Nigeria posts $434.85m crude oil export sales

Nigeria recorded crude oil and gas export sale of $434.85million in January, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, has stated.

The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the month’s crude oil export sales contributed $336.65million (77.42 per cent) of the dollar transactions for the period, compared to the $136.36million sales in the previous month.

It added that export gas sales in January amounted to $98.20million, even as it noted that 2019 to January 2020 crude oil and gas transactions valued at $5.18billion was exported.

The January 2020 edition of the report of the corporation is the 54th.

The release said vandalism of NNPC pipelines across the Country recorded a phenomenal spike of 50 percentage increase in January, saying during the period, 60 pipeline points were vandalised, compared to the 40 incidents recorded in December last year.

Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks, while all other routes accounted for the remaining 33 per cent, according to the report.

It, however, explained that NNPC, in collaboration with the local communities and other stakeholders, were working in harmony to curtail this menace.

The report stated that to ensure steady supply and effective distribution of Premium Motor Spirit (PMS), otherwise called petrol, across the Country, 1.20billion litres of the white product, translating to 38.68mn liters/day, were supplied for the month, stressing that the corporation had continued to diligently monitor the daily stock of fuel to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

In the Gas Sector, out of the 253.09billion cubic feet (BCF) of gas supplied in January 2020, a total of 151.16BCF of gas was commercialized, consisting of 36.20BCF and 114.96BCF for the domestic and export market, respectively.