Nigeria’s Three Refineries record N11.77bn loss in 3 months

A combined operational deficit of N11.77 billion in the months of June, July, and August 2021 was recorded by Nigeria’s three refineries.

A Monthly Financial report was released by the Nigerian National Petroleum Corporation (NNPC Limited) on Sunday.

According to the reports, the refineries located in Port Harcourt, Warri, and Kaduna processed no crude oil during the periods due to ongoing rehabilitation.

A breakdown of the losses showed that the three refineries lost N4.01 billion in August, N3.37 billion in July, and N4.01 billion in June.

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”.

On how the crude oil and condensate were lifted and utilized, the reports added: “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 were 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 were 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)”.