NNPC increases income by 94% to $434.9m in January

The Nigerian National Petroleum Corporation (NNPC) said on Wednesday that  it has increased  its income from crude oil and gas exports by 94.30 per cent to $434.85 million for January 2020, over December 2019 figures.

This was disclosed in the NNPC’s monthly Financial and Operations Report for January released Wednesday in Abuja by the corporation’s spokesperson, Kennie Obateru.

The report indicated that 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 in sales in the previous month.

The NNPC said vandalism of its pipelines across the country recorded a 50 per cent increase in January.

Sixty pipeline points were vandalised during the period, 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,” it said.

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

The report said 1.20 billion litres of petrol, translating to 38.68mn litres/day, were supplied for the month.

This it said was to ensure steady supply and effective distribution of the product.

The report stressed that the corporation had continued to 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 253.09billion cubic feet (BCF) of gas supplied in January, a total of 151.16BCF of gas was commercialised.

This consists of 36.20BCF and 114.96BCF for the domestic and export market, respectively.

This translates to 1,167.80 million standard cubic Feet (mmscfd) of gas supplied to the domestic market, with 3,708.23mmscfd of gas supplied to the export market during the month.

It said that 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. 643.59 mmscfd, compared with average gas flare rate of 8.46 per cent i.e. 671.40 mmscfd, for the period January 2019 to January 2020.

Out of the 1,167.80 mmscfd of gas supplied to the domestic market in January, about 639.70 mmscfd 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 report said 640 mmscfd 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 2,498 MW.

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

January 2020 edition of the monthly report of the corporation is the 54th edition of the series.

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