Nigerian Natural gas production increases to 222.23bn cubic feet in May — NNPC

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By Uthman Salami

The Nigerian National Petroleum Corporation (NNPC) has disclosed that the natural gas production increases by 6.19 per cent equivalent of 222.23 billion cubic feet in May 2021.

The Coronation also revealed that it earned $38.56 million from the sale of natural gas for the month of May of same year.

This revelation was made known through NNPC Monthly Financial and Operation Report (MFOR) for the month of May 2021 released on earlier this week

According to the Corporation, natural gas production in the month of May jack up by 6.19 per cent to 222.23 billion cubic feet (bcf) when juxtaposed with the output of the previous month

This, however, translated into an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.

The report further showed that during the period of May 2020 to May 2021, a total of 2,898.34 bcf of gas was produced, representing an average daily production of 7,322.94 mmscf.

The report further showed that the “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 also stated a total supply of 1,419.83mmscfd of gas was made to the domestic market and 2,893.66 mmscfd to the export market for the month.

NNPC also reported a total crude oil and gas export sales of $219.75 million in May, representing a 180.29 per cent increase in sales from the previous month of April 2021.

Crude oil export sales contributed $181.19 million dollars (82.45 per cent) of the dollar transactions compared with $4.22 million dollar contribution in the previous month, while the export gas sales component stood at $38.56 million dollars in May.

This data showed that between May 2020 and May 2021, the NNPC exported crude oil and gas worth $1.64 billion dollars.

Earlier, results from NNPC Retail Limited, a subsidiary of NNPC, revealed that the company generated over N200 billion from its 544 stations in the country.

The NNPC group posted a profit after tax of N287.23 billion in 2020, representing a significant growth compared to a loss of N1.76 billion recorded in the previous year.