NNPC puts trading surplus at ₦2.06bn in November 2018

Factual Pursuit of Truth for Progress

The Nigeria National Petroleum Corporation (NNPC) said it recorded a trading surplus of ₦2.06 billion in November representing an improvement of 116 per cent over the previous month’s deficit of ₦12.66 billion.

In its NNPC Monthly Financial and Operations report for the month of November, 2018, NNPC also posted a total crude oil and gas sale of $668.57 in November, 2018 which is 26.13 per cent higher than the previous month. Crude oil export sales contributed $574.95 million (86.00%) of the dollar transactions compared with $425.00 million contribution in the previous month.

According to a statement by the Nigerian National Petroleum Corporation Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, yesterday in Abuja and made available to journalists, export gas sales amounted to $93.62 million in the review month.  

The November 2017 to November 2018 crude oil and gas transactions indicated that crude oil &gas worth $5.97 Billion was exported.

All this, the National oil corporation was due to increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.

Also in the report, a total of 735 million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 where an average of 627mmscfd was supplied, the the edition 40th edition in the report series said.  

The report showed that out of the 212.93 Billion Cubic Feet (bcf) of gas supplied during the period, a total of 123.29 bcf of gas was commercialized, consisting of 36.14bcf and 87.15bcf for the domestic and export market respectively.

This translated to a total supply of1,204.76 mmscfd of gas to the domestic market and 2,905.06 mmscfd of gas supplied to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialized while the balance of 42.09 per cent was re-injected, used as upstream fuel gas or flared.

“The total gas supply November 2017 to November 2018 stood at 3,071.13 bcf out of which 466.44bcf and 1,317.77 bcf were commercialized for the domestic and export market respectively.

“A further breakdown of the report indicated that gas – injected, fuel gas and gas flared – stood at 1,286.92 bcf.

“In the downstream sector, the NNPC has continued to assiduously monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

‘To this end, a total of 1.62bn litres of PMS, translating to 54.0mn liters/day, were supplied for the month,” the report stated.

In November, 2018 a total of 197 pipeline points were vandalized; out of which six pipeline points failed to be welded and two pipeline points were ruptured.

The situation improved from the 219 vandalized points recorded in October 2018, with Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu accounting for 58, 35 and 34 points respectively or approximately 29 per cent, 18 per cent, and 17 per cent of the vandalized points respectively.

While Atlas Cove-Mosimi accounted for 13 per cent, Warri-Kaduna and PHC-Aba accounted for 8 per cent each and other locations accounted for the remaining 7 per cent of pipelines vandalised.


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