The Nigerian National Petroleum Corporation, NNPC, Sunday, said it earned $490.03 million from export of crude oil and gas in February 2019.
In a statement on its Monthly Financial and Operations Report for February 2019, the NNPC said earnings from crude oil and gas export in the month under review, represented a 32.45 per cent increase compared to the previous month’s sale.
In the statement signed by its Group General Manager, Group Public Adviser Division, Mr. Ndu Ughamadu, the NNPC noted that crude oil export sales contributed $350.29 million, representing 71.48 per cent, of the dollar transactions compared with $240.23 million contribution in the previous month.
The report pointed out that the NNPC earned $139.74 million from export gas sales in the month under review, stating that the February 2018 to February 2019 crude oil and gas transactions indicated that crude oil and gas worth of $5.94 billion was exported.
The NNPC further stated that it recorded 40 per cent drop in cases of oil pipeline vandalism in February, 2019 when compared with the reported incidents of January 2019.
It said: “A breakdown of the report indicated that in February 2019, a total of 137 pipeline points were vandalized which translates to 40 per cent drop from the 230 points vandalized in January 2019. It was revealed that Mosimi-Ibadan petroleum products pipeline accounted for 72 per cent of the breaks while Kaduna, Port-Harcourt, Warri and Gombe lines made up the remaining 28 per cent.
“The report attributed the drop in the line break to efforts by NNPC, the local communities and other stakeholders to reduce and eventually eliminate pipeline vandalism.”
To ensure continuous increase in petrol supply and effective distribution across the country, the NNPC added that 1.27bn litres translating to 45.53 million liters/day were supplied for the month.
The report stated that in the downstream sector, the NNPC had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.
“In terms of natural gas off-take, commercialization and utilization, the records indicated that within the period, daily average natural gas supply to gas power plants increased by 8.23 per cent to 819.85 million standard cubic feet (mmscf), equivalent to power generation of 3,336 megawatts, MW. The figure is an improvement from the January 2019 record where an average of 757mmscfd was supplied to generate 3,124MW.
“Also, out of the 223.23 billion cubic feet (bcf) of gas supplied in February 2019, a total of 127.62 bcf of gas was commercialized consisting of 37.77 bcf and 89.85 bcf for the domestic and export market respectively. This translates to a total supply of 1,349.03 mmscfd of gas to the domestic market and 3,780.24 mmscfd of gas supplied to the export market for the month.
“This implies that 57.17 per cent of the average daily gas produced was commercialized while the balance of 42.83 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 9.51 per cent for the month under review i.e. 757.94mmscfd, compared with average gas flare rate of 9.52 per cent i.e. 750.01mmscfd for the period February 2018 to February 2019,” the report added.
