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Oil Blocs’ Concessionaires lift $34.2b Crude From Nigeria

Oil blocks concessionaires including international oil companies (IOCs), indigenous producers and the Nigeria Petroleum Development Company (NPDC) lifted $34.2 billion ($34,198,009,459) worth of crude oil from Nigeria in one year, New Telegraph has learnt.

This was contained in an oil industry financial performance document of the Nigerian National Petroleum Corporation (NNPC) obtained by our correspondent.

The document added that the crude lifting by IOCs covered the whole period between October 2017 and October 2018. This was against $17.2 billion ($17,185,353,612) worth of crude lifted within the same period by the Federal Government through agencies including the Federal Inland Revenues Services (FIRS), Department of Petroleum Resources (DPR) and NNPC.

The document showed that NNPC single-handedly sold 73.91 million barrels of crude in three months. While 55.51 million barrels were sold in July; 58.53 million barrels were lifted for sale in August and 59.86 million barrels were sold last September.

This translates to 1.89 million barrels daily output by the corporation within the period. Giving a month-by-month value of crude lifted by oil producers – IOCs including the Nigeria Petroleum Development Company (NPDC), the document showed that $1,981,673,948 crude was lifted in October 2017; $2,564,219,517 crude was lifted by the operators in November; while $2,535,181,154 was the value of crude oil lifted in December, 2017. 2018 data showed that $2,797,286,275 worth of crude was lifted in January; $2,368,716,963 worth of crude in February; $2,386,830,645 in March; $2,624,240,472 in April; while in May the crude lifted by operators hit $2,769,970,626.

The statistics showed further that in June $2,608,988,314 worth of crude oil was lifted; this went up to $2,867,844,097 in July; In August the data showed that $2,685,753,925 worth of crude was lifted.

The September data was the highest with $3,195,691,309 worth of crude lifted and exported; while $2,811,612,213 worth of crude oil was lifted in October, making the total between October 2917 and October 2018 to stand at $34,198,009,459. Meanwhile, the crude oil and gas exports by NNPC hit a whopping $5.97 billion in one year.

The Corporation, the document showed, declared that it suffered 197 pipeline vandalised points in one month. Posting a total crude oil and gas sale of $668.57 million in November 2018, the NNPC noted that the November 2017 to November 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.97billion was exported. The $668.57 million recorded last November, the corporation said, “is 26.13 per cent higher than the previous month.

Crude oil export sales contributed $574.95 million (86.00 per cent) of the dollar transactions compared with $425.00million contribution in the previous month.” Export gas sales amounted to $93.62 million in the month, it added. “A total of 735 million Standard Cubic Feet of gas per day (mmscfd)was delivered to gas fired-power plants last November 2018 compared with October where an average of 627mmscfd was supplied,” the document showed.

Details of the report showed that out of the 212.93 billion Cubic Feet (bcf) of gas supplied during the period, a total of 123.29bcf of gas was commercialized, consisting of 36.14bcf and 87.15bcf for the domestic and export market respectively.

This translated to a total supply of 1,204.76 mmscfd of gas to the domestic market and 2,905.06 mmscfd of gas supplied to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialized, while the balance of 42.09 per cent was reinjected, used as upstream fuel gas or flared.

The total gas supply for November 2017 to November 2018 stood at 3,071.13bcf out of which 466.44bcf and 1,317.77 bcf were commercialised for the domestic and export market respectively.

A further breakdown of the report indicated that gas – injected, fuel gas and gas flared – stood at 1,286.92 bcf. The document also showed that NNPC recorded a trading surplus of N2.06 billion, which represented a laudable improvement of 116 per cent over the previous month’s deficit of N12.66 billion.

This increase in performance month-on-month was primarily attributable to improved efficiency of the Nigerian Petroleum Development Company’s (NPDC) operations.