Energy

NNPC rakes in $120.49m crude oil revenue in September

Published

5 years ago

Jan 18, 2021

NNPC rakes in $120.49m crude oil revenue in September

The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020.

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A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR).

The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the $100.88 million posted in August 2020.

The report showed out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively. The September 2020 MFOR also indicated a trading surplus of ₦28.38 billion slightly lower than the ₦29.60 billion surplus in August 2020.

The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC), which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

NNPC said for the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period. Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10 per cent , 20.29 per cent and 10.61 per cent respectively to the total national gas production.

During the period under review, 21 pipeline points were vandalized representing about 43 per cent decrease from the 37 points recorded in August 2020. Of this figure, Mosimi Area accounted for 90 per cent of the vandalized points, while Port Harcourt Area accounted for the remaining 10 per cent. NNPC, in collaboration with the local communities and other stakeholders, continuously strive to reduce and eventually eliminate this menace.