NNPC Records N141.96bn Trading Surplus

NNPC Records N141.96bn Trading Surplus

NNPC Records N141.96bn Trading Surplus

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of N141.96 billion recorded in June 2021 compared to a deficit of N37.46 billion in May 2021. 

 

A statement by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, noted that the information is contained in the June 2021 figures of the NNPC 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.

 

In June 2021, NNPC Group operating revenue as compared to May 2021 decreased by 9.07% or N89.27 billion to stand at N894.64 billion. Similarly, expenditure for the month decreased by 29.32% or N299.44 billion to stand at N721.93 billion.

 

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

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.

 

To ensure continuous supply and effective distribution of premium motor spirit (PMS) across the country, a total of 1.63 billion litres of PMS translating to 54.50 million liters/day were supplied in June 2021.

 

The report indicated that in June 2021, 47 pipeline points were vandalised, representing 26.56% decrease from the 64 points recorded in May 2021.

 

Port Harcourt Area accounted for 43%, while Mosimi and Kaduna areas accounted for 51% and 6%, respectively, of the vandalised points.

 

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

 

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

 

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90%, respectively, to the total national gas production.