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NNPC records over 50% surplus in September’s oil exports

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The Nigerian National Petroleum Corporation (NNPC) has announced crude oil and gas export sales of $355.9 million in September 2019, which indicates a significant increase of 52.8 percent, compared to the previous month figure of $232.9 million.

This was contained in a report revealed by the corporation’s Acting Group General Manager, Group Public Affairs Division, Samson Makoji.

The report is titled: “The NNPC Monthly Financial and Operations Report (MFOR) bears the September 2019 crude oil and gas export sales details.

The September 2018 to September 2019 Crude Oil and Gas transactions indicated that crude oil & gas worth $5.6 billion was exported.

A breakdown of the figures shows that crude oil export sales added $268 million (75.3 percent) of the dollar transactions, compared with $150.7 million in August while the export gas sales amounted to $88 million in the month.

This encouraging result is largely characterized by the operations of the corporation which was largely sustained with the posting of a trading surplus of ₦8.6 billion recorded in the month under review.

In turn, the August figure of ₦5.2 billion surpassed the ₦4.3 billion surpluses posted in the previous month of July 2019, reflecting an increase of 22 percent, according to the September edition of the report.

According to the report, the improved surplus posted in the Upstream and Downstream Sector transactions of NNPC’s subsidiary companies, Integrated Data Services Limited (IDSL), Nigerian Gas Company (NGC), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC), Nigerian Pipeline and Storage Company (NPSC), and Duke Oil Incorporated, explained the significant increase of 65 percent in the September trading of corporation.

The MFOR states that the percentage increase in the performances of these NNPC subsidiaries cushioned the September sharp decline in the results posted by the Nigerian Petroleum Development Company (NPDC) as compared with the company’s posting in August 2019.

Source Energymixreport Premium Times
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