Ike Amos
10 October 2018, Sweetcrude, Abuja — The Nigerian National Petroleum Corporation, NNPC, has reported a 35.78 percent increase in its crude oil and gas export earnings, which reached $416.07 million in the month of June 2018.
The NNPC, in a statement on its Monthly Financial and Operations Report for June 2018, added that crude oil export sales contributed $274.95 million, which translated to 66.08 percent of the dollar transactions compared with $244.72 million contribution in the previous month, while gas export stood at $141.12 million.
In all, the NNPC said a total of 744 million standard cubic feet of gas per day, mmscfd, was delivered to the gas-fired power plants in country in the month of June 2018 to generate about 2,970 megawatts, MW, of power, compared with the figure for May, where an average of 742 mmscfd of gas was supplied to generate 2,940MW.
It stated that 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 billion cubic feet per day, BCFD.
The NNPC said: “For the period between June 2017 and June 2018, a total of 3.080 trillion SCF (Standard Cubic Feet) of gas was produced, representing an average daily production of 7.826 billion SCFD.
“During the period under review, Production from Joint Ventures (JV), Production Sharing Contracts (PSC) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 percent, 21.77 percent, and 8.88 percent respectively, to the total national gas production”.
It added: “Out of the 209.55 bcf of gas supplied in June 2018, a total of 113.08 bcf was commercialised, comprising of 36.23 bcf and 76.85 bcf for the domestic and export market respectively.
“This translates to a total supply of 1.208 billion SCFD of gas to the domestic market and 2.561 billion SCFD 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.”
The NNPC noted that the gas flare rate was 10.33 percent for the month under review, that is, 721.83 mmscfd, compared with the average gas flare rate of 10.4 percent, that is, 813.37 mmscfd for June 2017 to June 2018.
In the downstream sub-sector, the NNPC said 1.195 billion litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase, DSDP, arrangements as against the 1.097 billion litres of petrol supplied in May 2018.
It further stated that the petroleum products – petrol, diesel, and kerosene – production by the domestic refineries in June 2018 amounted to 205.73 million litres compared to 161.91 million litres in May 2018.
