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Nigeria’s January Crude Oil Export Sales Jump Despite Spike In Pipeline Vandalism

 

Newest report from the Nigerian Nationwide Petroleum Company (NNPC) reveals that Nigeria recorded a rise within the export sale of crude oil and fuel at $434.85 million in January 2020.

This can be a phenomenal 94.30% improve when in comparison with the December 2019 figures, month-to-month Monetary and Operations Report mentioned on Wednesday.

An announcement by the company’s Group Common Supervisor, Group Public Affairs Division, Dr. Kennie Obateru, whereas giving a breakdown from the report, mentioned crude oil export gross sales for January contributed $336.65million, a 77.42% improve to the $136.36million gross sales within the earlier month.

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

The assertion mentioned vandalism of NNPC pipelines throughout the Nation recorded an exceptional spike of 50% improve in January, saying in the course of the interval, 60 pipeline factors had been vandalised, in comparison with the 40 incidents recorded in December final yr.

“Atlas Cove-Mosimi and Mosimi-Ibadan axis pipelines accounted for 50 per cent and 17 per cent of the breaks respectively, while all other routes accounted for the remaining 33 per cent”, in accordance with the report.

It nevertheless defined that NNPC, in collaboration with the native communities and different stakeholders, had been working in concord to curtail this menace.

Within the Fuel Sector, out of the 253.09billion cubic ft (BCF) of fuel equipped in January 2020, a complete of 151.16BCF of fuel was commercialized, consisting of 36.20BCF and 114.96BCF for the home and export market, respectively.

It acknowledged that 59.89 per cent of the typical day by day fuel produced was commercialized, whereas the steadiness of 40.11 per cent was re-injected, used as Upstream gas fuel or flared.

Fuel flaring accounted for 7.90% compared with common gas-flare charge of eight.46 per cent ifor the interval January 2019 to January 2020.

“Out of the 1,167.80mmscfd of gas supplied to the domestic market in January 2020, about 639.70mmscfd of gas, representing 54.78 per cent, was supplied to gas-fired power plants, while the balance of 528.10mmscfd or 45.22 per cent was supplied to other industries.”

The report defined that for January 2019 to January 2020, a median of 1,203.93mmscfd of fuel was equipped to the home market, comprising a median of 693.73mmscfd or (57.62 per cent) as fuel provide to the facility vegetation and 510.20mmscfd or (42.38 per cent) as fuel provide to industries.

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