NEWS

Nigeria Records $434m Crude Export Sale In January

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Nigeria recorded crude oil and gas export sale of $434.85million in January, 2020, an increase of 94.30 percent compares with the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, released today, in Abuja has stated.

According to the report,  the month’s crude oil export sales contributed $336.65million (77.42 percent) of the dollar transactions for the period, compared to the $136.36million sales in the previous month.

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

The January 2020 edition of the monthly report of the corporation is the 54th edition of the series.

Vandalism of NNPC pipelines across the country recorded a phenomenal spike of 50 percentage increase in January, the report also noted. 60 pipeline points were vandalized, compared to the 40 incidents recorded in December last year.

Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 percent and 17 percent of the breaks respectively, while all other routes accounted for the remaining 33 percent, according to the report.

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

The report stated that 1.20billion litres of petrol translating to 38.68mn liters/day, were supplied for the month, noting that the corporation had continued to diligently monitor the daily stock of fuel to achieve smooth distribution and zero fuel queue across the nation.

In the Gas Sector, out of the 253.09billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16BCF of gas was commercialized, consisting of 36.20BCF and 114.96BCF for the domestic and export market, respectively.

This translates 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 stated that 59.89 percent of the average daily gas produced was commercialized, while the balance of 40.11 percent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 7.90 percent for the month under review i.e. 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 percent, was supplied to gas-fired power plants, while the balance of 528.10mmscfd or 45.22 percent was supplied to other industries.

The report said 640mmscfd of gas delivered to gas fired-power plants in January 2020 generated an average power of about 2,683mw, compared with December 2019 where an average of 596mmscfd was supplied to generate 2,498 MW.

The report 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.

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