NNPC announces $120.49m crude oil and gas receipts, ₦28.38bn surplus for September

*The Nigerian National Petroleum Corporation reports its subsidiaries, including the Integrated Data Services Limited, National Engineering and Technical Company Limited, Nigerian Gas Marketing Company, Petroleum Products Marketing Company, and NNPC Retail all posted impressive trading results September 2020

Isola Moses | ConsumerConnect

In line with the state oil firm’s commitment to becoming more accountable, transparent and sustaining effective communication with stakeholders through the Monthly Financial and Operations Report (MFOR) and others, the Nigerian National Petroleum Corporation (NNPC) has announced export receipts for crude oil and gas valued at $120.49 million for September 2020.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the NNPC, in a statement Sunday, January 17, 2021, said that the figure is contained in the September 2020 edition of the NNPC MFOR.

The statement noted the $120.49 million crude oil and gas export receipts made a 16.28 percent improvement on the $100.88 million posted in August 2020.

The report showed that out of 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 ₦28.38 billion slightly lower than the ₦29.60 billion surplus in August 2020.

The Corporation stated that the marginal reduction in surplus in the report was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC), which it said recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

The report, however, indicated 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.

They recorded 268%, 234%, 21%, 422% and 41% trading surpluses respectively over their previous month’s performance, said the state oil firm.

The report further showed that in the gas sector, a total of 223.82 billion cubic feet (bcf) of natural gas was produced in the month under review, translating into an average daily production of 7,460.80million standard cubic feet per day (mmscfd).

Between September 2019 and September 2020, a total of 3,039.05bcf of gas was produced, representing an average daily production of 7,730.35mmscfd during the period, according to the report.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10%, 20.29% and 10.61% respectively to the total national gas production.

Out of the 221.91bcf of gas supplied in September 2020, it said, a total of 140.45bcf was commercialised, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively.

This translates into 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.

It also implies that 63.29% of the average daily gas produced was commercialised, while the balance of 36.71% was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 6.66% for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84% 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 into 19.59mn litres/day were supplied for the month in the downstream sector.

During the period under review, 21 pipeline points were vandalised, representing about 43% decrease from the 37 points recorded in August 2020.

Of the 21, Mosimi Area accounted for 90% of the vandalised points, while Port Harcourt area accounted for the remaining 10%.

NNPC, in collaboration with the local communities and other stakeholders, continuously strives to reduce and eventually eliminate this menace.

The 62nd edition of the MFOR highlights NNPC’s activities for the period of September 2019 to September 2020.

The Corporation, in line with its commitment to becoming more accountable, transparent, and driven by performance excellence, therefore, has continued to sustain effective communication with stakeholders through the MFOR and other reports published on its Web site and in national dailies.