..……Trading surplus increases to ₦141.96bn

By Chibisi Ohakah, Abuja

Nigerian National Petroleum Company (NNPC) has released indicating that about 47 pipeline points were vandalized in June, even though it represented 26.56% decrease from the 64 points recorded in the previous month of May 2021.

The Nigeria’s apex oil company explained the Port Harcourt Area accounted for 43% of the cases, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.

In the latest NNPC Monthly Financial and Operations Report (MFOR) released at the weekend, the NNPC said it recorded a trading surplus of ₦141.96billion in the month under review. The figure appears a leap compared to a deficit of ₦37.46billion in May 2021.

It confirmed that the trading surplus was derived after deduction of the expenditure profile from the revenue for the period under review.

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

“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 MFOR for June said.

The company attributed 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).

It also said the increase is attributable to the high performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line. It further said 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 54.50mnliters/day were supplied in the month in review.

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

The report said 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. It said that 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.

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