NNPC records ₦141.96bn trading surplus June 2021

*The Nigerian National Petroleum Company (NNPC) Limited has announced a giant leap in trading surplus of ₦141.96billion recorded June 2021, in comparison to a deficit of ₦37.46billion documented May this year, and 47 vandalised pipeline points in some parts of the country

Isola Moses | ConsumerConnect

The Nigerian National Petroleum Company (NNPC) Limited has announced a huge leap in trading surplus of ₦141.96billion recorded June 2021, compared to a deficit of ₦37.46billion May this year.

The company said that the information is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).

According to NNPC, a trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC Limited, in a statement issued Sunday, December 12, 2021, in Abuja, FCT, said in June 2021, NNPC Group’s operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion.

Likewise, expenditure for the month decreased by 29.32% or N299.44billion to stand at N721.93billion.

The oil firm also noted that in the period under review, expenditure as a proportion of revenue was 0.81 percent, compared to the figure in May, which stood at 1.04 percent.

“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 statement said.

The NNPS further stated in order to ensure continuous supply and effective distribution of Premium Motor Spirit (PMS), otherwise known as petrol across the country, a total of 1.63billiion litres of PMS translating into 54.50million liters/day were supplied June 2021.

The report as well indicated that in June this year, 47 pipeline points were vandalised, representing 26.56 percent decrease from the 64 points recorded May 2021.

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

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

According to NNPC, from 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.

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

Muhammad, therefore, noted that in line with the company’s commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its Web site, independent online news portals, and in the national dailies.

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