NIGERIA has intensified search for new markets for its crude oil, sequel to the shunning of its commodity by the United States (U.S).
Besides, the price of Organisation of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $54.44 a barrel yesterday, compared with $56.03 recorded in the previous Wednesday, according to OPEC Secretariat calculations yesterday. This development has drastically reduced Nigeria’s revenue from crude oil exports.
Crude oil prices are trading sharply lower in futures market yesterday amid speculations of U.S stockpiles, which fuel concern over a global supply glut.
Light sweet crude oil futures lost $0.59 or 1.09 per cent to trade at $53.53 per barrel. Brent crude oil futures also fell by 1.31 per cent to trade at $57.14 per barrel.
Already, the nation’s marketing team has been luring nations in Europe, Asia, South America and Africa, as new destinations for the crude oil.
The U.S has reduced crude oil import from Nigeria by 97 per cent due to its massive exploitation of shale oil.
This information was contained in the September 2014 Petroleum Information report released recently by the Nigerian National Petroleum Corporation (NNPC).
According to the document, total crude oil and condensates lifting for both domestic and export was about 67.22 million barrels in the month under review.
It explained that oil companies lifted about 35.49 million barrels (52.81%), while NNPC lifted 31.72 million barrels (47.19%).
“Lifting by fiscal regime shows 31.88, 28.79, and 6.55 million barrels for JVC, PSC/SC, and others respectively. Out of NNPC’s liftings, 24.15 million barrels was for Federation Account while 7.57 million barrels was for domestic use”, it added.
The NNPC has put the total wellhead production for the month at 59.73 million barrels, stressing that this figure was short of actual as wellhead production data from some companies, which was not available. “Terminal production total for the month was about 62.85 million barrels representing 2.10 million barrels per day, 7.66% lower from production of 68.06 million barrels or 2.20 million barrels per day in August, 2014”, it added.
The report disclosed that the country produced 214.63bscf of natural gas in September, which is lower than the August figure of 226.26bscf by 11.63bscf. “About 13.74 per cent of the total production was flared. The rest was utilised. The total natural gas liquid produced for the month of September was 100,027 metric tonnes out of which Mobil had about 51 per cent; NNPC, 49 per cent. A total of 14,877 metric tonnes was lifted for the month”.
NNPC noted that zero (0.00) mt of dry crude oil, condensate and slop was received by the three refineries, with an opening stock of 253.26 thousand mt, total Crude Oil available for processing was 253.26 thousand mt, out of which 74.64 thousand mt was processed.
It stated: “Total national domestic refining produced 46.92 thousand mt of finished and intermediate products. Pipelines and Product Marketing Company (PPMC), which lifts products from the refineries, evacuated 174.44 thousand mt of products. The three (3) refineries as fuel and loss used altogether 21.56 mt of products. Consumption as fuel was 28.89% while loss and flare accounted for 4.33% of production. Table 11.0 shows the breakdown by refinery”.
The report disclosed that NNPC Retail Limited and Independent Petroleum Products Marketing Companies distributed about 276.90 million litres of various petroleum products in the 36 States and FCT in September, representing a decrease of 72.47 million litres or 20.74% when compared with the total volume distributed in August 2014.
It explained: “The NNPC Retail Limited distributed 100.53 million litres (36.31% of the total sales) of petroleum products, while the Independent Marketing Companies distributed 176.37 million litres (63.69%).
“Distribution by product shows, Premium Motor Spirit (PMS) had the highest figure of 195.62 million litres (70.65%) of the total reflecting average daily sales of 6.52 million litres. This was followed by Automotive Gas Oil (AGO) with total sales figure of 21.40 million litres (7.73%) averaging 0.71 million litres per day. Household Kerosene (HHK) came third in the petroleum products distribution slate with total figure 18.23 million litres (6.58%), giving an average daily figure of 0.67 million litres. Low Pour Fuel (LPFO) and others constituted the remaining part of the distribution”.
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