Sunday, January 24, 2021
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Sunday, January 24, 2021

Nigeria’s oil & gas export earnings up 94.3% to $435m in January

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By Michael Eboh

Nigeria, local content, oil

The Nigerian National Petroleum Corporation (NNPC), yesterday, stated that the country earned $434.85 million from the export of crude oil and gas in January 2020, representing 94.3 percent increased compared with $223.81 million earned in December 2019.
In a statement on its Monthly Financial and Operations Report for January, NNPC stated that crude oil export sales alone contributed $336.65 million to the earning in January, which amounts to 77.42 percent of the total earnings. This however represents about 147 percent increase over the $136.36 million earned from crude oil sales in the previous month.

On the other hand, NNPC noted that export gas sales in January amounted to $98.20 million. It added that from January 2019 to January 2020 the country exported crude oil and gas valued at $5.18 billion.

The corporation further stated that vandalism of its pipelines across the country recorded a phenomenal spike of 50 percent increase in January, noting that during the period,  60 pipeline points were vandalized, compared to 40 incidents recorded in December last year.

It said: “Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent, according to the report. However, NNPC, in collaboration with the local communities and other stakeholders, are working in harmony to curtail this menace.”

NNPC said that to ensure steady supply and effective distribution of Premium Motor Spirit (PMS), otherwise called petrol, across the country, 1.20 billion litres of the white product, translating to 38.68 million litres per day, were supplied for the month.
The corporation explained that it had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of  petroleum products and zero fuel queue across the nation.

In the gas sector, NNPC noted that out of the 253.09 billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16 BCF of gas was commercialized, consisting of 36.20 BCF and 114.96 BCF for the domestic and export market, respectively.
“This translates to 1.168 BCF per day of gas supply to the domestic market, with 3.708 BCF per day of gas supplied to the export market during the month.  59.89 per cent of the average daily gas produced was commercialized, while the balance of 40.11 per cent was re-injected, used as upstream fuel gas or flared.”

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