The Nigerian National Petroleum Corporation (NNPC) has added 2,538 mega watts of electricity to the national grid.
The NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, who disclosed this in a statement in Abuja, said the 2,538mw addition represents an increase of 2.80 percent over the previous month’s figure.
Obateru stated that the natural gas production increased by 0.13 per cent to 236.66 billion cubic feet (BCF) in August 2020, compared with the output in July 2020.
This, he explained, translated to an average daily production of 7,639.99mmscfd.
“The Corporation supplied 727 million standard cubic feet per day (mmscfd) of natural gas for power generation to the country in the month of August, 2020.
“The period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced, representing an average daily production of 7,771.13 mmscfd during the period.
“Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 per cent, 20.26 per cent and 9.78 per cent respectively to the total national gas production.
“The August 2019 to August 2020 Crude Oil and Gas transactions indicated that Crude Oil & Gas worth $3.71 Billion was exported,” the NNPC spokesman said.
Obateru further disclosed that a total $139.50 million was realised from crude oil & gas export sale in August 2020, indicating a growth of 64.84 percent over the corresponding period in July.
“The August 2020 MFOR indicated a total Crude Oil & Gas export sale of $139.50 million; increasing by 64.84 per cent compared to the previous month.
“Of this number, Crude Oil export sales contributed $80.27 million (57.54 per cent) of the dollar transactions compared with $55.29 million contribution in the previous month; while the export Gas sales amounted to $59.23 million in the month,” he said.
For the third consecutive month of global COVID-19 recovery, the NNPC posted an increased trading surplus of ₦29.60 billion, a rise of N9.24 billion over the ₦20.36 billion surplus achieved in July 2020.
Obateru attributed the improved performance to mainly the 82 per cent growth in surplus posted by the Nigerian Petroleum Development Company (NPDC) boosted by the sustained improvement in global market fundamentals.
“The NNPC Group surplus was further enhanced by the 109 per cent increased profit by Duke Oil Incorporated as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC) and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus mitigating the effect of the increased deficits posted by some other SBUs.
“The deficits are because of reasons around low sales volume, reduced debt collection and high average product landing cost,” he added.
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