The Nigerian National Petroleum Corporation, NNPC, alongside other Oil and gas firms operating in Nigeria earned about $323.55 million, or N64.71 billion from the export of gas in January, according to data obtained from the Corporation.
The state-run oil firm, in its Monthly Financial and Operations Report for January 2016, put total gas export by the oil and gas companies at 107.85 billion standard cubic feet, BCF, in the month under review.
Using the average gas price of $3 per 1,000 Standard Cubic Feet, SCF, as stated by the Nigerian Gas Company, NGC, the export of 107.85 BCF of gas translates to$323.55 million, an equivalent of N64.71 billion using an average interest rate of N200 to a dollar.
Giving a breakdown of the January figures, the NNPC stated that 1.04 billion SCF gas was exported through the West African Gas Pipeline, WAG); and 7.55 billion SCF exported through the Escravos Gas to Liquid, EGTL project.
Similarly, 19.6 billion SCF and 79.66 billion SCF were exported through Natural Gas Liquid/Liquefied Petroleum Gas, NGL/LPG, and the Nigeria Liquefied Natural Gas, NLNG, respectively.
Out of the total amount, the NNPC received $135.89 million, about N27.178 billion, being proceeds from the export of gas through NLNG, EGTL, NGLs and N-Gas.
In addition to gas export, 35.17 billion SCF gas was utilised locally, broken down into 22.74 billion SCF for domestic gas to power and 12.43 billion SCF sent to industries. Also, 72.36 billion SCF was re-injected, while 12.11 billion SCF was used for fuel gas. About 22.32 billion SCF was flared.
To this end, the amount of gas flared by the oil companies in January translated to loss of $66.96 million, about N13.39 billion.
In general, Joint Venture, JV, companies produced 173.76 billion SCF gas in January, while Production Sharing Contracts, PSCs, and the Nigerian Petroleum Development Company, NPDC, recorded 49.79 billion SCF and 24.37 billion SCF respectively, bringing total gas production in the month to 247.93 billion SCF.
