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Crude oil and gas exports soar by 52.8% in September – NNPC

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The Nigerian National Petroleum Corporation (NNPC) said on Sunday, the country crude oil and gas exports rose to $355.93 million in September.

This figure was higher by 52.84 percent higher than $123.06 million posted by the corporation in August.

The NNPC disclosed these in its Monthly Financial and Operations Report for September 2019.

The report read: “Crude oil export sales contributed $267.97 million (75.29%) of the dollar transactions compared with $150.73 million contribution in the previous month; while the export Gas sales amounted to $87.96 million in the month.”

The Corporation said between September 2018 and September 2019, crude oil and gas estimated at $5.63 billion were exported by the country.

The NNPC recorded a trading surplus of N8.59 billion in September relative to the N5.20 billion posted in August.

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It attributed the 65 percent upsurge in the September operation to “the improved surplus posted by both the upstream and downstream sector; as noticeable with IDSL, NGC, NGMC, PPMC, NPSC, and Duke Oil Incorporated.”

In August, the Corporation posted N5.2 billion, which outstripped the N4.26 billion posted in July by 22 percent.

The report noted that 235.12 billion cubic feet of natural gas were produced in September. This implies an average daily production of 7,837.42 million standard cubic feet.

Between September 2018 and September 2019, 3,106.8 billion cubic feet of gas were produced, indicating an average daily production of 7,941.69 Million Standard Cubic Feet per Day (mmscfd).

186 pipeline points were vandalised in September 2019, translating to an 18 percent rise from the 158 points recorded in August.

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

Ronald Adamolekun

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Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

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