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Nigeria made $120.49m from oil exports in September

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A total export receipt for crude oil valued at $120.49m for the month of September has been announced by the Nigerian National Petroleum Corporation.

Mr. Kennie Obateru the Group General Manager, Group Public Affairs Division, said the figure was contained in the September 2020 edition of the corporation’s Monthly Financial and Operations Report.

This was contained in a statement issued in Abuja that the $120.49m crude oil and gas export receipt was a 16.28 per cent improvement on the $100.88m posted in August 2020.

The report showed that out of the figure, proceeds from crude oil amounted to $85.40m, while gas and miscellaneous receipts stood at $25.31m and $9.78m respectively.

The September 2020 MFOR also indicated a trading surplus of N28.38bn, lower than the N29.6bn surplus in August 2020.

The reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company, which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

Other NNPC subsidiaries including the Integrated Data Services Limited, National Engineering and Technical Company Limited, Nigerian Gas Marketing Company, Petroleum Products Marketing Company and NNPC Retail recorded 268, 234, 21, 422 and 41 per cent trading surpluses respectively over their previous month’s performance.

In the gas sector, a total of 223.82 billion cubic feet of natural gas was produced in the month under review, translating to an average daily production of 7,460.8 million standard cubic feet per day.

From September 2019 to September 2020, a total of 3,039.05bcf of gas was produced, representing an average daily production of 7,730.35mmscfd during the period.

Period-to-date production from Joint Ventures, Production Sharing Contracts and NPDC contributed about 69.1 per cent, 20.29 per cent and 10.61 per cent 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.

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 per cent of the average daily gas produced was commercialised, while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared.

Source Punch
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