Tuesday, December 6, 2022

NNPC Records ₦141.96bn Trading Surplus

NNPC building

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded in June 2021, compared to a deficit of ₦37.46 billion in May 2021, according to the company’s Monthly Financial and Operations Report (MFOR). 

A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review and, according to the report, in June 2021, NNPC Group operating revenue – as compared to May 2021 – decreased by 9.07 per cent or N89.27billion to stand at N894.64billion. Similarly, expenditure for the month decreased by 29.32 per cent or N299.44billion, to stand at N721.93billion.  

Thus, within the period under review, expenditure as a proportion of revenue was 0.81per cent, compared to the figure in May which stood at 1.04 per cent. 

The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line. 

The report said to ensure continuous supply and effective distribution of premium motor spirit (PMS) across the country, a total of 1.63bn litres of PMS translating to 54.50mn litres/day were supplied in June 2021.

The report indicated that in June 2021, 47 pipeline points were vandalised, representing a 26.56 per cent decrease from the 64 points recorded in May 2021. The Port Harcourt area accounted for 43 per cent, while Mosimi and Kaduna areas accounted for 51 per cent and 6 per cent, respectively, of the vandalised points. 

In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in June 2021, translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd). 

For the period June 2020 to June 2021, a total of 2,890.11bcf of gas was produced, representing an average daily production of 7,321.36mmscfd. 

Period-to-date production from joint ventures (JVs), production sharing contracts (PSCs) and NPDC contributed 59.84 per cent, 20.26 per cent and 19.90 per cent, respectively, to the total national gas production. 

A statement by the NNPC Group general manager, group public affairs division, Garba Muhammad, said the 71st edition of the MFOR highlights NNPC’s activities for the period June 2020 to June 2021. 

It said the NNPC, in line with its commitment to transparency and accountability, has continued to sustain effective communication with stakeholders through this report via its website, independent online news portals and national dailies. 

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