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NNPC records natural gas export sales of $38.56 million in May

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The Nigerian National Petroleum Corporation (NNPC) has announced that it earned $38.56 million from the sale of natural gas for the month of May 2021, adding that natural gas production increased by 6.19% at 222.23 billion cubic feet in the same month.

This was disclosed in its Monthly Financial and Operation Report (MFOR) for the month of May 2021 released on Monday, according to the News Agency of Nigeria.

NNPC revealed that natural gas production in the month under review increased by 6.19 per cent to 222.23 billion cubic feet (bcf) compared with output in the previous month, translating to an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.

It added that for the period, May 2020 to May 2021, a total of 2,898.34 bcf of gas was produced, representing an average daily production of 7,322.94 mmscf.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 60.94 per cent, 20.04 per cent and 18.99 per cent respectively.

“Out of the 216.29bcf of gas produced in May 2021, a total of 133.56bcf was commercialised, consisting of 44.02bcf and 89.54bcf for the domestic and export markets respectively,” the report said.

It also stated a total supply of 1,419.83mmscfd of gas was made to the domestic market and 2,893.66 mmscfd to the export market for the month.

NNPC also reported a total crude oil and gas export sales of $219.75 million in May, representing a 180.29 per cent increase in sales from the previous month of April 2021.

Crude oil export sales contributed $181.19 million dollars (82.45 per cent) of the dollar transactions compared with $4.22 million dollar contribution in the previous month, while the export gas sales component stood at $38.56 million dollars in May.

This means that between May 2020 and May 2021, the NNPC exported crude oil and gas worth $1.64 billion dollars.

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Nairametrics reported earlier that results from NNPC Retail Limited, a subsidiary of NNPC, revealed that the company generated over N200 billion from its 544 stations in the country.

The NNPC group posted a profit after tax of N287.23 billion in 2020, representing a significant growth compared to a loss of N1.76 billion recorded in the previous year.

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