The Nigerian National Petroleum Corporation (NNPC) has announced a total trading surplus of N28.38 billion in September 2020 which is N1.4billion lower than the N29.60 billion surplus recorded in August 2020.
This was even as it states that the export receipt for crude oil and gas value for the month under review is $120.49 million
A statement issued by the Group General Manager, Group Public Affairs Division of the Corporation, Dr Kennie Obateru, stated that the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR).
It said the marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.
However, it said other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results recording 268%, 234%, 21%, 422% and 41% trading surpluses respectively over their previous month’s performance.
Also, the statement stated that the $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August 2020.
“The report showed that out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively,” the statement read.
In the gas sector, it said a total of 223.82billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80 million standard cubic feet per day (mmscfd).
For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35 mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10%, 20.29% and 10.61% 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,” it said.
The Corporation explained that 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% of the average daily gas produced was commercialized while the balance of 36.71% was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.66% for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84% i.e. 439.90 mmscfd for the period of September 2019 to September 2020).
“To ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59bn litres of PMS translating to 19.59mn litres/day was supplied for the month in the downstream sector,” it added.