Nigeria Earned $120.5m From Crude Oil Sales In September-NNPC

The Nigerian National Petroleum Corporation has said that Nigeria generated the sum of $120.49m from crude oil and gas sales for the month of September 2020.

The Corporation, in its Monthly Financial and Operations Report for September stated that the crude oil and gas export receipt represents a 16.28 per cent improvement when compared to the $100.88m recorded in August 2020.

According to the Report, proceeds from crude oil amounted to $85.4m while gas and miscellaneous receipts stood at $25.31m and $9.78m respectively.

It stated, “The September 2020 MFOR also indicated a trading surplus of N28.38bn slightly lower than the N29.6bn surplus in August 2020.

“The marginal reduction in surplus, was as a result of lower contribution from the Nigerian Petroleum Development Company which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.”

Other NNPC subsidiaries including the Integrated Data Services Limited, National Engineering and Technical Company Limited, Nigerian Gas Marketing Company, Petroleum Products Marketing Company and NNPC Retail posted impressive trading results recording 268 per cent, 234 per cent, 21 per cent, 422 per cent and 41 per cent trading surpluses respectively over their previous month’s performance.

The gas sector, according to the Report, produced a total of 223.82 billion cubic feet of natural gas in the month under review translating to an average daily production of 7,460.80 million standard cubic feet per day.

“For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35
million standard cubic feet per day.

“Period-to-date production from Joint Ventures, Production Sharing Contracts and NPDC contributed about 69.10 per cent, 20.29 per cent and 10.61 per cent respectively to the total national gas production,” it stated.

Of the 221.91bcf of gas supplied in the period, the Report stated that 140.45bcf was commercialized, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively.

It added that a total of 1,212.17 million standard cubic feet per day of gas was supplied to the domestic market and 3,469.45 mmscfd of gas supplied to the export market for the month.

This implies that 63.29 per cent of the average daily gas produced was commercialized while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared.

The Report added, “To ensure effective supply and distribution of Premium Motor Spirit across the country, a total of 0.59bn litres of PMS translating to 19.59mn liters/day was supplied for the month in the downstream sector.

“During the period under review, 21 pipeline points were vandalized representing about 43 per cent decrease from the 37 points recorded in August 2020.

“Of this figure, Mosimi Area accounted for 90 per cent of the vandalized points, while Port Harcourt Area accounted for the remaining 10 per cent.”

The Report stated that NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate the menace of pipeline vandalism.