Journalism of Courage

NNPC posts N15.04bn trade surplus in January, up from N12.13 bn from Dec 2018

The Nigerian state oil corporation, NNPC, posted a 24 percent trade surplus of N15.04 billion in January 2019, from the N12.13 billion surplus posted by in December 2019, driven by increased oil and gas outputs, according to the corporation’s Monthly Financial and Operations Report (MFPR).

Nigeria’s gas output increased by 2 per cent at 245.83 billion cubic feet compared to a 240 billion output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd), according to the report.

The report also showed that the state oil corporation’s recent trade surplus is driven by its upstream subsidiary, Nigerian Petroleum Development Company (NPDC), producing 332,000 barrels of crude oil per day.

It will be recalled that the Nigerian National Petroleum Corporation failed to turn profits for three years (2015 – 2017), turning a 2 percent profit margin in 2018.

“In terms of sales and remittance of crude oil and gas proceeds, the corporation announced total export receipts of $381.70 million in the month under review as against $345.68 million posted in December 2018,” said the spokesperson for the corporation, Ndu Ughamadu, the Group General Manager, Group Public Affairs Division.

Speaking on the gas output via a written press statement in Abuja, the nation’s capital, Ughamadu said: “Out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialized, consisting of 38.03BCF and 113.47 BCF for the domestic and export market respectively. The figure translates to a total supply of 1,226.83 mmscfd of Gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.

“This implies that 61.73 per cent of the average daily gas produced was commercialized, while the balance of 38.27 per cent was re-injected, used as upstream fuel gas or flared.”

The country’s gas flare rate was put at 7.52 per cent for the month under review, translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent and 770.31 mmscfd for the period January 2018 to January 2019

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