- Revenue generated from gas exports to three African countries rose by 11.36 per cent
- N-Gas profit increased to $9.52 million.
The revenue generated from the sale of Nigerian gas to three neighbouring countries for electricity generation rose by 11.36 per cent to $6.47m last year from $5.81m in 2019.
N-Gas Limited, a company owned by the Nigerian National Petroleum Corporation, Chevron and Shell, buys gas from oil companies in Nigeria and transport it to Ghana, Benin and Togo through the West Africa Gas Pipeline.
The company has executed agreements with upstream producers in Nigeria (Chevron Nigeria Limited Joint Venture and Nigerian Petroleum Development Company/ND Western Joint Venture) and with gas transportation companies (Nigerian Gas Company Limited and West African Petroleum Company) for the supply and transportation of gas to its customers.
The audited financial statements of N-Gas showed that its profit jumped by 53.32 per cent last year to $9.52m.
“Revenue arose from the delivery charges on the sale of gas to Volta River Authority and Communaute Electrique du Benin- Lome/ Cotonou under their respective gas sales agreements,” the company said.
According to the financial statements, the revenue generated from the gas supply to Ghana’s VRA was $4.64m, while those of CEB Cotonou were $1.22m and $608,000.
In the notes to the financial statements, N-Gas said the outstanding receivable balances from VRA relating to gas sales from August 2014 to December 2020 stood at $69m.