Exports: NNPC generates $490.03m on sale of crude oil, gas

By Abdallah el-Kurebe, Editor

#TrackNigeria: The Nigerian National Petroleum Corporation (NNPC) says it posted a total of $490.03 million on export sale of crude oil and gas in February 2019, which is 32.45 percent higher than the previous sale in January.

The NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu said in the February 2019 edition of the corporation’s Monthly Financial and Operations Report (MFOR) in Abuja, thay Crude oil export sales contributed $350.29 million (71.48 percent) of the dollar transactions compared with $240.23 million contribution in the previous month.

The 43rdedition of the NNPC MFOR explained that the export Gas sales amounted to $139.74 million in the month under review, adding that the February 2018 to February 2019 crude oil and gas transactions indicated that crude oil and gas worth of $5.94 billion was exported

The report announced a 40 percent drop in recorded cases of oil pipeline vandalism in February, 2019 when compared with the reported incidents of January 2019.

A breakdown of the report indicated that in February 2019, a total of 137 pipeline points were vandalized, which translates to 40 percent drop from the 230 points vandalized in January 2019.

It was revealed that Mosimi-Ibadan petroleum products pipeline accounted for 72 percent of the breaks while Kaduna, Port-Harcourt, Warri and Gombe lines made up the remaining 28 percent.

The report attributed the drop in the line break to efforts by NNPC, the local communities and other stakeholders to reduce and eventually eliminate pipeline vandalism.

To ensure continuous increase in petrol supply and effective distribution across the country, 1.27 billion litres translating to 45.53 million liters/day were supplied for the month.

The MFOR explained that in the Downstream Sector, the corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petro, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In terms of natural gas off-take, commercialization and utilization, the records indicated that within the period, daily average natural gas supply to gas power plants increased by 8.23 percent to 819.85 million standard cubic feet (mmscf), equivalent to power generation of 3,336MW.

The figure is an improvement from the January 2019 record where an average of 757mmscfd was supplied to generate 3,124MW.

Also, out of the 223.23 billion cubic feet (bcf) of gas supplied in February 2019, a total of 127.62bcf of gas was commercialized consisting of 37.77bcf and 89.85bcf for the domestic and export market respectively.

This translates to a total supply of 1,349.03mmscfd of gas to the domestic market and 3,780.24mmscfd of gas supplied to the export market for the month.

This implies that 57.17 per cent of the average daily gas produced was commercialized while the balance of 42.83 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 9.51 per cent for the month under review i.e. 757.94mmscfd, compared with average gas flare rate of 9.52 per cent i.e. 750.01mmscfd for the period February 2018 to February 2019.