NNPC Records $490m from Crude Oil, Gas Export

Nigeria

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Kasim Sumaina in Abuja

The Nigerian Nationwide Petroleum Company (NNPC) on the weekend stated it posted a complete of $490.03 million in export of crude oil and fuel in February 2019, indicating a 32.45 per cent rise over the earlier month’s sale.

Nigerian Nationwide Petroleum Company (NNPC), Group Common Supervisor, Group Public Affairs Division, Mr. Ndu Ughamadu, within the February 2019 version of the company’s month-to-month monetary and operations report (MFOR) in Abuja, said that crude oil export gross sales contributed $350.29 million (71.48 per cent) of the greenback transactions in contrast with $240.23 million contribution within the earlier month.

The report, being the 43rd version of the NNPC MFOR, defined that the exported fuel gross sales amounted to $139.74million within the month beneath evaluate, stating that the February 2018 to February 2019 crude oil and fuel transactions indicated that crude oil and fuel value of $5.94billion was exported

The report additionally introduced a 40 per cent drop in recorded instances of oil pipeline vandalism in February 2019 compared with the reported incidents of January 2019.

A breakdown of the report indicated that in February 2019, a complete of 137 pipeline factors have been vandalised which translated to 40 per cent drop from the 230 factors vandalised in January 2019.

Mosimi-Ibadan petroleum merchandise pipeline accounted for 72 per cent of the breaks whereas Kaduna, Port-Harcourt, Warri and Gombe strains made up the remaining 28 per cent.

The report attributed the drop within the pipelines vandalism to efforts by NNPC, the native communities and different stakeholders to scale back and ultimately remove pipeline
vandalism.

To make sure the continual improve in petrol provide and efficient distribution throughout the nation, 1.27 billion litres of petrol translating to 45.53million litres per day have been provided for the month.

The MFOR defined that within the downstream sector, the company has continued to diligently monitor the every day inventory of petrol to realize a clean distribution of petroleum merchandise and 0 gasoline queue throughout the nation.

When it comes to pure fuel off-take, commercialisation and utilisation, the data indicated that inside the interval, every day common pure fuel provide to fuel energy crops elevated by eight.23 per cent to 819.85 million commonplace cubic ft (mmscf), equal to energy era of three,336MW.

The determine is an enchancment from the January 2019 document when a mean of 757mmscfd was provided to generate three,124MW.

Additionally, out of the 223.23 billion cubic ft (bcf) of fuel provided in February 2019, a complete of 127.62bcf of fuel was commercialised, consisting of 37.77bcf and 89.85bcf for the home and export market respectively.

This interprets to a complete provide of 1,349.03mmscfd of fuel to the home market and three,780.24mmscfd of fuel provided to the export marketplace for the month.

This suggests that 57.17 per cent of the typical day by day fuel produced was commercialised whereas the stability of 42.83 per cent was re-injected, used as upstream gasoline fuel or flared. Fuel flare price was 9.51 per cent for the month underneath evaluate i.e. 757.94mmscfd, in contrast with common fuel flare price of 9.52 per cent i.e. 750.01mmscfd for the interval of February 2018 to February 2019.

The submit NNPC Records $490m from Crude Oil, Gas Export appeared first on THISDAYLIVE.

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