A Review of the Nigerian Energy Industry

NNPC reports N2bN trading surplus for November 2018

NNPC reports N2bN trading surplus for November 2018
*NNPC Towers, Central Business District, Garki, Abuja.

OpeOluwani Akintayo

06 February 2019, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has announced a trading surplus of N2 billion.

In a statement by its Group Managing Director, GMD, Maikanti Baru in Abuja, the corporation said the N2.06 billion was for November 2018 as against October’s deficit of N12.66 billion.

The 116 percent rise, according to the statement, was as a result of improved efficiency in the operations of its upstream subsidiary, the Nigerian Petroleum Development Company, NPDC.

Likewise, crude oil and gas sales rose by 26.13 percent to $668.57 million in November 2018.

Crude oil export sales contributed $574.95 million, comprising 86 percent of the dollar transactions, compared with $425 million contributions in the previous month, while export gas sales amounted to $93.62 million in the month under review.

He stated: “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.”

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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.

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 percent of the average daily gas produced was commercialised while the balance of 42.09 percent was re-injected, used as upstream fuel gas or flared.

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