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NNPC Oil and Gas export earnings rise to $416m in one month

NNPC Oil and Gas export earnings rise to $416m in one month

The Nigerian National Petroleum Corporation (NNPC) on Thursday said its total crude oil and gas export earnings rose to $416.07 million in June, 2018.

A statement on the June 2018 edition of the NNPC monthly Financial and Operations Report by corporation’s Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the amount represents an increase of 35.78 percent when compared with the previous month.

According to the statement, crude oil export sales contributed $274.95 million, translating to 66.08 percent of the dollar transactions compared with $244.72 million contribution in the previous month.

The corporation further noted that the export gas sales for the month amounted to $141.12 million. It added that it undertook the repairs of raptured gas pipeline which supplies gas to most thermal electricity generating plants in the country which led to appreciable leap in power generation.

NNPC said a total of 211.51 billion cubic feet (bcf) of natural gas was produced in the month of June 2018, translating to an average daily production of 7,056.22 mmscfd,

The corporation added that during the review period, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 percent, 21.77 percent and 8.88 percent to the total national gas production, respectively.

Read also: World Bank lowers Nigeria’s 2018 growth forecast to 1.9%

“In all, a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in the month of June 2018 to generate an average power of about 2,970MW compared with the May 2018, where an average of 742mmscfd was supplied to generate 2,940MW.

“For the period between June 2017 and June 2018, a total of 3,080.90bcf of gas was produced, representing an average daily production of 7,826.41mmscfd,” the statement read.

Of the 209.55 bcf of gas supplied in June 2018, the state oil firm said a total of 113.08bcf of gas was commercialized, comprising of 36.23bcf and 76.85bcf for the domestic and export market respectively.

“This translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.70 mmscfd of gas supplied to the export market for the month, implying that 53.96 percent of the average daily gas produced was commercialized while the balance of 46.04 percent was re-injected, used as upstream fuel gas or flared.

“The gas flare rate was 10.33 percent for the month under review, that is, 721.83mmscfd, compared with the average gas flare rate of 10.4percent, that is, 813.37mmscfd for June 2017 to June 2018,” it said.

NNPC also revealed that in the downstream sub-sector, 1,194.93 million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1,096.45 million litres of petrol supplied in May 2018.

“The petroleum products (petrol, diesel & kerosene) production by the domestic refineries in June 2018 amounted to 205.73million litres compared to 161.91million litres in May 2018,” NNPC added.

 

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