The Nigerian National Petroleum Corporation (NNPC) has released its Monthly Financial and Operations report for March 2020.
The statement, signed by the Group General Manager of the Group’s Public Affairs Division, Dr Kennie Obateru, said that Africa’s largest oil producer averaged a daily production of 7493.65 Million Standard Cubic Feet per Day (mmscfd), which amounts to 218.37billion Cubic Feet (BCF) for March.
It explained that out of the 218.37BCF of natural gas supplied in March 2020, 120.73BCF was commercialized, with 33.45BCF for the domestic market and 87.28BCF for the export market, which means a daily supply of 1,235.56mmscfd to the domestic market and 3,817.40mmscfd to the export market for March.
It stated that an average of 7,912.05 mmscfd of natural gas was produced daily from March 2019 to March 2020 summing up to 3,119.89BCF of gas in the period under review.
It said that 55.63 per cent of the average daily gas produced was commercialised, while the remaining 44.37 per cent was either used as Upstream fuel gas or flared. Gas flare rate was 9.08 per cent (679.54mmscfd) for March 2020, in comparison to an average gas flare rate of 8.43 per cent (66.90mmscfd) for March 2019 – March 2020.
A trading deficit of 9.53 billion naira was reported for March 2020. It says that the over 300% decline was due to the huge decrease of 181 per cent in the corporation’s Upstream Subsidiary, the Nigerian Petroleum Development Company (NPDC), which is because of the COVID-19 pandemic that reduced the country’s petroleum exports. The refinery deficits were also sighted as a reason for the decline among other reasons.
The March 2019 to 2020 crude oil and gas transactions show that export of $4.95 billion was recorded.
To ensure the continuous availability of Petroleum Motor Spirit (PMS) across the country, the corporation said that 1.73 billion litres of PMS, which is 59.72 million litres per day, were supplied for March.
The corporation’s report also showed a decrease in the activities of vandals on the nation’s oil and gas pipelines, as it recorded the vandalisation of 19 pipelines – a 47 per cent drop in the crime rate, compared to 32 recorded in February 2020.
/strong%20has%20released%20its%20Monthly%20Financial%20and%20Operations%20report%20for%20March%202020.The%20statement,%20signed%20by%20the%20Group%20General%20Manager%20of%20the%20Group's%20Public%20Affairs%20Division,%20Dr%20Kennie%20Obateru,%20said%20that%20Africa’s%20largest%20oil%20producer%20averaged%20a%20daily%20production%20of%207493.65%20Million%20Standard%20Cubic%20Feet%20per%20Day%20(mmscfd),%20which%20amounts%20to%20218.37billion%20Cubic%20Feet%20(BCF)%20for%20March.It%20explained%20that%20out%20of%20the%20218.37BCF%20of%20natural%20gas%20supplied%20in%20March%202020,%20120.73BCF%20was%20commercialized,%20with%2033.45BCF%20for%20the%20domestic%20market%20and%2087.28BCF%20for%20the%20export%20market,%20which%20means%20a%20daily%20supply%20of%201,235.56mmscfd%20to%20the%20domestic%20market%20and%203,817.40mmscfd%20to%20the%20export%20market%20for%20March.It%20stated%20that%20an%20average%20of%207,912.05%20mmscfd%20of%20natural%20gas%20was%20produced%20daily%20from%20March%202019%20to%20March%202020%20summing%20up%20to%203,119.89BCF%20of%20gas%20in%20the%20period%20under%20review.It%20said%20that%2055.63%20per%20cent%20of%20the%20average%20daily%20gas%20produced%20was%20commercialised,%20while%20the%20remaining%2044.37%20per%20cent%20was%20either%20used%20as%20Upstream%20fuel%20gas%20or%20flared.%20Gas%20flare%20rate%20was%209.08%20per%20cent%20(679.54mmscfd)%20for%20March%202020,%20in%20comparison%20to%20an%20average%20gas%20flare%20rate%20of%208.43%20per%20cent%20(66.90mmscfd)%20for%20March%202019%20-%20March%202020.A%20trading%20deficit%20of%209.53%20billion%20naira%20was%20reported%20for%20March%202020.%20It%20says%20that%20the%20over%20300%%20decline%20was%20due%20to%20the%20huge%20decrease%20of%20181%20per%20cent%20in%20the%20corporation's%20Upstream%20Subsidiary,%20the%20strongNigerian%20Petroleum%20Development%20Company%20(NPDC)/strong,%20which%20is%20because%20of%20the%20strongCOVID-19/strong%20pandemic%20that%20reduced%20the%20country’s%20petroleum%20exports.%20The%20refinery%20deficits%20were%20also%20sighted%20as%20a%20reason%20for%20the%20decline%20among%20other%20reasons.The%20March%202019%20to%202020%20crude%20oil%20and%20gas%20transactions%20show%20that%20export%20of%20$4.95%20billion%20was%20recorded.To%20ensure%20the%20continuous%20availability%20of%20Petroleum%20Motor%20Spirit%20(PMS)%20across%20the%20country,%20the%20corporation%20said%20that%201.73%20billion%20litres%20of%20PMS,%20which%20is%2059.72%20million%20litres%20per%20day,%20were%20supplied%20for%20March.The%20corporation's%20report%20also%20showed%20a%20decrease%20in%20the%20activities%20of%20vandals%20on%20the%20nation's%20oil%20and%20gas%20pipelines,%20as%20it%20recorded%20the%20vandalisation%20of%2019%20pipelines%20–%20a%2047%20per%20cent%20drop%20in%20the%20crime%20rate,%20compared%20to%2032%20recorded%20in%20February%202020.){kind=link}