WINDFALL: In just one month, NNPC nets $416m from oil, gas export

The Nigerian National Petroleum Corporation said on Thursday that its income from crude oil and gas export appreciated by 35.78 per cent to $416.07 million in June 2018.

In a statement on its Financial and Operations Report for June 2018, NNPC disclosed that crude oil export sales contributed $274.95 million which translates to 66.08 per cent of the dollar transactions compared with $244.72 million contribution in the previous month.

On the other hand, NNPC noted that export of gas sales for the month stood at $141.12 million, while a total of 211.51 billion cubic feet, BCF, of natural gas was produced in the month under review, translating to an average daily production of 7.056 billion standard cubic feet per day.

According to Vanguard, NNPC added that production from Joint Ventures, JV, Production Sharing Contracts, PSC, and Nigerian Petroleum Development Company, NPDC, contributed about 69.35 per cent, 21.77 per cent and 8.88 per cent respectively in the period under review, to the total national gas production.

Of the 209.55 bcf of gas supplied in June 2018, the NNPC said a total of 113.08 billion cubic feet of gas was commercialized, comprising 36.23 bcf and 76.85 bcf for the domestic and export market respectively.

It said: “This translates to a total supply of 1.208 billion SCF per day of gas to the domestic market and 2.562 billion SCF per day of gas supplied to the export market for the month, implying that 53.96 per cent of the average daily gas produced was commercialized while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.

“In all, a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in the month of June 2018 to generate an average power of about 2,970 megawatts (MW) compared with May 2018, where an average of 742 million SCF per day was supplied to generate 2,940MW.”

“For the period between June 2017 and June 2018, a total of 3,080.90 bcf of gas was produced, representing an average daily production of 7,826.41 mmscfd.

“The gas flare rate was 10.33 per cent for the month under review, that is, 721.83 million SCF per day, compared with the average gas flare rate of 10.4 per cent, that is, 813.37 million SCF per day for June 2017 to June 2018.”

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