NNPC, IJV model, JV

The Nigerian National Petroleum Corporation (NNPC) has reported a total export sale of crude oil and gas of $490.03 million for February 2019. This information is contained in the corporation’s official Monthly Financial and Operations Report (MFOR) covering the month of February 2019.

According to the NNPC report, the corporation’s revenue from oil and gas export sales increased by 32.45%, higher than the previous month’s sales. Basically, crude oil export sales contributed $350.29 million (71.48%) of the dollar transactions compared with $240.23 million contribution in the previous month.

Some Breakdown: The export gas sales amounted to $139.74 million in the month under review. In terms of natural gas off-take, NNPC revealed that daily average natural gas supply to power plants increased by 8.23% to 819.85 million standard cubic feet (mmscf), equivalent to power generation of 3,336MW. This implies an improvement from the January 2019 record where an average of 757mmscfd was supplied to generate 3,124MW.

  • Out of the 223.23billion cubic feet (bcf) of gas supplied in February 2019,
  • A total of 127.62bcf of gas was commercialized consisting of 37.77bcf and 89.85bcf for the domestic and export market respectively.
  • Also, 57.17% of the average daily gas produced was commercialized while the balance of 42.83% was re-injected and used as upstream fuel gas or flared.
  • Gas flare rate was 9.51% for the month under review

Pipeline Vandalism Dropped: The report indicated a 40% drop in recorded cases of oil pipeline vandalism in February 2019 when compared with the reported incidents of January 2019.

Specifically, the breakdown indicated that in February 2019, a total of 137 pipeline points were vandalized, which represents a 40% decline from the 230 points vandalized in January 2019. The report further revealed that Mosimi-Ibadan petroleum products pipeline accounted for 72% of the breaks while Kaduna, Port-Harcourt, Warri and Gombe lines made up the remaining 28%.

Meanwhile, 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.

Downstream Sector: To ensure continuous increase in petrol supply and the effective distribution across the country, 1.27 billion litres translating to 45.53 million liters/day were supplied for the month.

NNPC explained that in the Downstream Sector, the corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petroleum, to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

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