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Nigeria Realises $120.49m From Oil Exports In Sept

Nigerian Government realised a total of $120.49 million from crude oil and gas in September 2020.

The Nigerian National Petroleum Corporation (NNPC) disclosed this on Sunday, in its Monthly Financial and Operations Report for September 2020.

NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said the $120.49m was a 16.28 percent improvement compared to the $100.88m recorded in August 2020.

Out of the figure, proceeds from crude oil amounted to $85.40m, while gas and miscellaneous receipts stood at $25.31m and $9.78m respectively, according to the data released.

In the period under review, there was a trading surplus of N28.38bn, which however indicated a slight fall when compared with the N29.6bn surplus recorded in August 2020.

In the gas sector, a total of 223.82 billion cubic feet of natural gas was produced in the month under review, translating to an average daily production of 7,460.8 million standard cubic feet per day.

Oil Exports

From September 2019 to September 2020, a total of 3,039.05bcf of gas was produced, representing an average daily production of 7,730.35mmscfd during the period.

Period-to-date production from Joint Ventures, Production Sharing Contracts and NPDC contributed about 69.1 per cent, 20.29 per cent and 10.61 per cent respectively to the total national gas production.

Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialised, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively.

This translates to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month.

This implies that 63.29 percent of the average daily gas produced was commercialised, while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared.

Gas flare rate was 6.66 per cent for the month under review, representing 492.93mmscfd when compared with average gas flare rate of 5.84 per cent i.e. 439.90mmscfd for the period of September 2019 to September 2020.

A total of 0.59 billion litres of Premium Motor Spirit (PMS) translating to 19.59 million litres/day was supplied for the month in the downstream sector.

During the period under review, 21 pipeline points were vandalised. This represents about 43 per cent decrease from the 37 points recorded in August 2020.

Of this figure, Mosimi Area accounted for 90 percent of the vandalised points, while Port Harcourt Area accounted for the remaining 10 percent.

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