Nigeria’s oil, gas export sales hit $416m in one month

Nigeria has recorded a total crude oil and gas export sales of $416.07 million in June, which is 35.78 per cent higher than the previous month. The Nigerian National Petroleum Corporation (NNPC), which yesterday announced this in the June 2018 edition of the Monthly NNPC Financial and Operations Reports, also indicated that the crude oil export sales contributed $274.95 million, which translates to 66.08 per cent of the dollar transactions compared with $244.72 million contribution in the previous month.

The export gas sales for the month amounted to $141.12 million. The report indicated that the corporation undertook the repairs of raptured gas pipeline, which supplies gas to most thermal electricity generating plants in the country, leading to appreciable leap in power generation. In all, a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in June 2018 to generate an average power of about 2,970MW compared with the May 2018, where an average of 742mmscfd was supplied to generate 2,940MW. A total of 211.51 billion cubic feet (bcf) of natural gas was produced in June 2018, translating to an average daily production of 7,056.22mmscfd.

For the period between June 2017 and June 2018, a total of 3,080.90bcf of gas was produced, representing an average daily production of 7,826.41mmscfd. During the period under review, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 69.35 per cent, 21.77 per cent and 8.88 per cent respectively, to the total national gas production. Out of the 209.55bcf of gas supplied in June 2018, a total of 113.08bcf of gas was commercialized, comprising of 36.23bcf and 76.85bcf for the domestic and export market respectively.

This translates to a total supply of 1,207.74mmscfd of gas to the domestic market and 2,561.70mmscfd of gas supplied to the export market for the month, implying that 53.96 per cent of the average daily gas produced was commercialized while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.

The gas flare rate was 10.33 per cent for the month under review, that is, 721.83mmscfd, compared with the average gas flare rate of 10.4 per cent, that is 813.37mmscfd for June 2017 to June 2018. In the downstream subsector, 1,194.93 million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1,096.45million litres of petrol supplied in May 2018. The petroleum products (petrol, diesel & kerosene) production by the domestic refineries in June 2018 amounted to 205.73 million litres compared to 161.91 million litres in May 2018.

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