Adedapo Adesanya
By Adedapo Adesanya
The Nigerian National Petroleum Corporation (NNPC) has disclosed that an export sale of crude oil and gas of $504.44 million was recorded in November 2019; indicating an increase of 4.39 percent compared with the previous month.
According to the national oil company, Crude oil export sales contributed $383.89 million (76.10 percent) of the dollar transactions compared with $396.94 million contribution in the previous month; while the export gas sales amounted to $120.55 million in the month under review.
This was disclosed by Mr Sam Makoji, the NNPC Acting Group General Manager, Group Public Affairs Division in a statement in Abuja citing the 53rd edition of the NNPC Monthly Financial and Operations Report (MFOR).
It was also disclosed that the November 2018 to November 2019 Crude Oil and Gas transactions indicated that crude oil and gas worth $5.46billion was exported within the year.
According to the monthly MFOR, the daily average natural gas supply to gas-powered plants in November 2019 increased by 16.5 percent to 645 million standard cubic feet per day (mmscfd) which is equivalent to generating power of 2,178 megawatts. This was higher than 92 mmscfd than what was recorded in October 2019 which was at 553 mmscfd and generated 2,050 MW in power.
It was stated that national gas production in November 2019 stood at 228.65 billion Cubic Feet (BCF), which translates to an average daily production of 7,621.68 mmscfd.
From year to date in November 2019, the report stated that a total of 3,091.24 BCF of gas was produced which means an average daily production of 7,882.27 mmscfd from November 2018 – 2019.
Also, a year-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.50 percent, 21.06 percent and 9.44 percent respectively to the total national gas production.
It was disclosed that out of the total volume of gas supplied in November 2019, 137.02 BCF of gas was commercialized, consisting of 35.29 BCF and 101.73 BCF for the domestic and export market respectively.
This translates to a total supply of 1,176.40 mmscfd of gas to the domestic market and 3,391.04 mmscfd of gas supplied to the export market for the month, implying that 59.91 percent of the average daily gas produced was commercialized, while the balance of 40.09 percent was re-injected, used as upstream fuel gas or flared.
On Gas flare rate, it accounted about 8.29 percent for the month under review, translating to 632.37mmscfd, compared with an average gas flare rate of 8.80 percent or 692.97mmscfd for the one-year period November 2018 to November 2019.
