Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020, as the latest statistics released by the Nigerian National Petroleum Corporation have shown.
The NNPC also stated that Nigeria’s total crude oil and gas export sales increased during the month of August 2020 by 64.84 percent to $139.5m when compared to what was recorded in the preceding month.
Figures from the just-released August 2020 Monthly Financial and Operations Report of the NNPC showed that crude oil export sales contributed $80.27m or 57.54 percent of the dollar transactions.
This was in contrast to the $55.29m contributions in the previous month, while the gas export sales amounted to $59.23m in the month under review.
“The August 2019 to August 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.71bn were exported,” the oil firm stated.
It also indicated an increased trading surplus of ₦29.6bn posted by the oil firm compared to the ₦20.36bn surplus in July 2020, which was the third consecutive month of the global recovery from the COVID-19 effect
The oil firm stated that the 45 percent improvement in performance was as a result of the 82 percent growth in surplus posted by the Nigerian Petroleum Development Company due to sustained improvement in global market fundamentals.
The NNPC group surplus was further enhanced by the 109 percent increased profit by Duke Oil Incorporated, as well as a 75 percent and 22 percent reduction in deficits for the Nigerian Pipelines and Storage Company and refineries.
The report stated that these arose from the declining costs of pipeline maintenance and corporate overheads respectively, thus mitigating the effect of the increased deficits posted by some other business units of the group.
“The deficits are because of reasons around low sales volume, reduced debt collection, and high average product landing cost,” NNPC stated.
In the downstream sector, the oil firm stated that to ensure continuous increased Premium Motor Spirit supply and effective distribution across the country, a total of 0.95 billion litres of PMS translating to 30.53 million litres per day was supplied in August 2020.
During the month, a total of 37 pipeline points were vandalised, representing about a three percent increase from the 36 points recorded in July 2020.
Atlas Cove-Mosimi and Mosimi-Ibadan accounted for 38 percent and 24 percent respectively, while PHC-Aba and the other locations recorded 22 percent and the remaining 16 percent of the total breaks.
The NNPC further said that it supplied 727 million standard cubic feet per day of natural gas for power generation in August 2020.
This, it said, was an equivalent of 2,538 megawatts of power generation and represented an increase of 2.80 percent from the previous month’s figure.
It stated that the country’s natural gas production in August 2020 increased by 0.13 percent at 236.66 billion cubic feet compared to the output in July 2020, translating to an average daily production of 7,639.99mmscfd.
From August 2019 to August 2020, a total of 3,062.95BCF of gas was produced, representing an average daily production of 7,771.13mmscfd during the period.