NNPC Monthly Trading Surplus Hit N2.06Billion

Yemisi Izuora 

The Nigerian National Petroleum Corporation, NNPC, has announced a trading surplus of ₦2.06billion for the month of November 2018.

The figure represented an improvement of 116 per cent in over October’s deficit of ₦12.66billion. The increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.

The NNPC also posted a total crude oil and gas sale of $668.57 the same period which is 26.13 per cent higher than the previous month. Crude oil export sales contributed $574.95 million 86.00 per cent  of the dollar transactions compared with $425.00million contribution in the previous month.

In a report released yesterday, the Corporation said its export gas sales amounted to $93.62 million in the month.

The November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97 Billion was exported.

A total of 735 Million Standard Cubic Feet of gas per day (mmscfd) was also delivered thermal power plants in November 2018 compared with October 2018 where an average of 627mmscfd was supplied.

Details of the report contained in the NNPC Monthly Financial and Operations Report for the month of November, 2018 released  by general manager, group public affairs division, Mr. Ndu Ughamadu showed that out of the 212.93 billion cubic feet (bcf) of gas supplied during the period, a total of 123.29bcf of gas was commercialized, consisting of 36.14bcf and 87.15bcf for the domestic and export market respectively.

The release said this translated to a total supply of 1,204.76 mmscfd of gas to the domestic market and 2,905.06 mmscfd 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.

The total gas supply in November 2017 to November 2018 stood at 3,071.13bcf out of which 466.44bcf and 1,317.77 bcf 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 1,286.92 bcf.

In the downstream sector, the NNPC 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.

To this end, a total of 1.62bn litres of PMS, translating to 54.0mn liters/day, were supplied for the month.

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 per cent, 18 per cent and 17 per cent  of the vandalized points respectively.

While Atlas Cove-Mosimi accounted for 13 per cent, Warri-Kaduna and PHC-Aba accounted for 8 per cent  each and other locations accounted for the remaining 7 per cent of the pipeline breaks

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