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NNPC announces ₦9.85bn trading surplus

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Contrary to the deficit of N3.90 billion it recorded in August, the Nigerian National Petroleum Corporation, NNPC, realized a trading surplus of N9.85 billion naira in September.

NNPC Monthly Financial and Operations Report for September 2018 indicated that the improved performance of ₦13.75 billion increase is attributable to higher revenue by the Nigerian Petroleum Development Company (NPDC), the corporation’s upstream subsidiary.

NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu who made the announcement recently, stated that NPDC’s production has been on the rise as a result of success recorded in repairs of vandalized pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal.

The report stated that a total crude oil and gas export sale of $626.62million was made in September 2018 under the NNPC’s US dollar transactions which is 33.32 per cent higher than the previous month.

“Crude oil export sales contributed $508.54 million which is 81.16 per cent of the dollar transactions compared with $337.62million contribution in the previous month.”

According to the report, export gas sales amounted to $118.08 million in the month, and the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil & gas worth $5.45 billion was exported.

The report also stated that NNPC ensured increased petrol supply and effective distribution across the country during the period, saying that during the month, 1.66billion litres of petrol, translating to 55.50 million liters/day, were supplied by the corporation.

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