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Published On: Thu, Oct 10th, 2019

Nigeria makes $390m from Crude Oil, Gas sale in July

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By Etuka Sunday

The Nigerian National Petroleum Corporation (NNPC) has said that the country recorded a total crude oil and gas export receipt of $390.33 million in the month of July, 2019 as against $312.93million made in June, 2019.
NNPC said, contribution from crude oil amounted to $250.35million, while gas and miscellaneous receipts stood at $76.28million and $63.71million respectively.
The corporation’s July, 2019 Monthly Financial and Operations Report (MFOR) indicated an improved trading surplus of 4.26Billion compared to the 3.92billion surplus posted in June, 2019.
It said, the increase of 3.62per cent% in the month is due largely to the enhanced surplus posted by the Nigerian Gas Company (NGC), arising from half-year adjustments; coupled with increased surplus recorded by the Petroleum Products Marketing Company (PPMC).
The 48th edition of the NNPC MFOR said, in terms of gas supply, a total of 730million standard cubic feet of gas per day (mmscfd) was delivered to gas fired power plants in the month of July 2019 to generate an average power of about 2,864MW.
The NNPC noted in the report that to ensure sustained supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 1.73bn litres of the product, translating to 55.74m liters/day, were supplied for the month under review, adding that it continued to diligently monitor the daily stock of fuel to ensure smooth distribution of petroleum products and zero fuel queue across the Nation.
NNPC raised an alarm on the increasing menace of oil pipeline vandalism which hit a record high of 228 pulverized points in July, 2019 alone.
The corporation’s July, 2019 Monthly Financial and Operations Report (MFOR) informed that the breached lines represented an awful increase of 115 per centfrom the 106 vandalized points recorded in June 2019.
It said, out of the vandalized points, 15 failed to be welded, while five points were ruptured.
The report stated that the Aba-Enugu axis accounted for 35 per cent of the breaks, while Port Harcourt (PHC)-Aba route recorded 22 per cent, with Ibadan-Ilorin layout hitting a 16-per cent mark.
Similarly, it said, the Lagos Atlas Cove-Mosimi Zone logged 12 per cent with other other locations recording the remaining 15 per cent of the breaks.

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