Natural gas export sales fetched $38.56m in May 2021— NNPC
The Nigerian National Petroleum Corporation(NNPC ) has announced that natural gas production in the country increased by 6.19 per cent at 222.23 billion cubic feet in May 2021.
The corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of May 2021 released in Abuja, on Monday.
“In the gas sector, natural gas production in the month under review increased by 6.19 per cent to 222.23billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53million standard cubic feet (mmscf) of gas per day.
“For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced, representing an average daily production of 7,322.94mmscf during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.
“Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively,” it said.
This translates to a total supply of 1,419.83mmscfd of gas to the domestic market and 2,893.66mmscfd to the export market for the month.
This, it said, implied that 61.75 per cent of the average daily gas produced was commercialised, while the balance of 38.25 per cent was either re-injected, used as upstream fuel or flared.
The report further revealed that the Corporation recorded a total crude oil and gas export sales of 219.75million dollars in May, representing a 180.29 per cent increase on sales from the previous month of April 2021.
It noted that crude oil export sales contributed $181.19million dollars (82.45 per cent) of the dollar transactions compared with $4.22 million dollar contribution in the previous month.
Similarly, the export gas sales component stood at $38.56million dollars in May.
The MFOR showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion dollars.
In the downstream sector, the report indicated that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of N295.72billion from the sales of petroleum products in the month under review, compared with N220.13billion sales in April 2021.
“Total revenues generated from the sales of petroleum products for the period of May 2020 to May 2021 stood at N2.345trillion where Premium Motor Spirit (PMS), also known as petrol, contributed about 99.61 per cent of the total sales with a value of N2.336trillion.
“In terms of volume, the figure translated to a total of 2.241billion litres of white products sold and distributed by PPMC in the month under review, compared with 1.673billion litres in the month of April.
“Total sales of petroleum products for the period of May 2020 to May 2021 stood at 18.651billion litres and PMS accounted for 99.69 per cent of total volume,’’ it added.
On Pipelines, the MFOR revealed that in May 64 pipeline points were vandalised representing 39.13 per cent increase from the 46 points recorded in April 2021.
It noted that the Port Harcourt area accounted for 65 per cent, while Mosimi and Kaduna Areas accounted for 30 per cent and five per cent respectively of the vandalised points.
The NNPC, in collaboration with the local communities and other stakeholders, continuously strove to reduce and eventually eliminate this menace.
The May MFOR was the 70th edition of the publication.
