NNPC Posts N2.06bn Trading Surplus in November 2018

The Nigerian National Petroleum Corporation (NNPC) has stated that it recorded a trading surplus of N2.06 billion in November 2018, which represents an improvement of 116 per cent over the N12.66 billion deficit recorded previous month.

The month-on-month performance increase was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.

The Group General Manager, Group Public Affairs Division of NNPC, Mr. Ndu Ughamadu, disclosed this in a statement yesterday, saying the details were contained in the NNPC Monthly Financial and Operations Report for the month of November 2018 published in Abuja.

Ughamadu stated that a total of 735 million standard cubic feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared to October 2018 where an average of 627mmscfd was supplied.

According to him, out of the 212.93 billion cubic feet (bcf) 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.

He said this translated to a total supply of 1,204.76 mmscfd of gas to the domestic market and 2,905.06 mmscfd 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.

However, the report’s breakdown revealed that total gas supply from November 2017 to November 2018 stood at 3,071.13bcf out of which 466.44bcf and 1,317.77 bcf were commercialised for the domestic and export market respectively.

The report indicated that gas-injected, fuel gas and gas flared-stood at 1,286.92 bcf.

According to the report, the corporation also posted a total crude oil and gas sale of $668.57 in November 2018 which is 26.13 percent higher than the previous month. Crude oil export sales contributed $574.95 million (86.00 percent) of the dollar transactions compared with $425.00 million contribution in the previous month.

Export gas sales amounted to $93.62 million in the month.

The November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97 billion was exported.

In the downstream sector, the NNPC has continued to assiduously monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the country.

Therefore, a total of 1.62bn litres of petrol translating to 54.0 million litres per day were supplied for the month.

In November 2018, 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 percent, 18 per cent and 17 per cent of the vandalised points respectively.

While Atlas Cove-Mosimi accounted for 13 percent, Warri-Kaduna and Port Harcourt-Aba accounted for eight percent each and other locations accounted for the remaining seven percent of the pipeline breaks.