Home / OIL & GAS / Crude oil, gas exports increase by 53% –NNPC

Crude oil, gas exports increase by 53% –NNPC

Crude oil, gas exports increase by 53% –NNPC

NNPC’s crude oil and gas exports in September were $123.06m higher than the $232.87m recorded in August 2019.

The oil firm disclosed this in its latest Monthly Financial and Operations Report for September 2019.

A breakdown of the figures indicated that crude oil export sales contributed $267.97m (75.29 per cent) of the dollar transactions, compared with $150.73m contribution in the previous month, while the export gas sales amounted to $87.96m in the month.

The September 2018 to September 2019 crude oil and gas transactions indicated that crude oil and gas worth $5.63bn were exported.

The corporation sustained its monthly profits, as it posted a trading surplus of N8.59bn in September, representing an increase of 65 per cent when compared to the N5.2bn surplus posted in August 2019.

The August figure of N5.2bn surpassed the N4.26bn surplus posted in the month of July 2019, reflecting an increase of 22 per cent, according to the September 2019 report.

The surplus posted in the upstream and downstream sector transactions of NNPC’s subsidiary companies including Integrated Data Services Limited, Nigerian Gas Company, Nigerian Gas Marketing Company, Petroleum Products Marketing Company, Nigerian Pipeline and Storage Company, and Duke Oil Incorporated, led to the corporation’s trading increase of 65 per cent in September.

The report stated that the percentage increase in the performances of these NNPC subsidiaries cushioned the September sharp decline in the results posted by the Nigerian Petroleum Development Company as compared with the company’s posting in August 2019.

The report stated that in the gas sector, 235.12 billion cubic feet of natural gas was produced in the month of September 2019, translating to an average daily production of 7,837.42 million standard cubic feet per day.

For the period September 2018 to September 2019, a total of 3,106.8 BCF of gas was produced representing an average daily production of 7,941.69mmscfd during the period.

In the downstream sector, the report said a total of 186 pipeline points were vandalised, representing an increase of 18 per cent from the 158 points breached in August 2019.

Out of the vandalised points, 30 failed to be welded while none was ruptured. Aba-Enugu axis accounted for 77 per cent of the breaks, while PHC-Aba, ATC-Mosimi and other routes accounted for eight per cent each.

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