The Nigerian National Petroleum Corporation (NNPC) has posted a total crude oil and gas export sale of $139.50 million for August 2020; increasing by 64.84 percent compared to the previous month.
Of this number, crude oil export sales contributed $80.27 million (57.54 percent) of the dollar transactions compared with $55.29 million contribution in the previous month; while the export gas sales amounted to $59.23 million in the month, according it’s Monthly Financial and Operations report for the month of August.
The report showed that crude oil and gas worth $3.71 billion was exported between August 2019 to August 2020.
The 61st edition of the MFOR indicated an increased trading surplus of ₦29.60billion compared to the N20.36billion surplus in July 2020 which was the third consecutive month of global recovery from the COVID-19 effect.
The 45 percent improvement in performance is attributed mainly to the 82 percent growth in surplus posted by the NPDC due to sustained improvement in global market fundamentals, a statement by the corporation said on Friday.
“The NNPC Group surplus was further enhanced by the 109 percent increased profit by Duke Oil Incorporated as well as 75 percent and 22 percent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC) and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus mitigating the effect of the increased deficits posted by some other SBUs,” it added.
According to the statement, the deficits are because of reasons around low sales volume, reduced debt collection and high average product landing cost.
The report also disclosed that the NNPC supplied 727 Million Standard Cubic Feet per day (mmscfd) of natural gas for power generation to the country in August, 2020, an equivalent of 2,538MW of power, representing an increase of 2.80 percent from the previous month.
The release by Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division, stated that Natural Gas production in August 2020 increased by 0.13 percent at 236.66 Billion Cubic Feet (BCF) compared to output in July 2020; translating to an average daily production of 7,639.99mmscfd.
For the period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period.
“Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 percent, 20.26 percent and 9.78 percent respectively to the total national gas production,” the statement said.
In the Downstream, the corporation said a total of 0.95bn litres of PMS translating to 30.53mn liters/day was supplied for the month, adding that it has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.
During the month, a total of 37 pipeline points were vandalized representing about 3 percent increase from the 36 points recorded in July 2020. Atlas Cove-Mosimi and Mosimi-Ibadan accounted for 38 percent and 24 percent respectively while PHC-Aba and the other locations in turn, recorded 22 percent and the remaining 16 percent of the total breaks.