Nigeria recorded a combined earnings of $120.49 million from export of crude oil and gas in September 2020, a latest report by the Nigerian National Petroleum Corporation (NNPC) has stated.
The earnings was disclosed in the September 2020 Monthly Financial and Operations Report (MFOR) of the NNPC made available on Sunday.
The corporation stated that the $120.49 million crude oil and gas export receipt was 16.28 per cent improvement on the $100.88 million reported in August 2020.
A breakdown of the earnings showed that proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million, respectively.
Data in the September 2020 MFOR also revealed a trading surplus of ₦28.38 billion, an amount that is slightly lower than the ₦29.60 billion trading surplus in August 2020.
According to NNPC, marginal reduction in surplus was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC).
READ ALSO: NNPC Receives Bids From 96 Firms For Downstream Repair Contract
It explained that NPDC recorded zero crude oil lifting from the Okono Okpoho facility during the month under review due to ongoing repairs.
However, 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 percent, 234 percent, 21 percent, 422 percent and 41 percent trading surpluses, respectively over their previous month’s performance.
In the gas sector, NNPC reported that a total of 223.82 billion cubic feet (bcf) of natural gas was produced in September, indicating an average daily production of 7,460.80 million standard cubic feet per day (mmscfd).
For the period September 2019 to September 2020, it said a total of 3,039.05 billion cf of gas was produced, representing an average daily production of 7,730.35 million scfd during the period.
Checks showed that period-to-date production from Joint Ventures, Production Sharing Contracts (PSCs) and NPDC contributed about 69.10 percent, 20.29 percent and 10.61 percent, respectively to the total national gas production.
Out of the 221.91 billion cf of gas supplied in September 2020, NNPC said a total of 140.45 billion cf was commercialised, consisting of 36.37 billion cf and 104.08 billion cf for the domestic and export markets, respectively.
This translates to a total supply of 1,212.17 million scfd of gas to the domestic market and 3,469.45million scfd of gas supplied to the export market for the month.
READ ALSO: Osinbajo, Investors In Talks To Boost Oil Production
This implies that 63.29 percent of the average daily gas produced was commercialised while the balance of 36.71 percent was re-injected, used as upstream fuel gas or flared.
During the period under review, the corporation said 21 pipeline points were vandalised representing about 43 percent percent decrease from the 37 points recorded in August 2020.
