NNPC Increases Power Generation By 2.8 Percent

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The Nigerian National Petroleum Corporation (NNPC) has announced that that it supplied no fewer than 727 million standard cubic feet per day (mmscfd) of natural gas for power generation to the country in the month of August, 2020.

The NNPC made this known in a report signed by Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division, stating that the recently released August 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that natural gas production in August 2020 increased by 0.13 per cent at 236.66 billion cubic feet (BCF) compared to output in July 2020; translating to an average daily production of 7,639.99mmscfd.

According to the corporation, this was an equivalent of 2,538MW of power which represented an increase of 2.80 per cent from the previous month.

For the period August 2019 to August 2020, a total of 3,062.95 BCF of gas was produced, representing an average daily production of 7,771.13 mmscfd during the period, the NNPC stated.

It stressed that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and the Nigerian Petroleum Development Company (NPDC) contributed about 69.96 per cent, 20.26 per cent and 9.78 per cent respectively to the total national gas production.

The August 2020 MFOR indicated a total crude oil and gas export sale of $139.50 million; increasing by 64.84 per cent compared to the previous month.

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“Of this number, crude oil export sales contributed $80.27 million (57.54 per cent) of the dollar transactions compared with $55.29 million contribution in the previous month.

“The export gas sales amounted to $59.23 million in the month.
The August 2019 to August 2020 crude oil and gas transactions indicated that crude oil and gas worth $3.71 billion was exported,” the corporation noted

The NNPC group surplus, according to Obateru, was further enhanced by the 109 per cent increase in profit by Duke Oil Incorporated as well as 75 per cent and 22 per cent reduction in deficits for the Nigerian Pipelines and Storage Company (NPSC).

“The deficits are because of reasons around low sales volume, reduced debt collection and high average product landing cost.

“In the downstream, to ensure continuous increased Premium Motor Spirit (PMS) supply and effective distribution across the country, a total of 0.95 billion litres of PMS translating to 30.53mn liters/day was supplied for the month.

“The corporation has continued to diligently monitor the daily stock of Premium Motor Spirit (PMS) to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” it added.

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