Nigeria’s annual crude export hits $3.71bn

Chinazor Megbolu    |   

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the nation’s annual exported crude oil and gas has hit $3.71 billion.

The NNPC in its August 2020 Monthly Financial and Operation Report, said the amount was amassed between August 2019 and August 2020.

The federal government oil and gas corporation explained in the report that in August 2020, Nigeria’s total crude oil and gas export sales increased month-on-month by 64.84 per cent to $139.5 million.

The report also stated that the NNPC increased its trading surplus to N29.6 billion, which is approximately $77 million, from the previous N20.36 billion, which is also approximately $53 million surplus reported in July 2020.

The report further buttressed that a total of 3.06 trillion cubic feet (tcf) of gas was produced, representing an average daily production of 7.77 billion cubic feet (bcf) per day during the period.

The Group Managing Director, NNPC, Dr. Mele Kyari in his address on the role of gas and liquefied natural gas in Nigeria’s future energy mix at the virtual Abu Dhabi International Petroleum Exhibition & Conference, stated that the country is blessed with abundant natural gas resources, with 203 tcf of proven reserves and over 600 tcf of potential reserves.

Kyari also noted that the NNPC is poised to increase domestic gas utilisation to 4.5 bcf through investment in infrastructure, that will improve power generation and industrialisation in the country.

He also posited that the expansion of the Nigeria LNG plant via train 7 from 22 million metric tons per annum (mmtpa) to 30 mmtpa, indicates such investments.

Moreover, the report stressed on the use of liquefied petroleum gas within the energy mix, stating that the Nigerian gas company, NIPCO Plc has announced its eagerness to deploy skids and bottling plants across Nigeria.

Kyari maintained that the initiative will allow for easier access to the commodity in a bid towards driving its use.