Abuja — The Nigerian National Petroleum Corporation (NNPC), Sunday, declared a 4.12 per cent drop in its trading surplus to N28.38 billion for the month of September 2020, compared to N29.60 billion surplus recorded in August.
In a statement on its recently released Monthly Financial and Operations Report for September 2020, the NNPC blamed the decline in its trading surplus on lower contribution from the Nigerian Petroleum Development Company (NPDC).
According to the NNPC, the NPDC recorded zero crude oil lifting from the Okono Okpoho facility during the month, due to ongoing repairs.
“However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results recording 268 per cent, 234 per cent, 21 per cent, 422 per cent and 41 per cent trading surpluses respectively over their previous month’s performance,” the NNPC explained.
It also declared that.it exported crude oil and gas valued at $120.49 million in the month of September 2020, representing a 16.28 per cent improvement on the $100.88 million posted in August 2020.
The NNPC noted that out of the total exports, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.
In the gas sector, the NNPC added that a total of 223.82 billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 7.460 billion standard cubic feet per day (BCFD).
It said: “For the period September 2019 to September 2020, a total of 3.039 trillion cubic feet (TCF) of gas was produced, representing an average daily production of 7.730 BCFD during the period. Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10%, 20.29% and 10.61% respectively to the total national gas production.
“Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialized, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively.
This translates to a total supply of 1.212 BCFD of gas to the domestic market and 3.469 BCFD of gas supplied to the export market for the month.
“This implies that 63.29 per cent of the average daily gas produced was commercialised while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.66% for the month under review (that is 492.93 million standard cubic feet per day (mmscfd) compared with average gas flare rate of 5.84 per cent, that is, 439.90 mmscfd for the period of September 2019 to September 2020.”
In addition, the NNPC stated that to ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59 billion litres of Premium Motor Spirit (PMS), translating to 19.59 million liters per day was supplied for the month in the downstream sector.
It further stated that during the period under review, 21 pipeline points were vandalized representing about 43 per cent decrease from the 37 points recorded in August 2020.
Of this figure, the NNPC stated that Mosimi Area accounted for 90 per cent of the vandalized points, while Port Harcourt Area accounted for the remaining 10 per cent.
The NNPC stated that, in collaboration with the local communities and other stakeholders, it is continuously strive to reduce and eventually eliminate this menace.
“In line with the Corporation’s commitment of becoming more accountable, transparent and driven by performance excellence, the Corporation has continued to sustain effective communication with stakeholders through the MFOR and other reports published on its website and in national dailies.”