The Nigerian National Petroleum Corporation (NNPC) in February posted a total export sale of crude oil and gas of $490.03 million in February 2019 representing a 32.45 per cent increase compared to figures recorded in January.
The Corporation in its February 2019 edition of the Monthly Financial and Operations Report (MFOR) released on Sunday in Abuja, said crude oil export sales contributed $350.29 million (71.48 per cent) of the dollar transactions compared with $240.23 million contribution in the preceding month.
Of that amount the report said, gas sales export amounted to $139.74 million in the month under review, stating that between February 2018 and February 2019 crude oil and gas transactions indicated that $5.94 billion worth of crude oil & gas worth was exported.
The state run corporation also said that it experienced a 40 per cent drop in recorded cases of oil pipeline vandalism in February, 2019 when compared with reported cases in January 2019.
According to the report, a total of 137 pipeline points were vandalized compared to 230 points vandalized in January 2019.
A breakdown showed that 72 per cent of the breaks were experienced at Mosimi-Ibadan petroleum products pipeline while 28 per cent of the breaks were recorded on the Kaduna, Port-Harcourt, Warri and Gombe lines.
The report attributed the drop in the line break to efforts by NNPC, the local communities and other stakeholders to address issues of oil pipeline cancelation.
To ensure continuous increase in petrol supply and effective distribution across the country, 1.27 billion litres translating to 45.53 million liters/day were supplied for the month, the report said.
In the report, the Corporation explained that it will continue to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the the country.
In terms of natural gas off-take, commercialization and utilization, the records indicated that within the period, daily average natural gas supply to gas power plants increased by 8.23 per cent to 819.85 million standard cubic feet (mmscf), equivalent to power generation of 3,336MW. The figure is an improvement from the January 2019 record where an average of 757mmscfd was supplied to generate 3,124MW.
Furthermore, out of the 223.23 billion cubic feet (bcf) of gas supplied in February 2019, a total of 127.62bcf of gas was commercialized consisting of 37.77bcf and 89.85bcf for the domestic and export market respectively.
This translates to a total supply of 1,349.03mmscfd of gas to the domestic market and 3,780.24mmscfd of gas supplied to the export market for the month.
It indicated that 57.17 per cent of average daily gas produced was commercialized while the balance of 42.83 per cent was re-injected and used as upstream fuel gas or flared. Gas flare rate was 9.51 per cent for the month under review i.e. 757.94mmscfd, compared with average gas flare rate of 9.52 per cent i.e. 750.01mmscfd between February 2018 and February 2019.
