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NNPC Reports $120.49Mn Crude Oil, Gas Export Earnings

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020.

A statement issued by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on the proceeds indicated that the export receipt represented a 16.28 percent rise over the $100.88 million earned in the preceding month.

The figures, which were contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), reflected that out of the amount, earnings from crude oil export totaled $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.

According to the report, the corporation recorded a trading surplus of N28.38 billion In the month under review, which was slightly lower than the N29.60 billion surplus in August 2020.

The management attributed the slight drop in the month-on-month surplus to the lower contribution from the Nigerian Petroleum Development Company (NPDC), which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

But then, the MFOR showed that other NNPC subsidiaries, namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results recording 268 percent, 234 percent, 21 percent, 422 percent and 41 percent trading surpluses respectively over their previous month’s performance.

A further analysis of the export earnings profile indicated that in the gas sector, a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month, representing an average daily production of 7,460.80million standard cubic feet per day (mmscfd).

During the 12-month period from September 2019 to September 2020, the state-owned oil corporation reported that a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period.

The MFOR further showed that the period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10 per cent, 20.29 percent and 10.61 percent respectively to the total national gas production.

In the month, out of the 221.91bcf of gas supplied in the month under review, a total of 140.45bcf was commercialized, comprising 36.37bcf and 104.08bcf for the domestic and export markets respectively.

Gas flare rate stood at 6.66 percent or 492.93mmscfd compared with average gas flare rate of 5.84 per cent i.e. 439.90 mmscfd for the period of September 2019 to September 2020).

The report indicated that Premium Motor Spirit (PMS) distribution nationwide in the month, 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 month under review, 21 pipeline points were vandalized representing about 43 percent drop from the 37 vandalized points recorded in the preceding month.

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