Home Business Energy NNPC increases sales of crude export by 52.84% to $335.93m

NNPC increases sales of crude export by 52.84% to $335.93m

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The Nigerian National Petroleum Corporation (NNPC) has declared a whopping $335.93million in sales of crude oil and gas export in September 2019, which represents 52.84 per cent increase. 

The corporation disclosed in its latest monthly Financial and Operations Report for September 2019 that, crude oil export sales contributed $267.97million (75.29 per cent) of the dollar transactions, compared with $150.73m contribution in the previous month, while the export gas sales amounted to $87.96 million. 

The report showed that, September 2018 to 2019 crude oil and gas transactions indicated that crude oil and gas worth $5.63bn were exported while they sustained its monthly profits, as it posted a trading surplus of N8.59bn in September, representing an increase of 65 per cent when compared to the N5.2billion surplus posted in August 2019.The August figure of N5.2billion surpassed the N4.26billion surplus posted in the month of July 2019, reflecting an increase of 22 per cent, according to the September 2019 report.

The surplus posted in the upstream and downstream sector transactions of NNPC’s subsidiary companies including Integrated Data Services Limited, Nigerian Gas Company, Nigerian Gas Marketing Company, Petroleum Products Marketing Company, Nigerian Pipeline and Storage Company, and Duke Oil Incorporated, led to the corporation’s trading increase of 65 per cent in September.

The report revealed  that, the percentage increase in the performances of  NNPC subsidiaries cushioned the September sharp the decline in the results posted by the Nigerian Petroleum Development Company as compared with the company’s posting in August 2019.

The report stated that in the gas sector, 235.12 billion cubic feet of natural gas was produced in the month of September 2019, translating to an average daily production of 7,837.42 million standard cubic feet per day.

For the period September 2018 to September 2019, a total of 3,106.8 BCF of gas was produced representing an average daily production of 7,941.69mmscfd during the period.

In the downstream sector, the report showed that a total of 186 pipeline points were vandalised, representing an increase of 18 per cent from the 158 points breached in August 2019.

Out of the vandalised points, 30 failed to be welded while none was ruptured. Aba-Enugu axis accounted for 77 per cent of the breaks, while PHC-Aba, ATC-Mosimi and other routes accounted for eight per cent respectively. 

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