Nigeria records crude oil, gas sale of $434m in January – NNPC

The Nigerian National Petroleum Corporation( NNPC) says the country recorded crude oil and gas export sale of 434.85million dollars in January.

The corporation disclosed this in it’s Monthly Financial and Operations Report (MFOR) released in Abuja, on Wednesday.

The sales, the NNPC said represents an increase of 94.30 per cent pitched against the December 2019 figures.

It said that the month’s crude oil export sales contributed 336.65million dollars (77.42 per cent) of the dollar transactions for the period, compared to the 136.36million dollars sales in the previous month.

It added that export gas sales in January amounted to 98.20million dollars even as it noted that 2019 to January 2020 crude oil and gas transactions valued at 5.18billion dollars was exported.

The report added that vandalism of NNPC pipelines across the Country recorded a phenomenal spike of 50 percentage increase in January.

“60 pipeline points were vandalized, compared to the 40 incidents recorded in December 2019.

“Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent, according to the report,” it said.

It however explained that NNPC, in collaboration with the local communities and other stakeholders, were working in harmony to curtail this menace.

The report stated that to ensure steady supply and effective distribution of Premium Motor Spirit (PMS), otherwise called petrol, across the Country, 1.20billion litres of the white product, translating to 38.68mn liters/day, were supplied for the month.

it noted that the corporation had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In the Gas Sector, it revealed that out of the 253.09billion cubic feet (BCF) of gas supplied in January, a total of 151.16BCF of gas was commercialised, consisting of 36.20BCF and 114.96BCF for the domestic and export market, respectively.

This, it said translated to 1,167.80million standard cubic Feet (mmscfd) of gas supply to the domestic market, with 3,708.23mmscfd of gas supplied to the export market during the month.

It report further stated that 59.89 per cent of the average daily gas produced was commercialised, while the balance of 40.11 per cent was re-injected, used as Upstream fuel gas or flared. Gas flare rate was 7.90 per cent for the month under review.

According to the report, it is 643.59mmscfd, compared with average gas-flare rate of 8.46 per cent i.e. 671.40mmscfd, for the period January 2019 to January 2020.

“Out of the 1,167.80mmscfd of gas supplied to the domestic market in January 2020, about 639.70mmscfd of gas, representing 54.78 per cent, was supplied to gas-fired power plants.

“The balance of 528.10mmscfd or 45.22 per cent was supplied to other industries,” it said.

The report said 640mmscfd of gas delivered to gas fired-power plants in January generated an average power of about 2,683 MW, compared with December 2019 where an average of 596mmscfd was supplied to generate 2,498 MW.

It explained that for January 2019 to January 2020, an average of 1,203.93mmscfd of gas was supplied to the domestic market, comprising an average of 693.73mmscfd or (57.62 per cent) as gas supply to the power plants and 510.20mmscfd or (42.38 per cent) as gas supply to industries.