20 December 2017, Sweetcrude, Abuja – Nigeria produced 239.03 billion standard cubic feet, bscf, of gas in August, representing an average daily production of 7.71bscf.
The August output showed a 2.70 percent decrease relative to the month of July.
This is according to the Nigerian National Petroleum Corporation, NNPC, Financial, and Operations Report for August 2017, which stated that 628.03 million standard cubic feet, mscf, per day of the gas went to power generation.
“The daily average natural gas supply to gas power plants amounted to 628.03 million scf per day, or equivalent to power generation of 2,307 megawatts and is 8.81 percent lower relative to last month, but 33.80 percent higher than the corresponding supply recorded in August 2016,” the report said.
It indicated that Nigeria earned $2.26 billion from the export of crude oil and gas in eight months, between January and August 2017.
Using an average exchange rate of N306 to a dollar, the $2.26 billion earned from crude oil and gas export in the eight-month period translated to N694 billion.
According to the NNPC, the country earned $171.12 million, $168.19 million, $404.55 million and $142.12 million from crude oil and gas export in January, February, March and April 2017 respectively; while export proceeds for May, June, July, and August stood at $247.82 million, N261.0 million, $430.23 million and $442.47 million respectively.
Given a breakdown of the earnings, the report stated that the country got $1.536 billion from crude oil export in the eight-month period; $666.058 million was received from gas export, while $65.45 million was earned from other export receipts.
In its month-on-month analysis, the report stated that total export receipt of $442.47 million was recorded in August 2017 against $430.23 million in July 2017.
It noted that contribution from crude oil amounted to $310.34 million in August, while $116.56 million and $15.57 million came from gas and miscellaneous receipts, respectively.