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NNPC Posts $416m Oil And Gas Export Revenue

NNPC Towers, Abuja

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The Nigerian National Petroleum Corporation (NNPC) has announced $416.07 million total revenue on oil and gas export in June 2018, up 35.78 percent higher than the previous month.

This was contained in a statement signed by Ndu Ughamadu, its spokesman, indicating that crude oil export revenue contributed $274.95 million exceeding the contribution in the previous month by roughly $244.72million while the export Gas sales amounted to $141.12million,

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

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“A total of 211.51billion cubic feet (bcf) of natural gas were produced in the month of June 2018, translating to an average daily production of 7,056.22mmscfd.

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

“Out of the 209.55bcf of gas supplied in June 2018, a total of 113.08bcf of gas was commercialized, comprising of 36.23bcf and 76.85bcf for the domestic and export market respectively,” the statement read.

From the report, 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.

Other petroleum products (petrol, diesel & kerosene) production from the domestic refineries also increased from 161.91million litres in May 2018 to 205.73million litres in June 2018.

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