NNPC to help Nigeria Harness its Gas Resources
NNPC – The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru on Thursday pledged the support of the NNPC to help the Nigerian Gas Association achieve its objectives of ensuring that the country derives maximum benefit from its huge gas resource base.
Speaking while receiving the NGA delegation led by its President, Mr. Bolaji Osunsanya, at the NNPC Towers Abuja, Dr. Baru noted that as the midwife of the nation’s premier gas association in 1999, the NNPC has a moral and strategic interest in ensuring the continuous existence and sustained growth of the association.
Describing the NGA as a reflection of the development of the gas industry in Nigeria the GMD said the Corporation would continue to provide the association with human and material resources.
While thanking the members of the NGA for their advocacy in ensuring a review of the Production Sharing Contracts, PSC, gas terms, Baru noted that the NNPC is working round the clock to ensure maximization of the nation’s vast gas resources by incentivizing all parts of the gas value chain.
On his part the NGA President thanked the NNPC and Dr. Baru for the unflinching support for the association and pledged the readiness of members to work with the NNPC in this regard.
Osunsanya called on government to create incentives which would promote deliberate and well-funded projects in the search for gas as against the practice of accidental gas discoveries.
Between January and October this year, the Nigerian National Petroleum Corporation (NNPC) remitted N872.90billion for Domestic Crude Oil & Gas and other receipts to the Federation Account.
In its October 2015, Financial and Operations Report, posted on its website yesterday, it noted that: “ the sum of N872.90billion for Domestic Crude Oil & Gas and other receipts have been paid to the Federation Account from January to October 2015.”
On refinery operations, NNPC said: “Total crude processed by the three refineries, in the month of October 2015 was zero. However, 92,332 MT(metric tonnes) of unfinished product was processed which translates to a combined yield efficiency of 78.93 per cent.
“From January to October 2015, the three refineries produced 682,901 MT (5,007,030.13 bbls) of finished petroleum products out of 955,537 MT (7,005,997.28 bbls) of crude processed at an average capacity utilisation of 5.18 per cent and yield efficiency of 78.93 per cent.”
According to the report, crude oil export revenue increased by 14.42 per cent between September and October this year.
In the month under review, the NNPC said its total export proceeds was $445.79million with proceeds from crude oil export sale amounting to $325.28 million or 72.97 per cent of the dollar payment compared with 58.55 per cent contribution in previous month of September.
It added that “while export gas sales and NLNG feedstock accounted for $84.57million, that is, 18.97 per cent contribution compared with 31.21 per cent contribution in the prior month of September 2015.”