Oil and Gas Export Sales by Nigeria Spikes by 52.84%

The Nigerian National Petroleum Corporation (NNPC) Acting Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation (NNPC), Mr. Samson Makoji, has announced crude oil and gas export sale of $355.93million in September 2019, indicating a significant increase of 52.84 per cent, compared to the August, 2019 figure of $232.87million, in report a released by the corporation.


A breakdown of the figures indicated that crude oil export sales contributed $267.97million (75.29 per cent) of the dollar transactions, compared with $150.73million contribution in the previous month; while the export gas sales amounted to $87.96million in the month.


Crude Oil and Gas transactions for the period September 2018 to September 2019 indicated that crude oil and gas worth $5.63 billion was exported. The streak of positive results which has largely characterised the operations of the corporation was sustained with the posting of a trading surplus of $8.59 billion recorded in the month under review.


A significant increase of 65 per cent compared to the $5.20 billion surplus posted in August 2019 was reported. In turn, the August figure of $5.20 billion surpassed the $4.26 billion surplus posted in the previous month of July 2019, reflecting an increase of 22 per cent.


The significant increase of 65 per cent in the September trading of the corporation was as a result of the improved surplus posted in the Upstream and Downstream Sector transactions of NNPC’s subsidiary companies, Integrated Data Services Limited (IDSL), Nigerian Gas Company (NGC), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC), Nigerian Pipeline and Storage Company (NPSC), and Duke Oil Incorporated, explained the report.


The sharp decline in the results posted by the Nigerian Petroleum Development Company (NPDC) for September as compared with the company’s posting in August, 2019, has been cushioned by percentage increase in the performances of these NNPC subsidiaries, the report said.