NNPC posts 116% growth in trading surplus
The Nigerian National Petroleum Corporation on Tuesday announced a trading surplus of N2.06bn for the month of November 2018.
This represents an improvement of 116 per cent over the previous month’s deficit of N12.66bn.
The increase in performance month-on-month was primarily attributed to the improved efficiency of the Nigerian Petroleum Development Company’s operations.
NNPC disclosed this in its monthly financial and operations report for the month of November 2018, which was released on Tuesday.
The corporation also posted a total crude oil and gas sale of $668.57m in November 2018, which was 26.13 per cent higher than what was recorded in the previous month.
Crude oil export sales contributed $574.95m or 86 per cent of the dollar transactions compared with the $425m contribution in the previous month.
Export gas sales amounted to $93.62m in the month under review.
The November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97bn were exported.
The November 2018 report showed that a total of 735 million standard cubic feet of gas per day was delivered to gas-fired power plants in November last year, compared with October 2018 where an average of 627mmscfd was supplied.
Details of the report showed that out of the 212.93 billion cubic feet of gas supplied during the period, a total of 123.29bcf of gas was commercialised, consisting of 36.14bcf and 87.15bcf for the domestic and export market, respectively.
NNPC said this translated to a total supply of 1,204.76mmscfd of gas to the domestic market and 2,905.06mmscfd of gas supplied to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialised while the balance of 42.09 per cent was re-injected, used as upstream fuel gas or flared.
The total gas supply from November 2017 to November 2018 stood at 3,071.13bcf, out of which 466.44bcf and 1,317.77bcf were commercialised for the domestic and export market respectively.
A further breakdown of the report indicated that injected gas, fuel gas and gas that were flared stood at 1,286.92bcf.
In the downstream sector, a total of 1.62 billion litres of Premium Motor Spirit, also known as petrol, translating to 54 million litres per day, were supplied for the month of November 2018.
Also in the month under review, a total of 197 pipeline points were vandalised, out of which six pipeline points failed to be welded and two pipeline points were ruptured.
The situation improved from the 219 vandalised points recorded in October 2018, with Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu accounting for 58, 35 and 34 points, respectively or approximately 29 per cent, 18 per cent and 17 per cent of the vandalised points respectively.
While Atlas Cove-Mosimi accounted for 13 per cent, Warri-Kaduna and PHC-Aba accounted for eight per cent each and other locations accounted for the remaining seven per cent of the pipeline breaks.