Annual Report: Nigeria’s Oil and Gas Export hits $5.1bn 

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Annual Report: Nigeria’s Oil and Gas Export hits $5.1bn 

 

Chinazor Megbolu

 

The Nigerian National Petroleum Corporation (NNPC) has said in its annual report that the oil and gas the country exported in 2019 is worth about $5.18 billion.

In a statement issued to newsmen in its Monthly Financial and Operations Report (MFOR) for January released Wednesday in Abuja, disclosed that the report is between January 2019 and January 2020 respectively.

The Group General Manager, Group Public Affairs Division, NNPC, Dr. Kennie Obateru, said the country recorded crude oil and gas export sale of $434.85 million in January 2020 alone, an increase of 94.30 per cent put side by side the December 2019 figures.

Obateru also stated that the month’s crude oil export sales contributed $336.65 million (77.42 per cent) of the dollar transactions for the period, compared to the $136.36 million sales in the previous month.

He added that export gas sales in January 2019 amounted to $98.20 million, buttressing that 2019 to January 2020 crude oil and gas transactions valued at $5.18 billion was exported, with the January 2020 edition of the monthly report of the corporation being the 54th edition of the series.

Obateru also disclosed that vandalism of NNPC pipelines across Nigeria recorded a phenomenal spike of 50 percentage increase in January.

The statement added that 60 pipeline points were vandalised, compared to the 40 incidents recorded in December last year under report.

According to him; “Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent”.

Obateru pointed out that NNPC, in partnership with the local communities and other stakeholders, were working in harmony to curtail the menace of pipeline vandalism.

Towards ensuring steady supply and effective distribution of petrol across the nation, the report maintained that 1.20 billion litres of the white product, translating to 38.68mn litres/day, were supplied for the month.

NNPC also noted in the report, that, it had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

However, the statement hinted that in the gas sector, out of the 253.09 billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16BCF of gas was commercialised, which consist of 36.20BCF and 114.96BCF for the domestic and export market.

The report stated that the figures amounted to 1,167.80 million standard cubic Feet (mmscfd) of gas supply to the domestic market, with 3,708.23mmscfd of gas supplied to the export market during the month.

“Gas flare rate was 7.90 per cent for the month under review i.e. 643.59mmscfd, compared with average gas-flare rate of 8.46 per cent i.e. 671.40mmscfd, for the period January 2019 to January 2020.

“Out of the 1,167.80mmscfd of gas supplied to the domestic market in January 2020, about 639.70mmscfd of gas, representing 54.78 per cent, was supplied to gas-fired power plants, while the balance of 528.10mmscfd or 45.22 per cent was supplied to other industries,” the company said.

Editing by ‘Biodun Soyele

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