NNPC records 34% increase in trading surplus

The state-owned oil company, Nigerian National Petroleum Corporation (NNPC) on March 23, 2020, released its monthly operational and financial report for December 2019.

The details of the report were explained in a statement signed and released by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.

Nigerian National Petroleum Corporation, Crude oil, oil production

In the report, the corporation announced an increase in trading surplus of N5.28 billion in its December 2019 operations compared to the N3.95 billion posted in November last year. This represents a 34% increase.

The corporation explained that the 34% increase in trading surplus for the period was as a result of improved performance of some of its entities both in the upstream and downstream sectors.

It noted that the performance was impacted positively by reduced deficit which was posted by NNPC corporate headquarters and adjustments to previously understated revenue from Duke Oil and Integrated Data Services Limited.

The NNPC sold 21.51 billion litres of white products between December, 2018 and December, 2019. “The revenues generated from the sales of white products for the period stood at N2,705.76 billion, with PMS contributing about 97.56% of the sales with a value of N2,639.68 billion,” the corporation said.

The corporation also noted that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a revenue of N337.63 billion as it sold about 2.775 billion litres of white products in December 2019 compared to the 0.841 billion litres which was sold in November 2018.

The corporation further disclosed that PPMC made N337.63 billion from sales of white products as of December 2019, when compared to N105.62 billion in November 2018.

This comprises of 2.76 billion litres of petrol, 0.013 billion litres of diesel and 0.003 billion litres of low pure fuel oil

On pipeline vandalism, the Mosimi-Ibadan axis accounted for 31% of the breaks-in, while Atlas Cove-Mosimi network witnessed 19% in November 2018

These figures increased in the latest report with the breakages rising to 35% and 30% respectively, leaving the rest of the country with 35% of the cases of pipeline vandalism.

Oil

NNPC, however, reported reduction in the costs of pipeline repairs/Right of way maintenance and gas purchases by Nigerian Pipeline and Storage Company and Nigeria Gas Marketing Company respectively.

According to the corporation, in the gas sector, out of the 239.29 billion Cubic Feet (BCF) of gas supplied in December 2019, a total of 148.32BCF was commercialized, consisting of 34.78BCF and 113.54BCF for the domestic and export market, respectively.

It added that the gas flare rate reduced from 7.78% for December 2019, that is, 598.03mmscfd, compared to an average gas flare rate of 8.56 per cent in December 2018, which is 678.02mmscfd.

Leave a Reply

Your email address will not be published. Required fields are marked *