The Nigerian National Petroleum Corporation (NNPC) has confirmed a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020.
This is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR).
Kennie Obateru, the group general manager, Public Affairs Division of the NNP, said the amount represented a 16.28 percent improvement on the $100.88 million posted in August 2020.
According to the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.
The September 2020 MFOR also indicated a trading surplus of N28.38 billion slightly lower than the N29.60 billion surplus in August 2020.
The marginal reduction in surplus, according to the report, was as a result of 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 repair works.
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However, other NNPC subsidiaries, including 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.
In the gas sector, a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80 million standard cubic feet per day (mmscfd).
For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced, representing an average daily production of 7,730.35mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10 percent, 20.29 percent and 10.61 percent respectively, to the total national gas production.
Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialised, consisting of 36.37bcf and 104.08bcf for the domestic and export markets.
This translates to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month.
This implies that 63.29 percent of the average daily gas produced was commercialised while the balance of 36.71 percent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.66 percent for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84 percent i.e. 439.90 mmscfd for the period of September 2019 to September 2020).
To ensure effective supply and distribution of Premium Motor Spirit (PMS) 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 vandalised, representing about 43 percent decrease from the 37 points recorded in August 2020.
Of this figure, Mosimi accounted for 90 percent of the vandalised points, while Port Harcourt accounted for the remaining 10 percent.
The 62nd edition of the MFOR highlights NNPC’s activities for the period of September 2019 to September 2020.
In line with the corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, the corporation has continued to sustain effective communication with stakeholders through the MFOR and other reports published on its website and in national dailies.
