NNPC Records $139.5m Crude Oil & Gas Export Sales in August

The Nigerian National Petroleum Corporation has announced a total Crude Oil and Gas export sale of $139.5m in August.

It explained that this represents an increase of 64.84 per cent compared to the previous month.

The Corporation, said this in a statement signed by the Group Public Affairs Division, Kennie Obateru, on Friiday.

He explained that of the total sum, Crude Oil export sales contributed $80.27m (57.54 per cent) of the dollar transactions compared with $55.29m contribution in the previous month.

He also said the export gas sales amounted to $59.23m in the month of August.

The Corporation said August 2019 to August 2020 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth $3.71bn was exported.

It said during the period, supplies of 727 Million Standard Cubic Feet per day (mmscfd) of natural gas was made for power generation to the country.

This is about 2,538 megawatts of power, representing a 2.80 per cent increase from the previous month.

The statement said, “For the period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period.

“Period-to-date Production from Joint Ventures, Production Sharing Contracts and the Nigerian Petroleum Development Company contributed about 69.96 per cent, 20.26 per cent and 9.78 per cent respectively to the total national gas production.

“The 61st edition of the MFOR indicated an increased trading surplus of ₦29.60bn compared to the ₦20.36bn surplus in July 2020 which was the third consecutive month of global recovery from the COVID-19 effect.

“The 45 per cent improvement in performance is attributed mainly to the 82 per cent growth in surplus posted by the NPDC due to sustained improvement in global market fundamentals.”

According to the statement, NNPC Group surplus was further enhanced by the 109 per cent increased profit by Duke Oil Incorporated as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company and Refineries.

This arose from declining costs of pipeline maintenance and corporate overheads respectively, thus mitigating the effect of the increased deficits posted by some other Strategic Business Unit.

“The deficits are because of reasons around low sales volume, reduced debt collection and high average product landing cost.

“In the Downstream, to ensure continuous increased Premium Motor Spirit supply and effective distribution across the country, a total of 0.95bn litres of PMS translating to 30.53 million liters/day was supplied for the month”.

“The Corporation has continued to diligently monitor the daily stock of Premium Motor Spirit to achieve smooth distribution of petroleum products and zero fuel queue across the Nation,” it added.

The Corporation further noted that a total of 37 pipeline points were vandalized during the month, with Atlas Cove-Mosimi and Mosimi-Ibadan accounting for 38 per cent and 24 per cent respectively while PHC-Aba and the other locations in turn, recorded 22 per cent and the remaining 16 per cent of the total breaks.

“NNPC in collaboration with the local communities and other stakeholders continuously strive to reduce and eventually eliminate this menace.”