The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of N 43.57bn in April 2021, representing a 23.64 per cent increase over the N35.24bn surplus it recorded in the previous month of March 2021.
This is contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release issued by the group general manager, group public affairs division of the corporation, Dr. Kennie Obateru.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
According to the report, the NNPC group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bn to stand at N535.61bn.
Similarly, expenditure for the month increased by 17.24 per cent or N72.34bn to stand at N492.05bn while expenditure as a proportion of revenue stood at 0.92, same as last month.
The report attributed the rise in trading surplus to the activities of the corporation’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company) as well as increase in gas sales.
The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).
In the downstream, to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.
The report also showed a 34.29 per cent reduction in the number of pipeline points vandalised from 70 in the previous month of March 2021 to 46 in April 2021.
While Port Harcourt area accounted for 54 per cent, Mosimi area accounted for 46 per cent of the vandalised points.
In the gas sector, a total of 209.27billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).
For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 per cent, 19.95 per cent and 17.98 per cent respectively to the total national gas production.
In terms of natural gas off-take, commercialisation and utilisation, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf of gas was commercialised consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.
This translates to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.