NNPC posts ₦141.96bn Trading Surplus in June

NNPC posts ₦141.96bn Trading Surplus in June

The Nigerian National Petroleum Company (NNPC) Limited, has announced a N141.96 billion trading surplus in June 2021 compared to a deficit of N37.46 billion recorded in the previous month.

This was disclosed in the NNPC’S Monthly Financial and Operations Report for June 2021.

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According to the report, expenditure for the month of June  2021, decreased by N299.44 billion to stand at N721.93 billion, which brought expenditure as a proportion of revenue to 0.81 percent compared to the figure in May which stood at 1.04 percent.

A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.

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In the period under review, the Group’s operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion.

The report also noted that 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).

“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.

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“To ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63billn litres of PMS translating to 54.50mn litres/day were supplied in June 2021″,  it stated.

The report indicated that in June 2021, a total of 47 pipeline points were vandalised with Port Harcourt Area accounting for 43 percent, while Mosimi and Kaduna Areas accounted for 51 percent and 6 percent respectively of the vandalized points. This is a decrease from the 64 points recorded in May 2021.

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).

For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd the period.

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Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84 percent, 20.26 percent and 19.90 percent respectively to the total national gas production.

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