The Nigerian National Petroleum Company (NNPC) Ltd says it recorded a huge trading surplus of ₦141.96 billion in June 2021 against a deficit of ₦37.46 billion in May 2021. According to the June 2021 NNPC Monthly Financial and Operations Report (MFOR), the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
The 71st edition of the MFOR as contained in a statement by Mr Garba Deen Muhammad, the Group General Manager
Group Public Affairs Division, highlights NNPC’s activities for the period of June 2020 to June 2021.
In line with its commitment to transparency and accountability, NNPC has continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.
In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion. Similarly, expenditure for the month decreased by 29.32% or N299.44 billion to stand at N721.93 billion.
Thus, in the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.
The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
Persecondnews.com quotes the report as saying that in order to ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63 bn litres of PMS translating to 54.50mn liters/day were supplied in June 2021.
On pipeline vandalism, as at June 2021, 47 pipeline points were vandalized representing 26.56% decrease from the 64 points recorded in May 2021.
“Port Harcourt Area accounted for 43%, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.
In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).’’
On gas production, NNPC said from June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production, it stated.