The Nigerian National Petroleum Corporation (NNPC) on Wednesday reported that earned $416.07 million from crude oil and gas export sales in June, representing a 35.78 percent increase over the preceding month’s revenue accruals.
The corporation gave the figures in its June 2018 Financial and Operations Reports which showed that crude oil export sales accounted for $274.95 million or 66.08 percent of earnings compared to the $244.72 million raked in from the product source in the previous month.
The report indicated that revenue from export gas sales for the month totalled $141.12million.
The report, which is the 35th edition of the state owned oil entity’s monthly Financial and Operations Report, indicated also that the corporation repaired raptured gas pipelines which supplies gas to most thermal electricity generating plants in the country.
According to the corporation, during the month under review a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas-fired power to generate an average power of about 2,970MW compared with the previous month’s average of 742 mmscfd was supplied to generate 2,940Mw.
The report also reflected that a total of 211.51billion cubic feet (bcf) of natural gas was produced in the month in review, translating to an average daily production of 7,056.22mmscfd.
This is even as it stated that from June 2017 and June 2018, a total of 3,080.90 bcf of gas was produced, representing an average daily production of 7,826.41mmscfd.
Similarly, during the month under review, Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 per cent, 21.77 per cent and 8.88 per cent respectively, to the total national gas production.
The corporation reported further that 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.
It expatiated that this translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.70 mmscfd of gas supplied to the export market for the month, implying that 53.96 per cent of the average daily gas produced was commercialized while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.
The NNPC disclosed through the report that the gas flare rate was 10.33 per cent for the month under review, that is, 721.83mmscfd, compared with the average gas flare rate of 10.4per cent, that is, 813.37mmscfd for June 2017 to June 2018.
It hinted that in the downstream sub-sector, 1,194.93 million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1,096.45 million litres of petrol supplied in May 2018.
On local refining of products, the corporation reported that production by the domestic refineries in June 2018 totalled 205.73 million litres compared to 161.91 million litres in the preceding month.
