NNPC posts N13.23bn trading surplus
Posted by Olatunde Dodondawa, Lagos | 2 January 2020 | 1,767 times
The Nigerian National
Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.23 billion
in October 2019, representing an increase of 54 per cent vis-à-vis the
₦8.59billion surplus posted in September last year.
The NNPC, in a release
signed by its Acting Group General Manager, Group Public Affairs Division, Mr.
Samson Makoji, explained that the figures contained in the recently released
October 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR),
reflect the sustained streak of positive results in the operations of the
National Oil Company.
To underline the
increasing fortunes of the corporation in recent times, the September 2019
trading surplus of ₦8.59billion, in turn, indicated a significant increase of
65 per cent compared to the ₦5.20billion surplus posted in August 2019, even as
that beat the ₦4.26billion surplus posted in July 2019, reflecting an increase
of 22 per cent.
The NNPC said the
increase of 54 per cent trading surplus in October 2019 accounts of the
corporation was majorly attributable to improved trading surplus posted by its
flagship Upstream subsidiary, the Nigerian Petroleum Development Company
(NPDC).
The 51st edition of the
MFOR stated a total Crude Oil and Gas export sales of $483.25 million in
October 2019; which is an increase of 35.77 percentage point, compared to the
previous month, implying that in the month under review, Crude oil export sales
contributed $396.94million (82.14 per cent) of the dollar transactions, compared
with $267.97million contribution in September 2019, even as the export Gas
sales for the month amounted to $86.32 million.
Overall, the October
2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil
& Gas worth $5.49 Billion was exported.
In the Downstream
Sector, to ensure sustained PMS supply and effective distribution across the
country, 1.16billion litres of PMS, translating to 37.30mn litres/day, were
supplied for the month.
NNPC stated in the
monthly report that it had continued to diligently monitor the daily stock of
Premium Motor Spirit (PMS), otherwise called petrol, in order to achieve smooth
distribution of petroleum products and zero fuel queue nationwide.
The report said that in
October 2019, 35 vandalised-pipeline points, representing a decrease of 81 per
cent from the 186 vandalized-points in September 2019, were recorded.
Out of the vandalised
points, eight failed to be welded, while only one pipeline was ruptured, with
Ibadan-Ilorin axis accounting for 34 per cent of the breaks, while ATC-Mosimi
and other routes accounted for 23 per cent and 43 per cent, respectively.
In the Gas Sector, out
of the 235.82billion Cubic Feet (BCF) of gas supplied in October 2019, a total
of 134.97 BCF of gas was commercialised, consisting of 31.37 BCF and 103.60 BCF
for the domestic and export market, respectively.
This translates into a
total supply of 1,011.85Million Standard Cubic Feet (mmscfd) of gas to the
domestic market and 3,341.84mmscfd of gas supplied to the export market for the
month, implying that during the month, 57.23 per cent of the average daily gas
produced was commercialised, while the balance of 42.77 per cent was
re-injected, used as Upstream fuel gas or flared. (Nigerian Tribune)
Source: News Express
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