.35 6.51 2.88 100.34 112.08 64.24 10.95 26.88 102.07 254.68

Apr-18 25.06 14.66 39.71 2.43 7.96 2.75 91.30 104.45 63.73 11.21 23.06 98.00 242.16

May-18 22.27 14.44 36.71 1.45 7.80 2.69 92.19 104.13 59.37 10.73 21.20 91.30 232.14

Jun-18 22.33 13.90 36.23 1.43 7.50 2.66 65.26 76.85 63.81 11.01 21.66 96.47 209.55

Jul-18 22.35 13.20 35.55 2.74 5.75 3.02 80.14 91.65 67.36 11.45 21.21 100.02 227.21

Aug-18 20.03 13.47 33.51 2.70 4.68 3.82 100.45 111.66 69.02 11.26 22.42 102.70 247.87

Sep-18 18.44 11.92 30.36 2.83 4.75 3.03 101.11 111.73 64.83 11.46 20.54 96.82 238.91

Oct-18 18.82 13.18 32.00 2.79 4.69 3.33 92.89 103.69 68.69 12.44 20.51 101.63 237.33

Nov-18 22.05 14.10 36.14 1.99 4.50 3.40 77.26 87.15 54.90 10.96 23.78 89.64 212.93

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

Total 293.22 176.51 469.73 26.62 74.00 37.94 1,190.41 1,328.98 817.25 145.04 313.93 1,276.22 3,074.92

Domestic Gas Export Gas

Gas Commercialisation

Grand TotalPeriod

Non-Commercialized Gas

Re-Injection Fuel Gas Flare

Total Non-

Commerialized

Gas

Note: For more details on Gas Liftings follow this link

Total gas supply for the period December 2017 to December 2018 stood at 3,074.92BCF

out of which 469.73BCF and 1,328.98 BCF were commercialized for the domestic and

export market respectively. Gas –Injected, Fuel gas and Gas flared stood at 1,276.22

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

commercialization for the period December 2017 to December 2018.

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


Chart 2.5.1 December ’17 – December ‘18 Percent Distribution of Gas Utilization

As shown below in Table 2.5.2, out of the 1,245.48 mmscfd of gas supplied to the

domestic market in November 2018, about 774.27mmscfd of gas representing 62.17%

was supplied to Gas-Fired power plants while the balance of 471.21mmscfd or 37.83%

was supplied to other industries. Similarly, for the period of December 2017 to

December 2018 an average of 1,198.63mmscfd of gas was supplied to the domestic

market comprising an average of 747.89mmscfd or (62.40%) as gas supply to the power

plants and 450.74mmscfd or (37.60%) as gas supply to industries.

Table 2.5.2 Total Average Daily Gas Commercialization and utilization

Domestic Gas To Power Domestic Gas to Industry Total 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-17 827.76 447.34 1,275.09 43.36 155.42 75.94 2,934.99 3,209.70 1,842.91 335.61 701.81 2,880.33 7,365.12

Jan-18 731.01 365.98 1,096.99 39.13 142.02 65.68 3,307.21 3,554.04 2,144.44 352.20 1,021.83 3,518.47 8,169.51

Feb-18 823.82 492.60 1,316.41 43.21 169.96 94.23 3,386.51 3,693.90 2,217.10 367.68 973.19 3,557.97 8,568.28

Mar-18 854.40 452.69 1,307.09 75.83 209.97 93.00 3,236.82 3,615.62 2,072.37 353.26 867.10 3,292.73 8,215.44

Apr-18 835.27 489.52 1,324.78 81.02 265.44 91.80 3,043.25 3,481.51 2,124.47 374.00 769.00 3,267.47 8,073.77

May-18 742.32 481.18 1,223.51 48.17 260.03 89.69 3,073.12 3,471.01 1,978.99 357.67 706.65 3,043.31 7,737.83

Jun-18 744.41 463.33 1,207.74 47.50 250.00 88.78 2,175.42 2,561.70 2,126.86 367.05 721.83 3,215.74 6,985.18

Jul-18 744.86 439.95 1,184.81 91.37 191.77 100.51 2,671.35 3,055.00 2,245.39 381.51 706.96 3,333.85 7,573.66

Aug-18 667.73 449.10 1,116.83 90.14 156.13 127.39 3,348.33 3,721.99 2,300.80 375.44 747.21 3,423.45 8,262.27

Sep-18 614.55 397.41 1,011.96 94.39 158.40 101.15 3,370.32 3,724.26 2,160.82 381.92 684.69 3,227.43 7,963.65

Oct-18 627.33 439.35 1,066.68 92.92 156.33 111.03 3,096.18 3,456.46 2,289.53 414.73 683.49 3,387.75 7,910.89

Nov-18 734.84 469.92 1,204.76 66.42 149.83 113.36 2,575.45 2,905.06 1,830.06 365.00 792.49 2,987.54 7,097.36

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

Average 747.89 450.74 1,198.63 67.99 189.33 97.18 3,045.40 3,399.90 2,091.34 371.13 777.37 3,239.84 7,838.37

Gas Commercialisation

Export GasDomestic Gas

Grand Total

Non-Commercialized Gas

Re-Injection Fuel Gas FlarePeriodTotal Non-

Commerialized Gas

About 3,371.31 mmscfd or 89.94% of the export gas was sent to Nigerian Liquefied

Natural Gas Company (NLNG) Bonny for December 2018 compared with the period,

December 2017 to December 2018 average of 3,045.40mmscfd or 89.57% of the export

gas.

15.3%

43.4%

41.3%

PTD Year Average Percentage Distribution of Gas Utilisation

Total GasToDomestic

Total GasTo Export

TotalNon-Commerialized Gas

15.6%

47.0%

37.4%

December 2018 Percentage Distribution of Gas Utilisation

Total GasToDomestic

Total GasTo Export

Total Non-Commerialized Gas


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

1,275 1,097 1,316 1,307 1,325 1,224 1,208 1,185 1,117 1,012 1,067 1,205 1,245

3,210 3,554 3,694 3,616 3,482 3,471 2,562 3,055 3,722 3,724 3,456 2,905

3,748

2,880 3,518 3,558 3,293 3,267 3,043

3,216 3,334

3,423 3,227 3,388 2,988

2,982

7,365 8,170

8,568 8,215 8,074 7,738 6,985

7,574 8,262 7,964 7,911

7,097 7,976

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


3 Refinery Operations

3.1 Capacity Utilization

In December 2018 refineries processed total crude of 67,139 MT which is 54,941MT

addition relative to November, 2018. This translates to combined yield efficiency of

48.20% reversing -82.20% recorded in November, and this positive outlook is credited

to WRPC performance as the two refineries, KRPC & PHRC, processed no crude oil over

the two months.

Table 3.1.1: Monthly Consolidated Refineries Operational Performance

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Total

Opening Stock (A) MT 636,970 414,105 453,317 426,945 336,974 387,659 327,658 278,309 383,305 341,331 342,055 342,897 427,144 5,650,731

Crude Received (B) MT 294,006 244,608 210,529 178,430 175,626 318,113 322,431 189,951 19,997 1,066 1,055 95,844 84,445 2,316,798

Crude Transferred to KRPC (C) MT 9,995 519 0 2,633 520 520 267 72 1,336 0 0 711 929 6,737

Total Crude Available (D=A+B-C) MT 920,981 658,194 663,846 608,008 513,120 706,292 650,356 468,188 401,966 342,397 343,110 439,452 512,518 7,961,187

Closing Stock (E=D-F) MT 413,249 453,317 426,945 336,793 385,644 327,658 274,171 377,316 345,162 342,397 343,110 427,254 445,379 5,523,011

Crude Processed (F) MT 507,732 204,877 236,901 271,215 127,476 378,634 376,185 90,872 56,804 0 0 12,198 67,139 2,435,768

(i) Finished Products MT 300,264 154,676 151,809 159,424 252,843 214,328 272,930 116,433 53,881 1,279 3,513 15,265 27,486 1,772,292

(ii) Intermediate Products MT 151,554 29,661 41,681 67,428 177,976 131,810 54,984 49,350 8,017 16,452 12,778 25,292 4,784 231,599

(iii) Plant Consumption MT 47,466 17,301 28,597 27,800 44,224 28,838 32,874 11,743 6,943 12,034 15,821 16,935 22,153 321,958

(iv) Losses MT 8,448 3,239 14,814 16,564 8,385 3,658 15,397 12,050 3,997 3,139 470 5,290 12,716 111,937

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

Capacity Utilization % 26.99% 10.89% 13.94% 14.41% 7.00% 20.12% 20.66% 4.83% 3.02% 0.00% 0.00% 0.67% 3.57% 10.13%

Losses % 1.66% 1.58% 6.25% 6.11% 6.58% 0.97% 4.09% 13.26% 7.04% 0.00% 0.00% 43.37% 18.94% 4.60%

Plant Consumption % 9.35% 8.44% 12.07% 10.25% 34.69% 7.62% 8.74% 12.92% 12.22% 0.00% 0.00% 138.83% 33.00% 13.22%

Yields Efficiency based on CDU, CRU & FCC

(%)% 88.99% 89.97% 81.68% 83.64% 58.73% 91.42% 87.17% 73.82% 80.74% 0.00% 0.00% -82.20% 48.06% 82.27%

Operational Parameters UnitsConsolidated Refineries Operations

Note: KRPC received their crude via WRPC.

For the month of December 2018, WRPC and PHRC produced 27,486MT of finished Petroleum Products and while the three refineries produced 4,784MT of intermediate products out of the 67,139MT of Crude processed at 3.57% combined capacity utilization. The lower operational performance recorded is attributable to the ongoing revamping of the refineries which is expected to further enhance capacity utilization once completed.

Chart 3.1.1: Monthly Refineries Consolidated Capacity Utilization

26.99%

10.89%

13.94% 14.41%

7.00%

20.12% 20.66%

4.83% 3.02%

0.00% 0.00% 0.67%

3.57%

0%

5%

10%

15%

20%

25%

30%


Refineries Consolidated Capacity Utilisation


Table 3.1.2 Refineries Monthly Operations

Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Total


Crude Received (B) MT 0 0 0 178,430 130,218 141,865 164,304 123,900 19,997 1,066 1,055 95,844 84,445 941,124

Crude Transferred to KRPC (C) MT 9,995 519 0 2,633 520 520 267 -72 -1,336 0 0 711 929 6,342

Total Crude Available (D=A+B-C) MT 195,837 196,766 196,766 338,381 198,085 323,285 241,817 231,473 159,262 103,524 104,579 201,134 274,310 2,765,219

Closing Stock (E=D-F) MT 195,837 196,766 157,318 67,166 180,900 77,246 103,507 140,601 102,458 103,524 104,579 188,936 207,171 1,826,009

Crude Processed (F) MT 0 0 39,448 271,215 17,185 246,039 138,310 90,872 56,804 0 0 12,198 67,139 939,210

(i) Finished Products MT 24,343 8,037 68,818 155,162 89,422 129,809 124,828 111,052 52,852 925 407 15,098 26,441 806,380

(ii) Intermediate Products MT 25,697 9,395 55,109 87,778 84,514 102,720 18,873 30,464 2,324 4,055 3,887 18,825 26,431 36,214

(iii) Plant Consumption MT 1,354 1,358 13,662 16,211 10,413 12,466 19,093 8,602 5,776 3,130 4,294 11,843 10,058 118,260

(iv) Losses MT 0 0 12,077 12,065 1,864 1,044 13,262 1,686 500 0 0 4,082 4,209 50,789



Losses % 0.00% 0.00% 30.61% 4.45% 10.85% 0.42% 9.59% 1.86% 0.88% 0.00% 0.00% 33.46% 6.27% 5.41%


Yields Efficiency based on CDU, CRU & FCC (%) % 0.00% 0.00% 34.75% 89.57% 28.56% 94.51% 76.61% 88.68% 88.95% 0.00% 0.00% -30.55% 78.75% 82.00%

Operational Parameters Units


Crude Received (B) MT 291,857 243,416 210,529 0 45,408 176,248 158,127 66,051 0 0 0 0 0 1,191,636

Total Crude Available (C=A+B) MT 487,449 360,740 388,247 190,794 236,202 304,174 329,706 157,882 163,871 160,040 159,698 159,485 159,375 3,257,663

Closing Stock (D=C-E) MT 117,324 177,718 190,794 190,794 125,911 171,579 91,831 157,882 163,871 160,040 159,698 159,485 159,375 2,026,302

Crude Processed (E) MT 370,125 183,022 197,453 0 110,291 132,595 237,875 0 0 0 0 0 0 1,231,361

(i) Finished Products MT 229,579 138,773 75,663 3,066 162,543 83,758 148,102 5,381 1,029 2,155 3,106 1,376 1,045 836,170

(ii) Intermediate Products MT 116,439 31,019 109,465 7,675 86,393 38,606 80,594 16,262 5,693 1,828 17 835 13,528 243,892

(iii) Plant Consumption MT 17,283 10,181 9,588 6,242 27,620 7,617 7,044 517 1,167 844 2,653 1,003 2,970 94,729

(iv) Losses MT 6,824 3,049 2,737 4,499 6,521 2,614 2,135 10,364 3,497 3,139 470 1,208 9,513 56,570



Losses % 1.84% 1.67% 1.39% 0.00% 5.91% 1.97% 0.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.59%


Yields Efficiency based on CDU, CRU & FCC (%) % 93.49% 92.77% 93.76% 0.00% 69.04% 92.28% 96.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 87.71%



Crude Received (B) MT 2,149 1,192 0 0 0 0 0 0 0 0 0 0 0 3,341

Total Crude Available (C=A+B) MT 237,695 100,688 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 1,205,546

Closing Stock (D=C-E) MT 100,088 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 78,833 1,046,084

Crude Processed (E) MT 137,607 21,855 0 0 0 0 0 0 0 0 0 0 0 159,462

(i) Finished Products MT 46,342 7,866 7,328 7,328 878 761 0 0 0 2,509 1,543 0 74,555

(ii) Intermediate Products MT 60,812 8,037 12,675 12,675 7,069 9,516 6,737 2,624 0 10,569 8,874 5,632 8,119 15,641

(iii) Plant Consumption MT 28,829 5,762 5,347 5,347 6,191 8,755 6,737 2,624 0 8,060 8,874 4,089 9,125 99,740

(iv) Losses MT 1,624 190 0 0 0 0 0 0 0 0 0 0 1,006 808



Losses % 1.18% 0.87% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.51%


Yields Efficiency based on CDU, CRU & FCC (%) % 77.87% 72.77% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 36.95%


PHRC

KRPC

WRPC

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

Chart 3.1.2: Refineries Capacity Utilization

0.0

%

0.0

% 8

.3%

51

.3%

3.4

%

46

.6%

27

.0%

17

.2%

0.0

%

0.0

%

2.4

%

12

.7%

41

.7%

20

.6%

24

.6%

0.0

%

12

.8%

14

.9%

27

.7%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

29

.6%

4.7

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

0%

10%

20%

30%

40%

50%

60%


Refineries Capacity Utilisation

WRPC PHRC KRPC

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


3.2 Refineries Economics for period of December 2018

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 December 2018 amounted to ₦10.86billion while the associated Crude plus freight

costs and operational expenses were ₦8.89billion and ₦19.29billion respectively. This

resulted to an operating deficit of ₦17.32billion by the refineries as shown in Table 3.2

beneath.

Table 3.2 Refinery Financial Performance December 2017 - December 2018


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 36.16 9.21 9,560.32 36,910.01 6,678.61 39,554.21 23,275.19 13,453.84 8,666.09 66.18 67.78 1,990.72 9,587.44

Crude + Frieght (COGS) 0.00 0.00 -5,978.08 -42,888.01 -2,991.84 -43,942.55 -23,700.40 -15,636.34 -9,782.80 0.00 0.00 -1,688.01 -8,890.47

Opex -1,781.39 -2,687.32 -3,452.33 -3,219.74 -3,111.61 -2,775.63 -2,744.48 -2,598.81 -2,531.13 -2,775.11 -2,931.44 -3,286.91 -3,217.83

Operating Surplus/Deficit-1,745.23 -2,678.12 129.91 -9,197.73 575.16 -7,163.96 -3,169.69 -4,781.31 -3,647.84 -2,708.93 -2,863.66 -2,984.20 -2,520.86

Revenue 15,477.03 -902.89 -849.62 1,845.44 27,208.01 -807.96 77.12 305.75 2.30 1,369.92 1,192.53 883.79 1,245.52

Crude + Frieght (COGS)-17,475.12 0.00 0.00 -1,946.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Opex -2,404.89 -3,275.62 -2,965.13 -2,528.82 -24,250.68 -3,415.96 -3,057.28 -2,655.99 -2,684.80 -2,904.67 -3,289.52 -3,573.08 -3,074.19

Operating Surplus/Deficit-4,402.98 -4,178.51 -3,814.75 -2,629.45 2,957.33 -4,223.92 -2,980.16 -2,350.24 -2,682.50 -1,534.75 -2,096.99 -2,689.29 -1,828.67

Revenue 50,714.89 27,069.34 27,304.10 3,638.98 27,065.53 19,530.67 36,173.00 18.54 6.35 4.81 2.21 2.85 26.99

Crude + Frieght (COGS)-51,662.65 -28,883.61 -28,264.60 0.00 -17,306.52 -20,919.42 -40,399.48 0.00 0.00 0.00 0.00 0.00 0.00

Opex -3,999.32 -4,915.22 -3,409.71 -3,701.32 -6,969.88 -7,305.17 -4,133.68 -3,336.18 -4,469.03 -2,734.11 -4,367.88 -3,914.40 -12,994.49

Operating Surplus/Deficit-4,947.08 -6,729.48 -4,370.22 -62.33 2,789.14 -8,693.92 -8,360.16 -3,317.64 -4,462.68 -2,729.30 -4,365.67 -3,911.55 -12,967.50

Revenue 66,228.08 26,175.66 36,014.80 42,394.44 60,952.16 58,276.92 59,525.30 13,778.13 8,674.74 1,440.91 1,262.52 2,877.36 10,859.95

Crude + Frieght (COGS)-69,137.76 -28,883.61 -34,242.68 -44,834.08 -20,298.36 -64,861.97 -64,099.88 -15,636.34 -9,782.80 0.00 0.00 -1,688.01 -8,890.47

Opex -8,185.60 -10,878.16 -9,827.17 -9,449.87 -34,332.17 -13,496.76 -9,935.44 -8,590.98 -9,684.96 -8,413.89 -10,588.84 -10,774.39 -19,286.51

Operating Surplus/Deficit-11,095.28 -13,586.11 -8,055.05 -11,889.51 6,321.63 -20,081.80 -14,510.02 -10,449.19 -10,793.02 -6,972.98 -9,326.32 -9,585.04 -17,317.03

KRPC

PHRC

Consolidated

WRPC

Description


4 Petroleum Product Supply & Distribution

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

In December 2018, 1,780.20million litres of PMS were supplied into the country

through the DSDP arrangement as against the 1,608.17million litres of PMS supplied in

the month of November 2018. 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

PMS DPK TOTAL

Litres Litres Litres

Dec-17 1,140,066,542.00 - 1,140,066,542.00

Jan-18 1,463,656,364.62 33,794,490.58 1,497,450,855.20

Feb-18 1,791,617,371.19 27,208,294.96 1,818,825,666.15

Mar-18 2,383,455,664.26 - 2,383,455,664.26

Apr-18 1,510,350,610.87 - 1,510,350,610.87

May-18 1,096,448,744.20 - 1,096,448,744.20

Jun-18 1,194,926,906.98 43,427,408.64 1,238,354,315.62

Jul-18 1,190,714,128.66 46,693,719.07 1,237,407,847.73

Aug-18 1,666,719,542.50 44,294,402.77 1,711,013,945.27

Sep-18 1,663,244,552.88 - 1,663,244,552.88

Oct-18 1,752,007,984.65 - 1,752,007,984.65

Nov-18 1,608,167,721.00 - 1,608,167,721.00

Dec-18 1,780,200,862.90 - 1,780,200,862.90

TOTAL 20,241,576,996.71 195,418,316.02 20,436,995,312.72

Period

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 35.04 million litres of petroleum products (PMS &

DPK) produced by the domestic refineries in December 2018 as against 13.94 million

litres production in November 2018; reflecting over 100% increased production due to

improved activities.

1,140 1,464

1,792 2,383

1,510 1,096 1,195 1,191

1,667 1,663 1,752 1,608 1,780 0

34 44

1,140

1,497

1,819

2,383

1,510

1,096 1,238 1,237

1,711 1,663 1,752 1,608 1,780

0

500

1,000

1,500

2,000

2,500

3,000


Petroleum Products from Direct Sales Direct Purchase (Million Litres)

PMS DPK


Table 4.2.1: Monthly Refined White Petroleum Products from Local Refineries PMS DPK Total (PMS+DPK)

Litres Litres Litres

Dec-17 157,074,337 75,482,224 232,556,561

Jan-18 77,802,208 34,079,280 111,881,488

Feb-18 96,666,284 39,941,262 136,607,546

Mar-18 104,480,057 48,890,528 153,370,585

Apr-18 101,109,090 24,752,902 125,861,992

May-18 96,155,210 65,755,180 161,910,390

Jun-18 136,076,546 69,654,042 205,730,588

Jul-18 23,083,560 15,555,082 38,638,642

Aug-18 11,755,796 9,755,127 21,510,923

Sep-18 1,731,231 0 1,731,231

Oct-18 0 0 0

Nov-18 11,720,112 2,222,658 13,942,770

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

Total 840,800,063 397,979,940 1,238,780,003

Period

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

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

PMS DPK Total PMS DPK Total

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

Dec-17 1,297,140,879.00 75,482,224.00 1,372,623,103.00 41,843,254.16 2,434,910.45 44,278,164.61

Jan-18 1,541,458,572.62 67,873,770.58 1,609,332,343.20 49,724,470.08 2,189,476.47 51,913,946.55

Feb-18 1,888,283,655.19 67,149,556.96 1,955,433,212.15 67,438,701.97 2,398,198.46 69,836,900.43

Mar-18 2,487,935,721.26 48,890,528.00 2,536,826,249.26 80,255,991.01 1,577,113.81 81,833,104.81

Apr-18 1,611,459,700.87 24,752,902.00 1,636,212,602.87 53,715,323.36 825,096.73 54,540,420.10

May-18 1,192,603,954.20 65,755,180.00 1,258,359,134.20 38,471,095.30 2,121,134.84 40,592,230.14

Jun-18 1,331,003,452.98 113,081,450.64 1,444,084,903.62 44,366,781.77 3,769,381.69 48,136,163.45

Jul-18 1,213,797,688.66 62,248,801.07 1,276,046,489.73 39,154,764.15 2,008,025.84 41,162,789.99

Aug-18 1,678,475,338.50 54,049,529.77 1,732,524,868.27 54,144,365.76 1,743,533.22 55,887,898.98

Sep-18 1,664,975,783.88 - 1,664,975,783.88 55,499,192.80 - 55,499,192.80

Oct-18 1,752,007,984.65 - 1,752,007,984.65 56,516,386.60 - 56,516,386.60

Nov-18 1,619,887,833.00 2,222,658.00 1,622,110,491.00 53,996,261.10 74,088.60 54,070,349.70

Dec-18 1,803,346,494.90 11,891,655.00 1,815,238,149.90 58,172,467.58 383,601.77 58,556,069.35

Total 21,082,377,059.71 593,398,256.02 21,675,775,315.72 693,299,055.63 19,524,561.88 712,823,617.52

Total Product Supply (OPA, DSDP+Refineries)

Period

Average Daily Supply

1,297 1,541

1,888

2,488

1,611

1,193 1,331 1,214

1,678 1,665 1,752 1,620 1,803

75

68

67

49

25

66 113

62

54 0 0

2

12

1,373

1,609

1,955

2,537

1,636

1,258

1,444 1,276

1,733 1,665 1,752

1,622 1,815

0

500

1,000

1,500

2,000

2,500

3,000


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

PMS DPK


Chart 4.2.2 Average Daily Petroleum Product Supply from NNPC

4.3 Downstream Petroleum Product Distributions

A total of 1.96billion litres of white products were sold and distributed by PPMC in the

month of December 2018 compared with 1.09billion litres in the month of November

2018. This comprised 1.94billion litres of PMS, 0.0070billion litres of DPK and

0.014billion litres of AGO. Total sale of white products for the period December 2017 to

December 2018 stood at 21.84billion litres and PMS accounted for 20.17billion litres or

92.36%. The tables and charts below provide more details of white products sold by

NNPC/PPMC for the period December 2017 to December 2018. In the month, about

0.0084billion litres of special products (LPFO and others) were sold.

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-17 1,474,209,069 123,419,122 50,058,400 1,647,686,591 67,077,378 50,759,241 117,836,619

Jan-18 995,894,911 76,829,235 62,564,825 1,135,288,971 32,507,595 83,133,789 115,641,384

Feb-18 1,333,269,067 117,950,930 71,824,208 1,523,044,205 3,122,342,725 46,249,504 3,168,592,229

Mar-18 1,301,321,775 88,586,558 38,015,061 1,427,923,394 13,953,195 28,821,528 42,774,723

Apr-18 2,748,946,982 76,374,906 29,560,350 2,854,882,238 29,074,408 991,100 30,065,508

May-18 2,134,595,580 49,119,635 36,567,551 2,220,282,766 31,551,577 390,000 31,941,577

Jun-18 1,319,172,251 77,420,900 66,668,622 1,463,261,773 26,621,655 121,744,157 148,365,812

Jul-18 1,841,941,665 212,497,790 130,484,222 2,184,923,677 9,834,892 870,000 10,704,892

Aug-18 1,164,825,902 89,949,796 26,001,577 1,280,777,275 2,376,000 36,121,012 38,497,012

Sep-18 1,153,665,055 45,277,653 881,851 1,199,824,559 924,863 360,000 1,284,863

Oct-18 1,771,106,814 77,968,886 384,001 1,849,459,701 15,880,762 300,000 16,180,762

Nov-18 992,090,457 98,734,115 588,000 1,091,412,572 0 0 0

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

Total 20,168,273,097 1,141,108,436 527,825,590 21,837,207,123 3,360,358,832 369,890,331 3,730,249,163

Period

41.8 49.7

67.4 80.3

53.7 38.5 44.4 39.2

54.1 55.5 56.5 54.0 58.2

2.4 2.2

2.4

1.6

0.8

2.1 3.8

2.0

1.7 0.0 0.0 0.1 0.4 44.28

51.91

69.84 81.83

54.54

40.59 48.14

41.16

55.89 55.50 56.52 54.07 58.56

-

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00


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

PMS DPK


Chart 4.3.1 Monthly White Product sales by PPMC

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-17 47,555,131 3,981,262 1,614,787 53,151,180 2,163,786 1,637,395 3,801,181

Jan-18 32,125,642 2,478,362 2,018,220 36,622,225 1,048,632 2,681,735 3,730,367

Feb-18 47,616,752 4,212,533 2,565,150 54,394,436 111,512,240 1,651,768 113,164,008

Mar-18 41,978,122 2,857,631 1,226,292 46,062,045 450,103 929,727 1,379,830

Apr-18 91,631,566 2,545,830 985,345 95,162,741 969,147 33,037 1,002,184

May-18 68,857,922 1,584,504 1,179,598 71,622,025 1,017,793 12,581 1,030,373

Jun-18 43,972,408 2,580,697 2,222,287 48,775,392 887,389 4,058,139 4,945,527

Jul-18 59,417,473 6,854,767 4,209,168 70,481,409 317,255 28,065 345,319

Aug-18 37,575,029 2,901,606 838,761 41,315,396 76,645 1,165,194 1,241,839

Sep-18 38,455,502 1,509,255 29,395 39,994,152 30,829 12,000 42,829

Oct-18 57,132,478 2,515,125 12,387 59,659,990 512,283 9,677 521,960

Nov-18 33,069,682 3,291,137 19,600 36,380,419 0 0 0

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

Average 50,929,983 2,881,587 1,332,893 55,144,462 8,485,755 934,066 9,419,821

Period

Chart 4.3.2 Average Daily White Products Distribution by PPMC

1,474 996

1,333 1,301

2,749

2,135

1,319 1,842

1,165 1,154

1,771

992

1,937

50

63

72 38

30

37

67

130

26 1

0

1

14

123

77

118 89

76

49

77

212

90 45

78

99

7 1,647.69

1,135.29

1,523.04 1,427.92

2,854.88

2,220.28

1,463.26

2,184.92

1,280.78 1,199.82

1,849.46

1,091.41

1,958.44

0

500

1,000

1,500

2,000

2,500

3,000


Total Montly PPMC Product Distribution Sales Volume (Million Litres)

PMS DPK AGO

48

32

48 42

92

69

44

59

38 38

57

33

62

2

2

3 1

1

1

2

4

1 0

0

0

0

4

2

4

3

3

2

3

7

3 2

3

3

0 53.15

36.62

54.39

46.06

95.16

71.62

48.78

70.48

41.32 39.99

59.66

36.38

63.18

0

10

20

30

40

50

60

70

80

90

100


Average Daily PPMC Product Distribution Sales Volume (Million Litres)

PMS DPK AGO


A total sum of ₦241.46 billion was made on the sale of white products by PPMC in the

month of December 2018 compared to ₦146.56 billion sales in the previous month of

November 2018. Total revenues generated from the sales of white products for the

period December 2017 to December 2018 stood at ₦2,778.32 billion, where PMS

contributed about 89.63% of the total sales with a value of ₦2,490 billion. The table and

chart below provide details accordingly.

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-17 180,552,465,110 18,615,956,456 7,258,468,000 206,426,889,566 6,456,672,159 6,963,408,515 13,420,080,674

Jan-18 138,559,003,137 12,444,440,550 9,192,476,576 160,195,920,263 3,260,390,497 10,605,833,223 13,866,223,720

Feb-18 166,019,116,844 19,249,856,552 10,672,628,042 195,941,601,438 33,129,608 5,820,824,259 5,853,953,867

Mar-18 163,494,231,809 14,960,079,863 5,567,999,745 184,022,311,417 1,348,018,169 4,934,822,262 6,282,840,431

Apr-18 331,051,964,513 12,306,507,836 4,434,052,500 347,792,524,849 2,820,139,681 319,275,354 3,139,415,034

May-18 260,308,585,610 8,768,673,918 6,492,770,750 275,570,030,278 12,749,164,736 44,736,900 12,793,901,636

Jun-18 162,778,602,877 14,275,534,351 12,660,173,430 189,714,310,658 2,894,502,391 19,574,423,989 22,468,926,380

Jul-18 223,641,703,040 37,714,706,299 22,489,229,039 283,845,638,378 1,072,494,973 99,797,700 1,172,292,673

Aug-18 143,565,478,540 16,664,702,726 4,974,961,176 165,205,142,442 310,804,560 6,843,589,780 7,154,394,340

Sep-18 141,658,888,157 8,415,527,270 172,849,167 150,247,264,593 120,981,329 50,490,000 171,471,329

Oct-18 215,898,989,169 15,357,859,776 74,880,195 231,331,729,140 2,077,362,477 42,075,000 2,119,437,477

Nov-18 125,567,847,592 20,878,634,588 115,746,000 146,562,228,180 0 0 0

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

Total 2,490,219,553,769 200,960,326,682 87,136,631,794 2,778,316,512,244 34,226,319,186 55,320,464,483 89,546,783,668

Period

Chart 4.3.3 Monthly Sales Revenue from Petroleum Product Distribution

4.4 Domestic Gas Supply to the Power Sector

A total of 774mmscfd was delivered to gas fired power plants in the month of December

2018 to generate an average power of about 3,131MW compared with November 2018

where an average of 735mmscfd was supplied to generate 2,849MW. The table 4.4.1

and chart 4.4.1 below provide more details.

181 139 166 163

331 260

163 224

144 142 216

126

237

7

9 11 6

4

6

13

22

5 0

0

0

3

19

12 19 15

12

9

14

38

17 8

15

21

1 206.43

160.20

195.94 184.02

347.79

275.57 283.85

165.21

241.46

0

50

100

150

200

250

300

350

400


Sales Revenue From PPMC Product Distribution (Billion Naira)

PMS DPK AGO

150.25

231.33

146.56


Table 4.4.1 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-17 828 3,342 MW 81.4%

Jan-18 731 3,076 MW 76.7%

Feb-18 824 3,346 MW 86.9%

Mar-18 854 3,492 MW 84.1%

Apr-18 835 3,283 MW 82.9%

May-18 742 2,940 MW 80.8%

Jun-18 744 2,970 MW 83.4%

Jul-18 745 2,898 MW 84.7%

Aug-18 668 2,510 MW 75.5%

Sep-18 615 2,303 MW 68.8%

Oct-18 627 2,349 MW 65.6%

Nov-18 735 2,849 MW 71.5%

Dec-18 774 3,131 MW 75.4%

Average 748 2,961 MW 78.3%

Period

Chart 4.4.1 Domestic Gas Supply to the Power Sector & Generation

828 731

824 854 835 742 744 745

668 615 627 735 774

3,342 MW

3,076 MW 3,346 MW

3,492 MW 3,283 MW

2,940 MW

2,970 MW

2,898 MW

2,510 MW

2,303 MW

2,349 MW

2,849 MW 3,131 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)


5.1 Summary of Group Operating Revenue and Expenditure for November 2018

Group operating revenue for the month of December 2018 stood at N731.88 Billion

which is N439.59 Billion higher than the previous month performance while

expenditure for the month surged by N429.52 Billion reflecting the increase in revenue

especially from NPDC. This month revenue is far more than the budgeted revenue which

resulted in marked increase in trading surplus despite the drag in operating

expenditure in the month.

This 41st edition of the report indicates a trading surplus of ₦12.13Billion (with year to

date surplus of ₦81.67Billion) which is a quantum leap in trading surplus relative to

NNPC recent past performances. This increased performance is attributable to NPDC’s

higher revenue recorded during the period following NPDC continuous revenue drive

arising from recent average weekly production of 332,000bpd making the target of

500,000bpd for 2020 achievable. This also captured the updated previous months

revenue and expense.

Table 5.1.0: Group Financial Performance by Entity

Revenue ExpenseSurplus/

(Deficit)Revenue Expense

Surplus/


Surplus/


Surplus/


Surplus/

(Deficit)

NPDC 94,937 17,631 77,305 91,236 63,663 27,573 426,593 373,268 53,325 1,139,239 211,576 927,664 1,359,386 1,057,508 301,878

IDSL 2,778 2,096 683 1,445 1,343 102 1,897 1,316 581 33,339 25,148 8,191 19,513 14,240 5,273

NETCO 2,212 1,703 509 3,673 3,581 92 8,910 7,382 1,528 26,540 20,431 6,109 36,533 31,404 5,129

Sub-Total 99,927 21,430 78,497 96,354 68,587 27,766 437,400 381,966 55,434 1,199,118 257,155 941,964 1,415,432 1,103,152 312,280

NGC 17,217 13,482 3,735 7,729 4,364 3,364 7,138 3,321 3,817 206,606 161,785 44,821 126,784 68,222 58,562

NGMC 9,327 1,681 7,646 14,105 12,777 1,327 14,552 12,952 1,600 111,921 20,172 91,748 209,192 186,394 22,798

Sub-Total 26,544 15,163 11,381 21,833 17,142 4,692 21,689 16,273 5,417 318,527 181,958 136,569 335,976 254,616 81,360

KRPC 26,800 24,113 2,687 883 3,573 (2,690) 1,246 3,074 (1,829) 321,596 289,357 32,239 4,361 37,807 (33,447)

PHRC 40,130 34,289 5,841 3 3,914 (3,912) 27 12,994 (12,968) 481,563 411,470 70,093 140,843 198,025 (57,181)

WRPC 31,643 27,802 3,842 1,991 4,975 (2,984) 9,587 12,108 (2,521) 379,719 333,618 46,101 149,820 190,831 (41,011)

Sub-Total 98,573 86,204 12,369 2,876 12,462 (9,586) 10,860 28,177 (17,317) 1,182,878 1,034,445 148,433 295,024 426,663 (131,639)

RETAIL 23,159 21,955 1,204 18,827 18,655 172 19,133 19,697 (564) 277,911 263,461 14,450 227,605 223,842 3,764

PPMC 144,859 142,763 2,096 147,327 146,547 780 232,305 230,773 1,533 1,738,305 1,713,158 25,147 2,602,024 2,565,896 36,128

NPSC 6,603 4,903 1,700 2,174 3,474 (1,300) 3,580 6,129 (2,548) 79,235 58,838 20,397 35,852 60,066 (24,214)

SHIPPING 4,572 5,090 (518) 2,576 4,075 (1,499) 6,581 13,896 (7,315) 54,868 61,085 (6,217) 32,265 57,800 (25,535)

Sub-Total 179,193 174,712 4,481 170,904 172,752 (1,848) 261,600 270,494 (8,894) 2,150,319 2,096,542 53,777 2,897,746 2,907,603 (9,857)

CHQ 18,223 15,109 3,114 239 17,494 (17,255) 185 20,765 (20,580) 170,681 172,094 (1,413) 2,425 161,069 (158,644)

VENTURES 1,377 3,130 (1,753) 88 1,794 (1,706) 149 2,076 (1,928) 16,529 37,564 (21,035) 1,385 13,211 (11,826)

Sub-Total 19,601 18,239 1,361 328 19,289 (18,961) 334 22,841 (22,508) 187,210 209,658 (22,448) 3,810 174,280 (170,470)

Grand Total 423,838 315,748 108,090 292,295 290,232 2,063 731,883 719,751 12,132 5,038,053 3,779,758 1,258,295 4,947,988 4,866,314 81,674

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

2018 BUDGET

(=N= MILLION)

NOVEMBER, 2018CHQ

MONTHLY BUDGET

(=N= MILLION) 2018 ACTUALDECEMBER, 2018

Note:

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

• NNPC Trading (Duke Oil) and NIDAS Performance are yet to be reported here. However for their details, please refer to

quarterly Consolidated Management Account

• GPIC Performance was captured under the CHQ.

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


Chart 5.1.1: Group Operating Revenue: December 2017 – December 2018

Chart 5.1.2: Group Operating Expenditure: December 2017 – December 2018

Chart 5.1.3: Monthly Group Surplus/Deficit: December 2017 – December 2018

82 71 79 76 84 86 80 90 80 106 88 91

427

25 27 26 6 7 8 7 6 8 8 8 8

7

0 0 0 27 27 27 27 27 16 15 15 14

15

66 26 36 42 34 58 60 14 9 1 1 3

11

16 26 29 26 17

15 13 16

16 12 19 19

19

215

165 196 179

342 278 206 302

174 147 232

147

232

406.83

323.19 374.41 366.31

520.40 482.55

401.53

468.51

309.37 304.44

373.08

292.30

731.88

0

100

200

300

400

500

600

700

800


NNPC Group Revenue: December'17 - December'18 (Billion Naira)

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

58 42 47 54 68 51 55 69 73 76 85 64

373

16 20 23 1 1 2 1 4 3 1 4 4

4

0 0 0 23 24 24 24 24 14 14 14 14

13

77 40 44 54 33 78 74 24 19 8 11 12

28

16 24 28 26 17 14 13

16 16 12 18 19

20

226

167 196 176

342 269 200 296

166 146 230

147

231 413.64

324.76 357.69 354.58

503.25 464.43

394.37

463.63

313.28 294.60

385.74

290.23

719.75

0

100

200

300

400

500

600

700

800


NNPC Group Expendiure: December'17 -December'18 (Billion Naira)

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

(6.81)

(1.56)

16.72

11.73

17.16 18.12

7.15 4.88

(3.90)

9.84

(12.66)

2.06

12.13

(15)

(10)

(5)

0

5

10

15

20


Monthly NNPC Group Surplus/Deficit: Dec'17 - Dec '18 (Billion Naira)


Chart 5.1.4: NNPC Group Surplus/Deficit for the period December 2018

301,878

58,562

36,128 22,798 5,273 5,129 3,764 11,826

24,214 25,535

33,447

41,011

57,181

158,644

81,674

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

NNPC Group Surplus/Deficit in YTD 2018 (Million Naira)

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 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

17,229 22,539

11,923

10,141

22,539 21,793 28,684 19,695 20,540

10,606

17,550

8,358

92,444 107,766

118,070


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 $265.15 million was recorded in December, 2018 which is 60.34%

lower than the previous month. Crude oil export sales contributed $145.50 million

(54.87%) of the dollar transactions compared with $574.95 million contribution in the

previous month. Also the export Gas sales amounted to $119.65 million in the month.

The December 2017 to December 2018 Crude Oil and Gas transactions indicated that

Crude Oil & Gas worth $5.97 Billion was exported. See Table 6.3.1 & Chart 6.3.1 overleaf

for details.


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

Crude Oil Sales

ProceedGas 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-17 342,184,845 105,437,356 447,622,202 342,158,481 94,847,246 39,240,874 476,246,601 388,464,081 87,782,520

Jan-18 308,608,053 130,991,054 439,599,107 305,764,103 113,139,139 15,216,178 434,119,420 327,436,285 106,683,135

Feb-18 535,505,021 101,047,957 636,552,978 464,427,225 87,419,454 22,314,566 574,161,245 446,472,513 127,688,732

Mar-18 175,603,492 153,809,118 329,412,611 244,290,483 137,929,297 30,117,111 412,336,891 283,551,482 128,785,409

Apr-18 277,242,971 161,181,723 438,424,694 277,222,244 151,686,492 18,667,213 447,575,949 322,803,054 124,772,896

May-18 244,721,551 61,703,572 306,425,123 244,707,646 75,648,320 22,723,884 343,079,851 237,911,156 105,168,695

Jun-18 274,946,497 141,123,548 416,070,045 274,160,215 129,520,044 14,378,460 418,058,719 305,606,731 112,451,988

Jul-18 283,433,274 108,476,430 391,909,704 282,937,400 96,822,677 2,894,167 382,654,244 294,705,508 87,948,736

Aug-18 337,620,716 132,384,653 470,005,369 336,427,993 101,331,418 12,483,155 450,242,566 307,928,104 142,314,463

Sep-18 508,540,747 118,075,209 626,615,955 482,950,026 43,883,278 870,558 527,703,862 489,520,890 38,182,972

Oct-18 425,003,725 105,045,307 530,049,032 450,441,987 173,916,784 15,989,567 640,348,337 436,393,777 203,954,560

Nov-18 574,948,496 93,620,406 668,568,902 509,632,266 79,573,838 16,507,372 605,713,476 508,119,091 97,594,385

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

Total 4,433,859,018 1,532,545,836 5,966,404,854 4,395,584,906 1,400,328,562 262,011,355 6,057,924,824 4,557,511,532 1,500,413,292

NNPC/FGN Export Lifting Only

Allocation of Proceeds to FederationExport Sales Proceed Reciepts

Payment Month

Export Sales Proceed Value Due

Note:

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

In December 2018, Naira portion of N63,100,253,079 equivalent to a functional Dollar of $206,886,075.67 at a budgeted

exchange rate of N305/$ was transferred to JVCR from Domestic Crude Oil receipts in addition to the $208,598,861.

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

6.3.2 Dollar Payments to JV Cost Recovery & Federation Account

Total export receipt of $345.68 million was recorded in December 2018 as against

$605.71 million in November 2018. Contribution from Crude oil amounted to $180.46

million while Gas and miscellaneous receipt stood at $114.61 million and $50.61 million

respectively.

342.16 305.76

464.43

244.29 277.22 244.71 274.16 282.94 336.43

482.95 450.44 509.63

180.46

94.85 113.14

87.42

137.93 151.69

75.65

129.52 96.82

101.33

43.88 173.92 79.57

114.61

476.25 434.12

574.16

412.34 447.58

343.08

418.06 382.65

450.24

527.70

640.35 605.71

345.68

-

100

200

300

400

500

600

700


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


Of the export receipts, $137.08 million was remitted to the Federation Account while

$208.60 Million was remitted to fund the JV cost recovery for the month of December,

2018 to guarantee current and future production.

Total export crude Oil & Gas receipt for the period December 2017 to December 2018

stood at $6.06 Billion. Out of which the sum of $4.56 Billion was transferred to JV Cash

Call as first line charge and the balance of $1.50 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



Chart 6.3.2.2 NNPC Federation Lifted Volumes vs. Crude Oil Prices

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

6.4 Naira Payments to Federation Account

NNPC transferred the sum of N111.26 Billion into Federation Account for the month

under review. From December 2017 to December 2018, Federation, and JV received the

sum N928.85 Billion and N578.92 Billion respectively. The tables below show the Naira

388.5 327.4

446.5

283.6 322.8 237.9

305.6 294.7 307.9

489.5 436.4

508.1

208.6

88 107

128

129 125

105

112 88 142

38 204 98

137

476.25 434.12

574.16

412.34 447.58

343.08

418.06 382.65

450.24

527.70

640.35 605.71

345.68

-

100

200

300

400

500

600

700


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

JV Cost Recovery Balance Remitance to FAAC

11.19 14.46 16.17 16.57 17.56

9.54 9.71 11.81 12.63 14.70 11.90

16.18 11.58

63.53 65.39 69.53

65.14 67.88 72.22

77.21 75.35 73.85 73.09 81.24 77.14

63.87

0

10

20

30

40

50

60

70

80

90

0

5

10

15

20

25

30


$/

bb

l

Mil

lio

ns

Ba

rre

ls

NNPC/Federation Lifted Volumes and Crude Prices

NNPC Lifted Volumes Crude Price


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

Naira remittances to 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

Dec-17 112,740,544,869 89,106,972,513 7,570,748,042 0 96,677,720,555

Jan-18 161,645,129,794 108,983,340,894 2,754,079,093 0 111,737,419,987

Feb-18 112,409,086,619 39,103,438,453 13,481,404,990 0 52,584,843,443

Mar-18 194,337,066,757 150,489,893,074 11,437,713,999 0 161,927,607,072

Apr-18 179,559,250,729 86,990,840,818 7,242,240,328 0 94,233,081,146

May-18 275,323,357,066 173,709,826,756 15,435,290,596 0 189,145,117,352

Jun-18 278,851,925,236 196,254,956,169 8,852,677,154 0 205,107,633,323

Jul-18 135,412,993,796 76,469,837,643 7,945,126,375 0 84,414,964,018

Aug-18 144,984,006,658 75,091,885,310 9,187,247,229 0 84,279,132,539

Sep-18 184,885,819,971 93,683,903,736 10,076,222,260 0 103,760,125,996

Oct-18 181,284,729,342 109,857,787,090 10,227,563,906 0 120,085,350,995

Nov-18 172,630,900,400 86,770,962,813 5,786,620,653 0 92,557,583,465

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

TOTAL 2,299,285,384,094 1,387,028,491,658 120,742,624,779 0 1,507,771,116,437

Receipt/ Payment Month

Domestic Sales Proceed Recipets

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

7.57 2.75 13.48 11.44 7.24 15.44 8.85 7.95 9.19 10.08 10.23 5.79 10.75

89.11 108.98

39.10

150.49

86.99

173.71 196.25

76.47 75.09 93.68

109.86

86.77 100.51

96.68

111.74

52.58

161.93

94.23

189.15

205.11

84.41 84.28

103.76

120.09

92.56

111.26

0

50

100

150

200

250


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 Cost

Gas & 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-17 Dec-17 112,740,544,869 89,106,972,513 15,676,576,185 26,092,436 60,085,708 8,453,678,323 7,570,748,042 120,894,153,206 19,110,881,195 77,566,839,360 0 96,677,720,555

Oct-17 Jan-18 161,645,129,794 108,983,340,894 45,782,705,844 60,707,873 1,005,560,330 5,812,814,853 2,754,079,093 164,399,208,887 32,092,865,135 79,644,554,852 0 111,737,419,987

Nov-17 Feb-18 112,409,086,619 39,103,438,453 59,519,058,738 9,534,649 1,307,038,346 12,470,016,434 13,481,404,990 125,890,491,609 17,431,311,293 35,153,532,150 0 52,584,843,443

Dec-17 Mar-18 194,337,066,757 150,489,893,074 34,032,433,839 1,172,905,320 81,102,505 8,560,732,020 11,437,713,999 205,774,780,756 88,902,683,486 73,024,923,587 0 161,927,607,072

Jan-18 Apr-18 179,559,250,729 86,990,840,818 77,905,112,378 110,320,000 1,345,548,413 13,207,429,121 7,242,240,328 186,801,491,057 20,069,183,970 74,163,897,176 0 94,233,081,146

Feb-18 May-18 275,323,357,066 173,709,826,756 88,911,776,373 633,371,626 2,840,450,565 9,227,931,746 15,435,290,596 290,758,647,663 93,767,485,329 95,377,632,022 0 189,145,117,352

Mar-18 Jun-18 278,851,925,236 196,254,956,169 68,607,545,942 422,583,109 1,303,576,925 13,171,176,219 8,852,677,154 288,612,515,518 121,267,654,795 83,839,978,528 0 205,107,633,323

Apr-18 Jul-18 135,412,993,796 76,469,837,643 52,508,301,875 197,076,741 781,099,326 5,456,678,212 7,945,126,375 143,358,120,171 15,441,534,826 68,973,429,192 0 84,414,964,018

May-18 Aug-18 144,984,006,658 75,091,885,310 60,611,382,734 -200,918,637 1,463,547,680 8,018,109,571 9,187,247,229 154,171,253,888 25,774,184,922 58,504,947,617 0 84,279,132,539

Jun-18 Sep-18 184,885,819,971 93,683,903,736 80,169,671,129 0 2,372,958,065 17,261,047,885 10,076,222,260 203,563,803,075 13,514,232,608 90,245,893,388 0 103,760,125,996

Jul-18 Oct-18 181,284,729,342 109,857,787,090 51,181,755,133 0 3,486,870,694 16,758,316,426 10,227,563,906 191,512,293,247 63,640,639,994 56,444,711,002 0 120,085,350,995

Aug-18 Nov-18 172,630,900,400 86,770,962,813 65,864,565,312 0 4,460,097,827 16,758,316,426 5,786,620,653 179,640,563,031 4,811,602,321 87,745,981,144 0 92,557,583,465

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

TOTAL TOTAL 2,299,285,384,094 1,387,028,491,658 746,535,277,416 2,476,303,070 25,530,371,007 149,030,517,188 120,742,624,779 2,431,343,585,118 578,924,512,951 928,846,603,486 0 1,507,771,116,437

Tramsfers To JV Cost Recovery, FG & Federation Account

Total RemittancesReceipt/ Payment

Month

Lifting Month

Allocation of Domestic Sales Proceeds

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

Note:



19.11 32.09 17.43

88.90

20.07

93.77 121.27

15.44 25.77 13.51

63.64

4.81

63.10

77.57 79.64

35.15

73.02

74.16

95.38

83.84

68.97 58.50 90.25

56.44

87.75

48.16

96.68 111.74

52.58

161.93

94.23

189.15 205.11

84.41 84.28 103.76

120.09

92.56

111.26

0

50

100

150

200

250


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

DSDP Crude Oil Allocation

In December 2018, NNPC allocated about 92.46% of domestic crude oil to Direct

Sale-Direct Purchase (DSDP) arrangement to ensure petroleum products

availability. So far the arrangement guarantees products stability and creates

room for savings.

The DSDP arrangement is constantly being reviewed to ensure value is delivered

to the Corporation and Nigeria as envisaged/promised.

Other Achievements

Baru Directs NNPC Retail to Attain 30 Per cent Market Share

The Group Managing Director of the Nigerian National Petroleum Corporation,

Dr. Maikanti Baru, has charged the Corporation Downstream Company, NNPC

Retail, to increase its current 14 per cent market share to 30 per cent by 2020.

Speaking in Abuja during the first Triennial Delegates Conference of the

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN),

NNPC Retail Branch, Dr. Baru stated that the charge was an assignment that must

be accomplished. Chairman of the occasion, Dr. Jackson Gaius-Obaseki, who is a

former Group Managing Director of NNPC, described the National Oil Company

as an accountable and transparent going concern, saying nothing should deter it

from sustaining its core values. The former NNPC GMD stated that the current

Management of the corporation deserved commendation for public

accountability, pitched against its periodic and prompt reporting of the

company’s operations and financial transactions.

In his presentation entitled: “NNPC Retail Limited: Yesterday, Today and

Tomorrow”, guest speaker, Mr. Adeyemi Adetunji, Managing Director of NNPC

Retail Limited, said the company was moving from a cost centre to profit making

entity. Mr. Adetunji assured the Group Managing Director of NNPC that his

company would hit the 30 per cent market share target set by corporation’s

helmsman. In the same vein, PENGASSAN President, Comrade Francis Johnson

assured that union members will be encouraged to assist the NNPC Retail

management in achieving its target, pointing out that “the NNPC Retail has

continued to serve as a vehicle of intervention in the market during periods of

emergency and avoidable supply interruptions”.

$1.05bn NLNG Dividend Not Missing, says Senate Committee Chairman

The Chairman of the Senate Committee on Gas, Senator Bassey Albert, Thursday

in Abuja, clarified that the ongoing investigation of the application of $1.05billion


Nigeria Liquefied Natural Gas (NLNG) dividend to support the importation of

petroleum products into the country has nothing to do with any missing funds

since no such money was missing in the first place. Senator Albert, who doubled

as the Chairman of the Senate Committee on the Application of the NLNG

Dividend, explained that the clarification became necessary due to sensational

and misleading reports in some sections of the media. He said the mandate of the

Committee was to determine the instrument under which NNPC relied upon to

affect the said withdrawal and subsequent application of the NLNG dividend to

meet pressing national demand for fuel supply, noting that the Committee relies

on NNPC to provide informed perspective on the issues.

The Senate Committee Chairman emphasized that the engagement with NNPC

was to understand the rudiments of the account flow and also to discover how

the Committee, working in harmony with NNPC, could make the NLNG dividend

more effective and beneficial to the nation. Responding, Mr. Isiaka Abdulrazaq,

Chief Financial Officer (CFO) of NNPC, who represent the corporation’s Group

Managing Director, Dr. Maikanti Baru, pledged the willingness of the corporation

to support the Committee in its assignment, saying that relevant documents have

been supplied to the panel to enable it determine the veracity or otherwise of

NNPC’s perspective.

NNPC, NCDMB to Grow Nigerian Content to 70%

The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content

Development and Monitoring Board (NCDMB) have committed to growing Local

Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent

by 2027 as part of strategies to sustain economic development in country. NNPC

Group Managing Director, Dr. Maikanti Baru, made this commitment while

delivering a keynote address at the 8th Practical Nigerian Content Conference in

Yenogoa, Bayelsa State, saying strategies for implementing the NCDMB Local

Content development includes closing human capacity gaps, skills acquisition

and assets ownership by indigenous companies, among others. He explained that

the theme of this year’s Conference: “Driving Economic Development and

Sustainability” is very relevant to NNPC, the Industry and the country at large

given the considerable gains recorded in the Nation’s Oil and Gas landscape.

The Executive Secretary of NCDMB, Engr. Simbi Wabote, applauded the NNPC for

driving sustainable economic development through the Board and assured of the

benefits of the initiative to the country going forward.

Baru Seeks Investors to Unlock 10billion Barrels Deep-Water Resources

Ongoing drive by the Nigerian National Petroleum Corporation (NNPC) to

increase Nigeria’s crude oil reserve was taken a notch higher with the unveiling

of multi-billion dollar investment opportunities in the nation’s deep-offshore


frontiers at the 10th World Energy Capital Assembly in London, United Kingdom.

Delivering an address at the panel session entitled: Spotlight on Africa”, Group

Managing Director of the NNPC Corporation, Dr. Maikanti Baru said that “globally

Nigeria has the highest untapped deep water resource of about 10 billion barrels

of oil equivalent, in addition to other vast opportunities in the oil and gas value

chain”. The NNPC GMD who was represented at the event by the Group General

Manager Corporate Planning & Strategy of the NNPC, Mr. Bala Wunti, explained

that Nigeria has the largest and one of the most vibrant economies in Africa with

lots of potentials, especially in the gas, refining and infrastructure space.

NNPC Clarifies Trans Forcados Pipeline Surveillance Contract

The Management of the Nigerian National Petroleum Corporation (NNPC) has

proffered informed perspective on the reported award of oil infrastructure

surveillance contract to an indigenous firm, Ocean Marine Solutions for the

protection of the strategic 87-kilometre Trans Forcados Pipeline (TFP). The

NNPC in a detailed press release by its Group General Manager, Group Public

Affairs Division, Ndu Ughamadu, explained that the decision to assign the TFP

surveillance package to Ocean Marine Solutions was reached after consideration

of huge losses on TFP and rigorous appraisal of the company’s impressive record

of performance on the Bonny-Port Harcourt and Warri-Escravos crude

evacuation lines. The Corporation clarified that the new contract which requires

the contractor to pay for any damage to any inch of pipeline under its watch,

offers immeasurable benefits to the NNPC, its Joint Venture partners, the host

communities and the entire Federation.

Review of PSC Agreement

The Corporation (NNPC) has secured approval from the President to undertake a

review of all Production Sharing Contracts (PSCs) between it and its various

partners to reflect the current realities in the industry.

The Repairs of Raptured Gas Pipeline

NNPC undertook the repairs of raptured Gas Pipeline which supplies gas to most

thermal electricity generating plants in the country. This has boost power

generation significantly.

Ending Fuel Importation

NNPC is intensifying efforts towards the rehabilitation of the refineries to meet

December, 2019 target of ending fuel importation.


7.2 Key challenges

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

i. BONNY TERMINAL

The TNP was shut down for 2 days due to leakages with loss of about

26000bpd. Production shut-in of 16,000bpd for 5 days also occurred at the

Okoloma and Imor facilities due to planned maintenance.

ii. FORCADOS TERMINAL

The TRP (Brass Creek / Trans Ramos Pipeline) has been shut down since

24th April 2018 due to leaks in a creek crossing in the Odimodi area with loss

of 35,000bpd of production into Forcados Terminal. The line remains shut all

through the month of November and to date.

iii. ABO TERMINAL

Plant statutory shut down for maintenance activities for 9 days from

21/11/2019 with 108,000bbls production.

iv. AKPO TERMINAL

Production was shut-in for 26 days in the month for full field scheduled

maintenance with total cut back of 2,730,000 barrels.

v. USAN TERMINAL

There was production shut-in due to north loop pigging scheduled downtime

and also for maintenance activity over a period of 2 days and 13 days

respectively with total cut back of 1,299,00bbls.

vi. BRASS TERMINAL

Addax shut-in production for 4 days due to operational constraint and the

platform equally stopped delivery into NAOC’s facility due to leakages in the

whole of November. This led to a total loss of 340,000bbls in the month.

vii. TULJA TERMINAL

There was closure of Okwuibome field for the 31days in October due to

flooding at Beneku flow station with shut-in of 22,000bpd.

viii. QUA IBOE TERMINAL

There was shut down between 17/11/2019 – 29/11/2019 in Asabo & Ekpe

field for Distributed Control System/Electronic Safety Shutdown System

(ESSDS) upgrade. Also shut-in for 2 days at Ubit due to shut -down of 12 nos

wells to curtail EAP flare volume. Total production cut is 568,000 bbls.


7.2.2 Funding of Projects

NNPC has signed two sets of alternative financing agreements with NNPC/Chevron

Nigeria Limited (CNL) JV and NNPC/Shell Petroleum Development Company (SPDC)

JV on Joint Venture (JV) projects expected to generate incremental revenues of about

$16billion within the assets’ life cycle including a flurry of exploratory activities that

would generate employment opportunities in the industry, boost gas supply to power

and rejuvenate Nigeria’s industrial capacity utilization.

7.2.3 Products theft and Pipeline Security

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

disadvantaged competitive position. A total of 2,224 vandalized points have been

recorded between December 2017 to December 2018 (see chart 7.2.3.1).

Chart 7.2.3.1 PPMC Pipeline Breaks December 2017 – December 2018

24 17 17 17 19 17

84

145

23 51

124 120

216

11 8 6 11 0 10

11

4

0

21

17 18

7

129 187

114

194

92 51

75

54

61

50

73 55

24

3

0

0

0

2

0

0

0

0

0

3 1

6

9

4

11

2

3

4

4

1

2

3

2

3

4

176

216

148

224

116

82

174

204

86

125

219

197

257

0

50

100

150

200

250

300


PPMC Pipeline Breaks December 2017 - December 2018

Mosimi Kaduna Port Harcourt Warri Gombe


Achievement From All of Us at NNPC….


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.

Documents

NNPC...(JVs) and Production Sharing Contracts (PSC) contributed about 34.40% and 34.65% respectively. While AF, NPDC and Independents accounted for 12.76%, 8.15% and 10.03% respectively