NNPC Records $668m Oil, Gas Sales In November 2018

The Nigerian National Petroleum Corporation (NNPC) posted a total crude oil and gas sale of $668.57 million in November, 2018, which is 26.13percent higher than October’s record, while export gas sales amounted to $93.62 million in the month.

According to the NNPC Monthly Financial and Operations Report for the month of November, 2018 released in Abuja, Tuesday, Crude oil export sales contributed $574.95 million (86.00%) of the dollar transactions compared with $425.00million contribution in the previous month.

The report showed that from November 2017 to November 2018 crude oil and gas worth $5.97 billion was exported.
Also a total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with the average supply of 627mmscfd in October 2018, according to a statement by the Corporation’s spokesman, Mr. Ndu Ughamadu.

A further breakdown showed that out of the 212.93 Billion Cubic Feet (bcf) supplied during the period, 123.29bcf was commercialized, consisting of 36.14bcf and 87.15bcf for the domestic and export market respectively.
“This translated to a total supply of 1,204.76 mmscfd to the domestic market, 2,905.06 mmscfd to the export market, implying that 57.91percent of the average daily gas produced was commercialized while the balance of 42.09percent was re-injected, used as upstream fuel gas or flared,” the report said.

The report also informed that a trading surplus of ₦2.06billion which represented a 116percent increase over the previous month’s deficit of ₦12.66billion was recorded.

On downstream operations, the report disclosed that a total of 1.62 billion litres of petrol, translating to 54.0mn liters per day, were supplied in the month under review. It also showed that a total of 197 pipeline points were vandalized, out of which six pipeline points failed to be welded and two pipeline points were ruptured.
Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu recorded the most sabotage accounting for 58, 35 and 34 points respectively or approximately 29%, 18% and 17% of the vandalized points respectively.

In a related development, the NNPC and the Nigeria Police Force have pledged renewed synergy on anti-pipeline vandalism campaign
This was reached at the meeting between the Group Managing Director of the NNPC, Dr. Maikanti Baru and the Acting Inspector General of Police, Mr. Abubakar Mohammed Adamu at the NNPC Towers in Abuja.
“The renewed cooperation would consolidate the prevailing cordial relations between both entities in tackling the menace which has manifested in losses of millions of litres of petroleum products,” the NNPC said.

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