NNPC records ₦2.06bn trade surplus

NNPC MD, Dr Maikanti Baru. PHOTO CREDIT: Publicvoice

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said a total of 735million 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.

A press statement issued by the spokesman for the corporation, Ndu Ughamadu, said details of the gas supply are contained in the NNPC Monthly Financial and Operations Report for the month of November, 2018.

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

The statement said this translated to a total supply of 1,204.76 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 percent of the average daily gas produced was commercialized while the balance of 42.09 percent was re-injected, used as upstream fuel gas or flared.

The total gas supply November 2017 to November 2018 stood at 3,071.13bcf 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.

The November report, the 40th edition in the series, announced a trading surplus of ₦2.06billion which represented a laudable improvement of 116% over the previous month’s deficit of ₦12.66billion.

This increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.  

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