NNPC: We recorded $224m proceeds from crude oil, gas export in August 2021

Nigerian National Petroleum Company (NNPC) Limited says it posted $224.29 million from crude oil and gas export proceeds in August 2021.

The figure represents a 17.26 percent increase against $191.26 million recorded in July 2021.

Garba Deen Muhammad, group general manager, public affairs division, NNPC, said this in a statement on Wednesday.

According to the statement, a breakdown of the figures captured in the August 2021 NNPC Monthly Financial and Operations Report (MFOR) showed that the export of crude oil amounted to $7.77 million while gas and miscellaneous receipts stood at $65.26 million and $151.26million, respectively.

Muhammad said the total crude oil and gas export receipt for August 2020 to August 2021 stood at $1.84billion.

In the gas sector, a total of 233.57billion cubic feet (bcf) of natural gas was produced in August 2021, translating to an average daily production of 7,534.67million standard cubic feet per day (mmscfd).

A total of 2,890.67bcf of gas was produced from August 2020 to August 2021, representing an average daily production of 7,303.61mmscfd during the period.

Muhammad said the period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC), contributed about 57.51 percent, 20.88 percent and 21.62percent, respectively, to the total national gas production.

According to him, the report also indicated that out of the 208.64bcf of gas supplied in August 2021, a total of 131.35bcf were commercialised, consisting of 40.22bcf and 91.13bcf for the domestic and export markets, respectively.

“This translates to an average total supply of 1,297.54mmscfd to the domestic market and 2,939.31mmscfd of gas to the export market for the month,” the statement added.

“Total gas supply for the period of August 2020 to August 2021 stood at 2,792.28bcf out of which 537.51bcf and 1,245.93bcf were commercialised for the domestic and export markets respectively.”

In the downstream sector, the statement said a total of 1.532billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of the NNPC, in August 2021.

A further breakdown of the figure indicates that petrol accounted for 99 percent of total sales, while automotive gas oil (AGO), also known as diesel, accounted for the rest.