Business Latest

NNPC increases gas supply to power plants by 19%, remits N219bn to FAAC

NNPC’s partner Pan Ocean builds longest oil pipeline in Africa

The Nigerian National Petroleum Corporation (NNPC) Thursday said it ramped up average daily natural gas supply to power plants by 19.14 per cent and transferred Naira crude oil proceeds from domestic crude oil and gas sales to the Federation Account in April.

Kennie Obateru, the corporation’s spokesperson stated in a release in Abuja that the growth equalled 788millon standard cubic feet of gas per day (mmscfd), capable of producing 2,873 megawatts of electricity.

Total output of 226.51 billion cubic feet equivalent to average daily production of 7,786.17 million, translating to 3.73 per cent improvement over the figure for the month before, was reported in April, NNPC noted in its Monthly Financial and Operations Report for April.

“Out of this figure, a total of 136.44BCF of gas was commercialized, consisting of 36.99BCF and 99.45BCF for the domestic and export market, respectively.

Read also: NNPC posts N9.53bn trade deficit for March

“Out of the 1,233.01mmscfd of gas supplied to the domestic market in April 2020, about 787.70mmscfd, representing 63.88 per cent was supplied to gas-fired power plants, while the balance of 445.31mmscfd or 36.12 per cent was supplied to other industries,” it added.

The report mentioned that 0.94 billion litres of gasoline representing 31.37 million litres per day for the month in the downstream sector.

Vandalised pipeline points scaled up by 19 to 65 between March and April. The Atlas-Cove Mosimi stretch was worst hit by pipeline breach, accounting for 55 per cent of cases. Mosimi Ore contributed 22 per cent while the rest were responsible for 23 per cent of the incidents.

External oil receipt of $193.05 million was posted in the month, the state-owned oil firm said.

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!