NNPC Announces N141.96bn Trade Surplus

 

The Nigerian National Petroleum Corporation (NNPC), has announced a trading surplus of N141.96 billion or $346M for June, compared to a deficit of N37.46 billion in May 2021.

A statement by Garba Muhammad, Group General Manager, Group Public Affairs Division, NNPC, on Sunday stated that this was 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.

The report stated that in June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 per cent or N89.27 billion to stand at N894.64 billion.

Similarly, it noted that expenditure for the month decreased by 29.32 per cent or N299.44 billion to stand at N721.93billion.

Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per 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 NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).

It said that 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 also stated that 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 liters/day were supplied in June 2021.

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

“Port Harcourt Area accounted for 43 per cent, while Mosimi and Kaduna Areas accounted for 51 per cent and six per cent, respectively, of the vandalised points.

In the gas sector, it stated that 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, it said 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 per cent, 20.26 per cent and 19.90 per cent respectively, to the total national gas production.

The 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021.

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