Nigeria’s Oil & Gas Export Hit $5.18 billion in 1 year, says NNPC

Buhari Sets Up Board, Management of NNPC
  • Posts $434.8m crude oil export sales in January

The Nigerian National Petroleum Corporation (NNPC) has said that the country exported oil and gas worth about $5.18 billion in the last one year, spanning between January 2019 and January 2020.

In the same vein, the corporation revealed that the country recorded crude oil and gas export sale of $434.85 million in January 2020 alone, an increase of 94.30 per cent put side by side the December 2019 figures.

Making the disclosure in its Monthly Financial and Operations Report (MFOR) for January released Wednesday in Abuja, the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the month’s crude oil export sales contributed $336.65 million (77.42 per cent) of the dollar transactions for the period, compared to the $136.36 million sales in the previous month.

NNPC added that export gas sales in January amounted to $98.20 million, noting that 2019 to January 2020 crude oil and gas transactions valued at $5.18 billion was exported, with the January 2020 edition of the monthly report of the corporation being the 54th edition of the series.

The release said vandalism of NNPC pipelines across the country recorded a phenomenal spike of 50 percentage increase in January, saying during the period, 60 pipeline points were vandalised, compared to the 40 incidents recorded in December last year.

“Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent,” the report said.

It however explained that NNPC, in collaboration with the local communities and other stakeholders, were working in harmony to curtail the menace.

The report stated that to ensure steady supply and effective distribution of petrol across the country, 1.20 billion litres of the white product, translating to 38.68mn litres/day, were supplied for the month.

The corporation stressed that it had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In the gas sector, out of the 253.09 billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16BCF of gas was commercialised, consisting of 36.20BCF and 114.96BCF for the domestic and export market respectively, the national oil company noted.

It said the figures translated to 1,167.80 million standard cubic Feet (mmscfd) of gas supply to the domestic market, with 3,708.23mmscfd of gas supplied to the export market during the month.

According to the NNPC, 59.89 per cent of the average daily gas produced was commercialised, while the balance of 40.11 per cent was re-injected, used as upstream fuel gas or flared.

“Gas flare rate was 7.90 per cent for the month under review i.e. 643.59mmscfd, compared with average gas-flare rate of 8.46 per cent i.e. 671.40mmscfd, for the period January 2019 to January 2020.

“Out of the 1,167.80mmscfd of gas supplied to the domestic market in January 2020, about 639.70mmscfd of gas, representing 54.78 per cent, was supplied to gas-fired power plants, while the balance of 528.10mmscfd or 45.22 per cent was supplied to other industries,” the company said.

The report said 640mmscfd of gas delivered to gas fired-power plants in January 2020 generated an average power of about 2,683 MW, compared with December 2019 where an average of 596mmscfd was supplied to generate 2,498MW.

It explained further that for January 2019 to January 2020, an average of 1,203.93mmscfd of gas was supplied to the domestic market, comprising an average of 693.73mmscfd or (57.62 percent) as gas supply to the power plants and 510.20mmscfd or (42.38 percent) as gas supply to industries.


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Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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