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Nigeria Records $416m Oil, Gas Sales In June

Nigeria’s total crude oil and gas export sales were up 35.78 percent in June, 2018, at a total of $416.07 million

Details of the figures contained in the June 2018 edition of the Monthly Nigerian National Petroleum Corporation (NNPC) Financial and Operations Reports, released Thursday, showed that the crude oil export sales contributed $274.95 million which translates to 66.08 percent of the dollar transactions compared with $244.72million contribution in the previous month.

The export gas sales for the month of June amounted to $141.12million, the report said.

According to the report, a total of 744million standard cubic feet of gas per day (mmscfd) was delivered to gas fired power plants in the month of June 2018 to generate an average power of about 2,970MW compared with the May 2018, where an average of 742mmscfd was supplied to generate 2,940MW.

The corporation attributed the increase to repairs of raptured gas pipeline which supplies gas to most thermal electricity generating plants in the country.

The report further showed that a total of 211.51billion cubic feet (bcf) of natural gas was produced in the month of June 2018, translating to an average daily production of 7,056.22mmscfd.

“For the period between 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,” it said.

During the period under review, Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 percent, 21.77 percent and 8.88 percent respectively, to the total national gas production, a further breakdown of the report showed.

According to the report, 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.

“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 percent of the average daily gas produced was commercialized while the balance of 46.04 percent was re-injected, used as upstream fuel gas or flared,” the report said.

It further noted that the gas flare rate was 10.33 percent for the month under review, that is 721.83mmscfd, compared with the average gas flare rate of 10.4percent, that is  813.37mmscfd for June 2017 to June 2018.

The report further stated that a total of 1,194.93million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements in June as against the 1,096.45million litres of petrol supplied in May 2018.

It also put the cumulative figure of petrol, diesel and kerosene production by the domestic refineries in June 2018 at 205.73million litres compared to 161.91million litres in the preceding month.

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