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NNPC announces a trading surplus of N20.4bn

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The Nigerian National Petroleum Corporation, NNPC, says it made a trading surplus of N20.36 billion in July 2020, rising by 860 per cent from a surplus of N2.12 billion recorded in June.

This announcement was made on Thursday in a statement on NNPC’s Monthly Financial and Operations Reports for July 2020 by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru.

The significant increase in its bottom line was largely due to the 178 per cent rise in the surplus posted by the NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company, NPDC, Dr Kennie Obateru, stated.

Obateru explained that NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

He added that the NNPC’s financials was further impacted by the 739 per cent increase in the profit of Integrated Data Services Limited, IDSL, and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

The returns from NNPC Retail Limited and Nigerian Gas Marketing Company, NGMC, during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection, according to him.

In the downstream sector, Obateru further added that to ensure continuous stability in Premium Motor Spirit, PMS, supply and effective distribution across the country, 1.02 billion litres of PMS, translating to 32.95 million litres per day were supplied for the month.

The report noted that during the period under review, 36 pipeline points were vandalized, representing about nine per cent increase from the 33 points recorded in June 2020.

In the gas sector, Obateru noted that gas production in July 2020 increased by 2.19 per cent at 236.34 billion cubic feet (BCF), compared to the output in June 2020; translating to an average daily production of 7,623.98 million Standard Cubic Feet of gas per day (mmscfd).

The daily average natural gas supply to gas power plants stood at 707 mmscfd, equivalent to power generation of 2,421 megawatts, MW, he explained.

“For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

The NNPC spokesperson noted that “Period-to-date production from Joint Ventures, JV, Production Sharing Contracts, PSC, and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production,”.

Source Vanguard
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