Refineries Record ₦11.77bn Loss In Three Months

The Nigerian National Petroleum Corporation in its monthly financial reports released on Sunday noted that three refineries recorded a combined operational deficit of ₦11.77 billion in the months June, July and August 2021.

NNPC disclosed that the refineries in Port Harcourt, Warri and Kaduna did not produce crude oil due to ongoing rehabilitation.

According to the report, the affected refineries lost ₦4.01 billion in August, ₦3.37 billion in July and ₦4.01 billion in June.

It disclosed that the total crude oil and condensate production for May, June and July 2021 was ₦140.88 million barrels. An average of 1.53 million barrels per day.

The reports stated: “In July 2021, a total of 47.55 million barrels of crude oil & condensate were produced representing an average daily production of 1.53million barrels. This translates to an increase of 3.72% in production compared to June 2021 performance. Of the July 2021 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 27.64% and 45.63% respectively. While AF, NPDC and Independents accounted for 9.84%, 8.62% and 8.28% respectively. The tables and charts below provide details of the National Crude Oil Production for the period July 2020 to July 2021.

“In June 2021, a total of 45.84 million barrels of crude oil & condensate were produced representing an average daily production of 1.53million barrels. This translates to a decrease of 3.48% in production compared to May 2021 performance. Of the June 2021 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 29.95% and 44.59% respectively. While AF, NPDC and Independents accounted for 9.94%, 8.94% and 6.57% respectively. The tables and charts below provide details of the National Crude Oil Production for the period June 2020 to June 2021.

“In May 2021, a total of 47.49 million barrels of crude oil & condensate were produced representing an average daily production of 1.53million barrels. This translates to a decrease of 3.53% in production compared to April 2021 performance. Of the May 2021 Production, Joint Ventures (JVs) and Production Sharing Contracts (PSC) contributed about 29.30% and 43.88% respectively. While AF, NPDC and Independents accounted for 10.50%, 8.76% and 7.56% respectively. The tables and charts below provide details of the National Crude Oil Production for the period May 2020 to May 2021”.

The report on how the crude oil and condensate was lifted and utilized states, “In July 2021, a total volume of 46.97 million barrels of crude oil and condensate was lifted by all parties. Out of this volume, 13.82 million barrels was lifted by NNPC on behalf of the Federation while the balance of 31.46 million barrels was lifted by the IOCs and the independents (including NPDC).

“In June 2021, a total volume of 47.68 million barrels of crude oil and condensate was lifted by all parties. Out of this volume, 14.25 million barrels was lifted by NNPC on behalf of the Federation while the balance of 33.42 million barrels was lifted by the IOCs and the independents (including NPDC).

“In May 2021, a total volume of 50.46 million barrels of crude oil and condensate was lifted by all parties. Out of this volume, 15.71 million barrels was lifted by NNPC on behalf of the Federation while the balance of 34.75 million barrels was lifted by the IOCs and the independents (including NPDC)”.