Report: NNPC Records $381m Export Crude Oil, Gas Sales In January

The Nigerian National Petroleum Corporation (NNPC) says says it posted $381.70 million total crude oil and gas export reciepts for the month of January 2019, up from the $345.68 million posted in December 2018.

A breakdown of the numbers indicates that contributions from crude oil amounted to $269.43 million while gas and miscellaneous receipts stood at $111.75 and $0.52 million respectively.

Within the period under focus, NNPC transferred N153.01 billion into the Federation Account, while cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts.

The Corporation also disclosed that it had a trade surplus of N15.04billion for January 2019, an increase of 24 percent over the N12.13 billion surplus posted in December 2019.

The details are contained in the January 2019 edition of the corporation’s Monthly Financial and Operations Report (MFPR) released Sunday.

The corporation attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC), “which recorded surplus numbers despite reduced operational activities in the month.”

The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of crude oil per day, is an indication that achieving 500,000bpd production by 2020 is plausible.

“The NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit,” the report noted.

In the downstream operations, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in January 2019.  The number is slightly higher than the 1,789.20million litres of petrol supplied in the month of December 2018.

230 hacked pipeline points were recoded in the.month under review, leaving only two ruptured, marking an 11 percent improvement from the 264 vandalized points posted in December 2018.

Vandalized pipeline

A breakdown indicated that Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu pipelines accounted for 67, 62 and 30 points respectively, which translated to 29 percent, 27 per cent and 13 per cent of the vandalized points, respectively.

The Warri-River Niger axis accounted for 10 percent and other locations accounted for the remaining 21 percent of the pipeline breaks.

In the Gas Sector, natural gas production increased by 2.22 percent at 245.83billion cubic feet compared to output in December 2018, translating to an average production of 8,194.34 million standard cubic feet of gas per day (mmscfd).

Out of the volume supplied in January 2019, a total of 151.50bcf of gas was commercialized, consisting of 38.03BCF and 113.47 BCF for the domestic and export market respectively. The figure translates to a total supply of 1,226.83 mmscfd of gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.

This implies that 61.73 percent of the average daily gas produced was commercialized, while the balance of 38.27 percent was re-injected, used as upstream fuel gas or flared.

According to the report, gas flare rate was 7.52 percent for the month under review, translating to 610.07mmscfd compared with average gas flare rate of 9.76 per cent, that is 770.31 mmscfd for the period January 2018 to January 2019.

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