NNPC Earns $219.75m From Crude Oil, Gas In May

The Nigerian National Petroleum Corporation has said it recorded a total of $219.75 million from crude oil and gas export sales in May 2021.

This  represents a 180.29 percent increase in sales from April 2021.

This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Mr Garba Deen Muhammad.

According to the report, crude oil export sales contributed $181.19 million (82.45%) of the dollar transactions compared with $4.22 million contributions in the previous month.

Also, the export gas sales component stood at $38.56million in May 2021.

In the gas sector, the report showed that natural gas production in the month under review increased by 6.19% at 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.

The report further showed that between May 2020 and May 2021, the Corporation exported crude oil and gas worth $1.64billion.

For the period May 2020 to May 2021, a total of 2,898.34bcf of gas was produced. This  represents an average daily production of 7,322.94mmscf during the period.

Other Breakdown

From Period-to-date production, Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94%, 20.04% and 18.99% respectively.

Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialized.

This consists of 44.02bcf and 89.54bcf for the domestic and export markets respectively.

It further 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 implies that 61.75% of the average daily gas produced was commercialized while the balance of 38.25% was either re-injected, used as upstream fuel or flared.

In the downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, posted a total sum of ₦295.72bn from the sales of petroleum products in the month of May 2021 compared with ₦220.13billion sales in April 2021.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

Related post