NNPC POSTS N9.85BN TRADING SURPLUS IN ONE MONTH
The Nigerian National Petroleum Corporation on Wednesday announced a trading surplus of N9.85bn for the month of September 2018, a figure which is higher than the previous month’s deficit of N3.9bn.
In its newly released September 2018 edition of the NNPC Monthly Financial and Operations Report, the oil firm stated that the improved performance of N13.75bn increase, relative to that of August 2018, was attributable to higher revenue by the Nigerian Petroleum Development Company, the corporation’s upstream subsidiary.
NNPC Group General Manager, Group Public Affairs, Ndu Ughamadu, said NPDC’s production had been on the rise as a result of success recorded in repairs of vandalised pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal.
The report stated that a total crude oil and gas export sale of $626.62m was made in September 2018, under the NNPC’s United States Dollar transactions which was 33.32 per cent higher than what was recorded in the previous month. It stated that crude oil export sales contributed $508.54m which was 81.16 per cent of the Dollar transactions compared with $337.62m contribution in the previous month.
The report noted that export gas sales was up to $118.08m in the month, adding that the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.45bn was exported.
In the downstream sector, the report noted that during the period, NNPC ensured petrol supply and distribution across the country, adding that during the month, 1.66 billion litres of petrol, translating to 55.50 million litres per day, were supplied by the corporation.
It also stated that in the month under review, a total of 125 pipeline points were vandalised, out of which eight pipeline points failed to be welded and only one pipeline point was ruptured. The figure translated to a significant increase from the 86 vandalised points recorded last month.
A further breakdown of the September 2018 report on pipeline vandalism showed that Aba-Enugu and Mosimi-Ibadan accounted for 36 points and 33 points, or approximately 29 per cent or 26 per cent of the vandalised points respectively.
While PHC-Aba and Zaria-Gusau accounted for 10 per cent each, Atlas Cove-Mosimi and other locations accounted for 14 per cent and 11 per cent of the pipeline breaks respectively. On natural gas off-take, commercialisation and utilisation, the report indicated that out of the 238.91 Billion Cubic Feet of gas supplied in September 2018, a total of 142.09 bcf of gas was commercialised, comprising 30.36bcf and 111.73bcf for the domestic and export market respectively.
This translates to a total supply of 1,011.96mmscf/d of gas to the domestic market and 3,724.26mmscf/d of gas supplied to the export market for the month. This implies that 59.47 per cent of the average daily gas produced was commercialised while the balance of 40.53 per cent of gas was re-injected, used as upstream fuel gas or flared. The report gave gas flare rate for the month at 8.60 per cent or 684.69mmscfd compared with average gas flare rate of 10.17 per cent, which is 800.59mmscfd for the period between September 2017 and September 2018.
The corporation said the September 2018 NNPC Financial and Operations Report was the 38th edition of the broadcast of the corporation’s books aimed at enhancing probity and transparency of the oil firm.