Nigeria’s oil, gas export sale rises by 36%

E The Nigerian National Petroleum Corporation on Thursday announced total crude oil and gas export sale of $416.07m for June 2018, which was...

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The Nigerian National Petroleum Corporation on Thursday announced total crude oil and gas export sale of $416.07m for June 2018, which was 35.78 per cent higher than what was recorded in the previous month.

Details of the figures contained in the just released June 2018 edition of the NNPC Financial and Operations Report also indicated that the crude export sale contributed $274.95m, which translated to 66.08 per cent of the dollar transactions compared with $244.72m contribution in the previous month.

The gas export sale for the month was $141.12m, the report stated.

It added that the corporation recorded some ruptured pipelines that supply gas to thermal electricity generating plants across the country.

It stated that a total of 744 million standard cubic feet of gas per day was delivered to the gas-fired power plants in the month of June to generate an average power of about 2,970MW of electricity.

The gas supplied to the power plants in June was higher than what was supplied in May, where an average of 742mmscfd was supplied to generate 2,940MW.

A total of 211.51 billion cubic feet of natural gas was produced in the month of June 2018, translating to an average daily production of 7,056.22mmscfd.

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

During the period under review, production from Joint Ventures, Production Sharing Contracts and Nigerian Petroleum Development Company contributed about 69.35 per cent, 21.77 per cent and 8.88 per cent, respectively to the total national gas production.

Out of the 209.55bcf of gas supplied in June this year, a total of 113.08bcf was commercialised, comprising of 36.23bcf and 76.85bcf for the domestic and export markets, respectively.

This translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.7mmscfd of gas supplied to the export market for the month.

This indicates that 53.96 per cent of the average daily gas produced was commercialised, while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.

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

In the downstream sub-sector, 1,194.93 million litres of petrol was supplied to Nigeria through the Direct-Sale-Direct-Purchase arrangement as against the 1,096.45 million litres brought to the country in May 2018.

The petroleum products’ production by the domestic refineries in June 2018 amounted to 205.73 million litres compared to 161.91 million litres in May last year.