Energy News

NNPC posts N2.06bn surplus

…as crude oil export sales contributed $575m

By Anthony Okafor

The Nigerian National Petroleum Corporation, NNPC, has announced a trading surplus of N2.06 billion for November 2018, reversing the previous month’s deficit of N12.66 billion.

The NNPC, in a statement signed by its Group General Manager, Group Public Affairs Division, stated that, the 116 per cent rise in its bottom line figure was as a result of an improved efficiency in the operations of its upstream subsidiary, the Nigerian Petroleum Development Company, NPDC.

He noted that, crude oil and gas sale appreciated by 26.13 per cent from the previous month to $668.57 million in November 2018.

Ughamadu, while presenting the corporation’s November 2018 Financial and Operations Report in Abuja, also stated that, crude oil export sales contributed $574.95 million, comprising 86 per cent of the dollar transactions, compared with $425 million contribution in the previous month, while export gas sales amounted to $93.62 million in the month under review.

According to him, the November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97 billion was exported.

He said, “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 October 2018 where an average of 627 mmscfd was supplied.”

He further stated that out of the 212.93 billion Cubic Feet, BCF, of gas supplied during the period, a total of 123.29 BCF of gas was commercialised, consisting of 36.14 BCF and 87.15 BCF for the domestic and export market respectively.

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According to him, this translated to a total supply of 1.205 billion SCF per day of gas to the domestic market and 2.905 billion SCF per day of gas supplied to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialized while the balance of 42.09 per cent was re-injected, used as upstream fuel gas or flared.

He said, “The total gas supply from November 2017 to November 2018 stood at 3.071 trillion SCF out of which 466.44 BCF and 1.318 trillion SCF were commercialized for the domestic and export market respectively.

“A further breakdown of the report indicated that gas – injected, fuel gas and gas flared – stood at 1.287 trillion SCF.

In the downstream sector, Ughamadu noted that the NNPC had continued to assiduously monitor the daily stock of Premium Motor Spirit, PMS, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

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To this end, he noted that a total of 1.62 billion litres of PMS, translating to 54.0 million liters/day, were supplied for the month.

He said, “In November, 2018 a total of 197 pipeline points were vandalized; out of which six pipeline points failed to be welded and two pipeline points were ruptured.

“The situation improved from the 219 vandalized points recorded in October 2018, with Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu accounting for 58, 35 and 34 points respectively or approximately 29%, 18% and 17% of the vandalized points respectively.

“While Atlas Cove-Mosimi accounted for 13%, Warri-Kaduna and PHC-Aba accounted for eight per cent each and other locations accounted for the remaining seven per cent of the pipeline breaks.”

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