BreakingOil & GasTop Story

NNPC says it boosted nation’s power generation by 2,538mw in August 

347

 

The Nigerian National Petroleum Corporation (NNPC) said it supplied 727 Million Standard Cubic Feet per day (mmscfd) of natural gas for power generation in August 2020, contributing  2,538MW.

This represents an increase of 2.80 per cent from the previous month.

The NNPC, in a press statement by Dr. Kennie Obateru, Group General Manager, Group Public Affairs, Division, said the recently released August 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that Natural  Gas production in August 2020 increased by 0.13 per cent at 236.66 Billion Cubic Feet (BCF) compared to output in July 2020; translating to an average daily production of 7,639.99mmscfd.

For the period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period. Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 per cent, 20.26 per cent and 9.78 per cent respectively to the total national gas production.

The August 2020 MFOR indicated a total crude oil and gas export sale of $139.50 million; increasing by 64.84 per cent compared to the previous month.

 Of this number, crude oil export sales contributed $80.27 million (57.54 per cent) of the dollar transactions compared with $55.29 million contribution in the previous month; while the export gas sales amounted to $59.23 million in the month.
The August 2019 to August 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.71 billion was exported.
The 61st edition of the MFOR indicated an increased trading surplus of ₦29.60 billion compared to the ₦20.36 billion surplus in July 2020 which was the third consecutive month of global recovery from the COVID-19 effect.

The 45 per cent improvement in performance is attributed mainly to the 82 per cent growth in surplus posted by the  NPDC due to sustained improvement in global market fundamentals.

The NNPC Group surplus was further enhanced by the 109 per cent increased profit by Duke Oil Incorporated as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC) and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus mitigating the effect of the increased deficits posted by some other SBUs.

The deficits are as a result of low sales volume, reduced debt collection and high average product landing cost.

In the downstream sector and to ensure continuous increased Premium Motor Spirit (PMS) supply and effective distribution across the country, a total of 0.95bn litres of PMS translating to 30.53mn liters/day was supplied for the month.

The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero queue across the nation.

During the month under review, a total of 37 pipeline points were vandalized representing about 3 per cent increase from the 36 points recorded in July 2020.

“Atlas Cove-Mosimi and Mosimi-Ibadan accounted for 38 per cent and 24 per cent respectively while PHC-Aba and the other locations in turn, recorded 22 per cent and the remaining 16 per cent of the total breaks.”
The statement pointed out that NNPC’s collaboration with the local communities and other stakeholders had helped to reduce vandalism, hoping it will  eventually eliminate the menace.

Leave a comment

Related Articles

$26bln African Atlantic Gas Pipeline Project Gains Momentum

The federal government, in collaboration with the Economic Community of West African...

Just in: FG withdraws treason charges against #Endbadgovernance protesters

The Federal High Court in Abuja has terminated the treason charges brought...

Breaking: Pres. Tinubu orders release of #EndBadGovernance underage protesters

President Bola Tinubu has ordered the immediate release of all minors arrested...

Just in: Seven new ministers take oaths of office

President Bola Tinubu has sworn in seven newly appointed ministers, directing them...

Just in: Appeal Court acquits ex-CJN, Onnoghen, orders FG to unfreeze his account

The Court of Appeal sitting in Abuja on Monday discharged and acquitted...

ECOWAS, Nigeria, Morocco, Mauritania Commit to $26bln African Atlantic Gas Pipeline Project

“The project, conceived in 2016 during King Mohammed VI of Morocco’s visit...

#EndBadGovernance protests: AGF to Police: Transfer casefiles of 72 defendants to my office

The Attorney General of the Federation (AGF) and Minister of Justice, Prince...

Updated: Abuja Court grants N1.1 bln bail to 114 #EndBadGovernance protesters

A Federal High Court in Abuja has granted a N10 million bail...

Just in: 76 #EndBadGovernance protesters arraigned in Abuja

The detained 76 #EndBadGovernance protesters just arrived at the Federal High Court...

Breaking: 10 fatalities confirmed as building collapses in Ibadan

A weehours building collapse in Ibadan, the Oyo State capital, on Thursday...

Breaking: After five hours of screening, Senate confirms Bianca Ojukwu, six others as ministers

The Senate on Wednesday screened and confirmed the nominations of Ambassador Bianca...

Senate begins screening of seven ministerial nominees

The Senate has started screening the seven ministerial nominees of President Bola...

Alleged homosexuality: RCCG suspends two pastors, launches investigation

For allegedly breaching the church’s doctrine and the Holy Bible, two pastors...

Helicopter crash: NNPC Ltd. spokesman Soneye cancels golden jubilee birthday celebration in honour of departed souls

Mr. Olufemi Soneye, the chief corporate communications officer of the Nigerian National...

Biden in 30-minute phone call with Tinubu, hails Binance executive release

President Bola Tinubu and US President Joe Biden held a 30-minute phone...

Tinubu Receives Briefing on Local Currency Oil Sales Amid Pricing Disputes

President Bola Tinubu has received a briefing from the Implementation Committee on...

Kcee and Flavour engage in heated exchange over Igbo music style

The Nigerian music industry is once again witnessing a brewing fiery clash...

Troops crack down on oil thieves in Niger Delta

The Nigerian Army’s 6 Division, in collaboration with other security agencies, has...

In Lagos, 150 Ajegunle widows, vulnerable lifted with food items, cash gifts

As part of efforts to provide succor and the much-needed support to...

Economic hardship: I’m not T-pain, you are mischievous, Tinubu replies Atiku

Former Vice President Atiku Abubakar has come under fire from the Presidency...