NNPC post 65% increase in crude oil & gas export sales in August

The Nigerian National Petroleum Corporation (NNPC) has indicated that the corporation exported a total Crude Oil & Gas sale of $139.50 million in August 2020, representing an increase of 64.84 per cent compared to the previous month.

Where Crude Oil export sales contributed $80.27 million (57.54 per cent) of the dollar transactions compared with $55.29 million contributions in the previous month; while the export Gas sales amounted to $59.23 million in the month.

August 2019 to August 2020 Crude Oil and Gas transactions indicated that Crude Oil & Gas worth $3.71 Billion was exported.

This was disclosed in a release by the Group General Manager, Group Public Affairs Division, of NNPC, Dr Kennie Obateru, from the recently released August 2020 NNPC Monthly Financial and Operations Report (MFOR).

The MFOR acknowledged that NNPC supplied 727 million Standard Cubic Feet per day (mmscfd) of natural gas for power generation to the country in August 2020, an equivalent of 2,538MW of power. This represents an increase of 2.80 per cent from the previous month.

Also, indicated that Natural Gas production in August 2020 increased by 0.13 per cent at 236.66 Billion Cubic Feet (BCF) compared to the output in July 2020; translating to an average daily production of 7,639.99mmscfd.

“For the period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13 mmscfd during the period. Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 per cent, 20.26 per cent and 9.78 per cent respectively to the total national gas production.

“The 61st edition of the MFOR indicated an increased trading surplus of ₦29.60Billion compared to the N20.36billion surplus in July 2020 which was the third consecutive month of the global recovery from the COVID-19 effect.

“The 45 per cent improvement in performance is attributed mainly to the 82 per cent growth in surplus posted by the NPDC due to sustained improvement in global market fundamentals.