Crude oil, gas ex­ports in­crease by 53% –NNPC

The Punch - - BUSINESS & ECONOMY - Okechukwu Nn­odim, Abuja

The Nige­rian Na­tional Pe­tro­leum Cor­po­ra­tion on Sun­day an­nounced that crude oil and gas ex­port sales in­creased by 52.84 per cent to $355.93m in Septem­ber 2019.

NNPC’S crude oil and gas ex­ports in Septem­ber were $123.06m higher than the $232.87m recorded in Au­gust 2019.

The oil firm dis­closed this in its lat­est Monthly Fi­nan­cial and Oper­a­tions Re­port for Septem­ber 2019.

A break­down of the fig­ures in­di­cated that crude oil ex­port sales con­trib­uted $267.97m (75.29 per cent) of the dol­lar trans­ac­tions, com­pared with $150.73m con­tri­bu­tion in the pre­vi­ous month, while the ex­port gas sales amounted to $87.96m in the month.

The Septem­ber 2018 to Septem­ber 2019 crude oil and gas trans­ac­tions in­di­cated that crude oil and gas worth $5.63bn were ex­ported.

The cor­po­ra­tion sus­tained its monthly prof­its, as it posted a trad­ing sur­plus of N8.59bn in Septem­ber, rep­re­sent­ing an in­crease of 65 per cent when com­pared to the N5.2bn sur­plus posted in Au­gust 2019.

The Au­gust fig­ure of N5.2bn sur­passed the N4.26bn sur­plus posted in the month of July 2019, re­flect­ing an in­crease of 22 per cent, ac­cord­ing to the Septem­ber 2019 re­port.

The sur­plus posted in the up­stream and down­stream sec­tor trans­ac­tions of NNPC’S sub­sidiary com­pa­nies in­clud­ing In­te­grated Data Ser­vices Lim­ited, Nige­rian Gas Com­pany, Nige­rian Gas Mar­ket­ing Com­pany, Pe­tro­leum Prod­ucts Mar­ket­ing Com­pany, Nige­rian Pipe­line and Stor­age Com­pany, and Duke Oil In­cor­po­rated, led to the cor­po­ra­tion’s trad­ing in­crease of 65 per cent in Septem­ber.

The re­port stated that the per­cent­age in­crease in the per­for­mances of these NNPC sub­sidiaries cush­ioned the Septem­ber sharp de­cline in the re­sults posted by the Nige­rian Pe­tro­leum De­vel­op­ment Com­pany as com­pared with the com­pany’s post­ing in Au­gust 2019.

The re­port stated that in the gas sec­tor, 235.12 bil­lion cu­bic feet of nat­u­ral gas was pro­duced in the month of Septem­ber 2019, trans­lat­ing to an aver­age daily pro­duc­tion of 7,837.42 mil­lion stan­dard cu­bic feet per day.

For the pe­riod Septem­ber 2018 to Septem­ber 2019, a to­tal of 3,106.8 BCF of gas was pro­duced rep­re­sent­ing an aver­age daily pro­duc­tion of 7,941.69mm­scfd dur­ing the pe­riod.

In the down­stream sec­tor, the re­port said a to­tal of 186 pipe­line points were van­dalised, rep­re­sent­ing an in­crease of 18 per cent from the 158 points breached in Au­gust 2019.

Out of the van­dalised points, 30 failed to be welded while none was rup­tured. Aba-enugu axis ac­counted for 77 per cent of the breaks, while Phc-aba, Atc-mosimi and other routes ac­counted for eight per cent each.

Photo: Stan­ley Ogidi

•L-R: Man­ag­ing Di­rec­tor/chief Ex­ec­u­tive Of­fi­cer, SFS Fi­nan­cial Ser­vices Lim­ited, Mr Yemi Gbenro; MD/CEO, FMDQ Se­cu­ri­ties Ex­change, Mr Bola Onadele. Koko; and MD/CEO, SFS Cap­i­tal Nige­ria Lim­ited, Mr Pa­trick Ilo­di­anya, dur­ing the sign­ing of the Funds List­ing Reg­is­ter for the SFS Fixed In­come Fund listed on FMDQ Ex­change in La­gos… on Wed­nes­day.

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