Nigeria’s state-owned oil corporation, NNPC, announces N2.06bn trading  surplus for November ’18

State-owned oil corporation, the Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N2.06 billion for operations  in the month of November 2018, indicating a 116 percent increase over the previous month’s deficit of ₦12.66 billion.

The oil giant, which published highlights of its financial operations for November in a release by Ndu Ughamadu, group general manager, group  public affairs division, in Abuja on Tuesday noted that the increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC).

NNPC also posted a total crude oil and gas sale of $668.57 in November, 2018 which is 26.13 percent higher than the previous month. Crude oil export sales contributed $574.95 million (86.00 percent) of the dollar transactions compared with $425.00 million contribution in the previous
month.

Export gas sales amounted to $93.62 million in the month.

The November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97 billion was exported.

The November report, the 40th edition in the series, also showed that a total of 735 million standard cubic feet (mmscfd) of gas per day was delivered to gas fired-power plants within the month compared with
October 2018 where an average of 627 mmscfd was supplied.

Details of the report contained in the NNPC Monthly Financial and Operations Report for the month of November, 2018 released on Tuesday  showed that out of the 212.93 billion cubic feet (bcf) of gas supplied during  the period, a total of 123.29 bcf of gas was commercialized, consisting of 36.14 bcf and 87.15 bcf for the domestic and export market respectively.

The release 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% of the average daily gas produced was commercialized while the balance of 42.09% 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.

In the downstream sector, the NNPC has continued to assiduously monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero fuel queue across the
nation.

To this end, a total of 1.62 billion litres of PMS, translating to 54.0 million liters/day, were supplied for the month.

In November, 2018 a total of 197 pipeline points were vandalized; out of which six pipeline points failed to be welded and two pipeline points were ruptured.

The situation improved from the 219 vandalized points recorded in October 2018, with Mosimi-Ibadan, Ibadan-Ilorin and Aba-Enugu accounting for 58, 35 and 34 points respectively or approximately 29 percent, 18 percent and 17 percent of the vandalized points respectively.

While Atlas Cove-Mosimi accounted for 13 percent, Warri-Kaduna and PHC-Aba accounted for eight percent each and other locations accounted for the remaining seven percent
of the pipeline breaks