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Crude Oil, Gas Export Sale: NNPC Nets $355.93m In Sept.

Melee Kyari

 

 

… a 52.84 Per Cent Increase Over August’s

 

Crude oil and gas export sale of $355.93 million was recorded in September 2019, indicating a significant increase of 52.84 per cent, compared to the August figure of $232.87 million, according to the  Nigerian National Petroleum Corporation (NNPC).

 

 

A breakdown of the figures indicates that crude oil export sales contributed $267.97 million (75.29 per cent) of the dollar transactions compared to $150.73 million contribution in the previous month while the export gas sales amounts to $87.96 million in the month.

 

This is contained in the NNPC Monthly Financial and Operations Report (MFOR) showing September 2019 crude oil and gas export sales.

 

The report is the 50thedition in the series which debuted in 2015, a statement by the corporation’s Acting Group General Manager, Group Public Affairs Division, Mr Samson Makoji, said.

 

Also, the September 2018 to September 2019 Crude Oil and Gas transactions indicate that crude oil and gas worth $5.63 billion was exported.

 

“The streak of positive results which has largely characterized the operations of the corporation was sustained with the posting of a trading surplus of ₦8.59 billion recorded in the month under review.

 

“A significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019.

 

“In turn, the August figure of ₦5.20billion surpassed the ₦4.26billion surplus posted in the previous month of July 2019, reflecting an increase of 22 per cent,’’ the September edition of the report said.

 

The significant increase of 65 per cent in the September trading of corporation was as a result of the improved surplus posted in the Upstream and Downstream Sector transactions of NNPC’s subsidiary companies, Integrated Data Services Limited (IDSL), Nigerian Gas Company (NGC), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC), Nigerian Pipeline and Storage Company (NPSC), and Duke Oil Incorporated.

 

The MFOR notes that the percentage increase in the performances of these NNPC subsidiaries cushioned the September sharp decline in the results posted by the Nigerian Petroleum Development Company (NPDC) as compared with the company’s posting in August, 2019.

 

However, in the Gas Sector, 235.12billion Cubic Feet (BCF) of natural gas was produced in the month of September 2019, translating to an average daily production of 7,837.42 Million Standard Cubic Feet per Day (mmscfd).

 

For the period September 2018 to September 2019, a total of 3,106.80 BCF of gas was produced representing an average daily production of 7,941.69mmscfd during the period.

 

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.43 per cent, 21.14 per cent and 9.43 per cent respectively to the total national gas production, the report also said.

 

In natural gas off take, Commercialization & Utilization, out of the 235.12BCF of gas supplied in September 2019, 135.63BCF of gas was commercialized, consisting of 32.25BCF and 103.38BCF for the domestic and export market respectively.

 

“This translates to a total supply of 1,074.86mmscfd of gas to the domestic market and 3,446.02mmscfd of gas supplied to the export market for the month under review, implying that 57.68 per cent of the average daily gas produced was commercialized while the balance of 42.32 per cent was re-injected, used as upstream fuel gas or flared.’’

 

On pipeline vandalism in the Downstream Sector, a total of 186 pipeline points were vandalized, representing an increase of 18 per cent from the 158 points breached in August 2019.

 

Out of the vandalized points, 30 failed to be welded while none was ruptured. Aba-Enugu axis accounted for 77 per cent of the breaks, while PHC-Aba, ATC-Mosimi and other routes accounted for 8 per cent each.

 

To eliminate the vandalism, NNPC promised to step up its collaboration and dialogue with the local communities and other stakeholders.

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