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Nigeria’s crude oil and gas export receipts increased by 53% to $355.93 million, the Nigerian National Petroleum Corporation (NNPC) has disclosed in latest operations report.

According to the Monthly Financial and Operations Report for September 2019, the NNPC stated that exports recorded in September were $123.06 million higher than the $232.87 million recorded in August 2019. The report also indicated that between September 2018 and September 2019, Nigeria has exported $5.63 billion worth of crude oil and gas to various part of the world.

Nigeria's crude, Crude Oil: Nigeria's volatile oil sector and economic progress, New oil discovery to facilitate massive job creation – NNPC 

The breakdown  

  • Crude oil export receipts contributed $267.97 million (75.29%) of the dollar transactions, compared with $150.73 million contribution in the previous month.
  • Gas exports export receipt amounted to $87.96 million in the month compared to the $82.14 recorded in August 2019.
  • The state-owned oil firm made profit, posting a trading surplus of N8.59 billion in September, representing an increase of 65% when compared to the N5.2 billion surplus posted in August 2019.
  • Also, the August figure of N5.2 billion surpassed the N4.26 billion surplus posted in the month of July 2019, reflecting an increase of 22%, the report disclosed.

Meanwhile, the increase in trade surplus by 65% in the month of September might be attributed to surplus posted in the upstream and downstream sector transactions of NNPC’s subsidiary companies, which includes Integrated Data Services Limited, Nigerian Gas Company, Nigerian Gas Marketing Company, Petroleum Products Marketing Company, Nigerian Pipeline and Storage Company, and Duke Oil Incorporated.

However, the NNPC stated that 235.12 billion cubic feet of natural gas was produced in the month of September 2019, indicating a daily average production of 7,837.42 million standard cubic feet per day, adding that for the period between September 2018 and September 2019, a total of 3,106.8 billion cubic feet of gas was produced representing an average daily production of 7,941.69 million standard cubic feet per day within the same period.

Zimvest

[READ MORE: Nigeria loses $41.9 billion to crude oil theft in 10 years)

Meanwhile, the report also disclosed that a total of 186 pipeline points were vandalized, representing an 18% increase from the 158 points vandalized in August 2019.

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