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Nigeria Rakes $416m from Exporting Crude Oil, Gas in One Month

By Modupe Gbadeyanka

Figures released on Thursday by the Nigerian National Petroleum Corporation (NNPC) have revealed that in the month of June 2018, the country generated $416.07 million from crude oil and gas export sales.

According to the June 2018 edition of the Monthly NNPC Financial and Operations Reports released yesterday by the state-owned oil agency, the amount showed 35.78 percent increase from the previous month.

It was disclosed that the crude oil export sales contributed $274.95 million to the total value, representing 66.08 percent of the dollar transactions compared with $244.72million contribution in the previous month, while the export gas sales for the month amounted to $141.12 million.

The 35th Edition of the Monthly NNPC Financial and Operations Report indicated that the corporation undertook the repairs of raptured gas pipeline which supplies gas to most thermal electricity generating plants in the country, leading to appreciable leap in power generation.

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In all, a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in the month of June 2018 to generate an average power of about 2,970MW compared with the May 2018, where an average of 742mmscfd was supplied to generate 2,940MW.

A total of 211.51 billion cubic feet (bcf) of natural gas was produced in the month of June 2018, translating to an average daily production of 7,056.22mmscfd.

For the period between June 2017 and June 2018, a total of 3,080.90 bcf of gas was produced, representing an average daily production of 7,826.41mmscfd.

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During the period under review, Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 percent, 21.77 percent and 8.88 per cent respectively, to the total national gas production.

Out of the 209.55bcf of gas supplied in June 2018, a total of 113.08bcf of gas was commercialized, comprising of 36.23bcf and 76.85bcf for the domestic and export market respectively.

This translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.70 mmscfd of gas supplied to the export market for the month, implying that 53.96 percent of the average daily gas produced was commercialized while the balance of 46.04 percent was re-injected, used as upstream fuel gas or flared.

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The gas flare rate was 10.33 percent for the month under review, that is, 721.83mmscfd, compared with the average gas flare rate of 10.4 percent, that is, 813.37mmscfd for June 2017 to June 2018.

In the downstream sub-sector, 1,194.93million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1,096.45 million litres of petrol supplied in May 2018.

The petroleum products (petrol, diesel & kerosene) production by the domestic refineries in June 2018 amounted to 205.73million litres compared to 161.91million litres in May 2018.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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