Tuesday 9 August 2016

Nigeria Rakes in Massive Revenue from the Oil Sector Under Buhari..

 A recent report from the oil and gas sector details the windfall revenue generated by the All Progressives Congress-led administration of Buhari. 

Muhammadu Buhari
The Muhammadu Buhari administration has earned a total about $3.46 billion (about N692 billion) as oil and gas sales proceeds between July 2015 and June 2016, latest Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report has revealed.

The report said a total of $2.3 billion was realised from crude oil sales proceeds, while a total of $1.17 billion was received as proceeds from gas sales.

Details of the report showed that a total of 363.19 billion cubic feet (BCF) of gas was supplied for domestic consumption during the period , while 1,219.49 BCF was supplied to the export market.

Equally, for the period July 2015 and June 2016, the report said an average of 991.72 mmscf/d of gas was supplied to the domestic market, comprising of an average of 650.39 mmscf/d, or 65.58 per cent as gas supply to the power plants and 341.32 mmscfd, or 34.42 per cent as gas supply to industries.

Out of the 212.58 BCF of gas produced in June 2016, a total of 115.88 BCF was commercialized, comprising of 16.50 BCF and 99.38 BCF for the domestic and export market respectively.

This translates to an average daily supply of 550.10 mmscf/d of gas to the domestic market and 3,312.40 mmscfd of gas supplied to the export market, with about 54.51 per cent of the total gas produced commercialized and the balance of 45.49 per cent either re-injected, used as upstream fuel gas or flared.

“Gas flare rate was 6.98 per cent for the month of June 2016 (about 494.7 mmscf/d, compared with average gas flare rate of 8.62 per cent (660.89 mmscf/d) for the period July 2015 to June 2016,”
the report said.

From the 550.10 million standard cubic feet per day (mmscf/d) of gas supplied to the domestic market in June 2016, the report indicated that about 326.80 mmscf/d, representing 59.41 per cent, was used for gas-fired power plants, while the balance of 223.3 mmscf/d, or 40.59 per cent was supplied to other industries.

“A total of 327 mmscfd was delivered to the gas fired power plants in the month of June 2016 to generate an average power of about 1,483 megawatts (MW) of electricity, compared with July 2015 to June 2016 average gas supply 650 mmscf/d and power generation of 2,825 MW,” the report.

For June 2016, the report said about 2,787.3 mmscf/d, or 84.15 per cent of the export gas was sent to Nigerian Liquefied Natural Gas Company (NLNG), compared with an average of 2,796.64mmscfd for the period July 2015 to June 2016.

A breakdown of the gas allocation between July 2015 and June 2016 showed that domestic gas supply to power was 238.23 BCF; 124.95 BCF for domestic gas to industry; total domestic gas 363.19 BCF; export to West African Gas Pipeline project 15.13 BCF; Escravos Gas to Liquids 71.81BCF; Natural Gas Liquids (NGL)/Liquefied Petroleum Gas (LPG) 109.18 BCF; NLNG 1,023.38 BCF, and export 1,219.49 BCF.

Total non-commercialised gas for the one year period was 1,223.89 BCF, consisting reinjection 839.47 BCF, 142.69 BCF fuel gas and 241.74 BCF.
Culled from Premium Times

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