The Nigerian National Petroleum Company (NNPC) Limited has revealed that it recorded a total trading surplus of N141.96 billion in June 2021, compared to a deficit of N37.46 billion in May this year.
The information was contained in a statement on the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR), signed by the company’s Group General Manager, Group Public Affairs Division, Mr. Garba Muhammad, a copy of which was obtained yesterday.
The statement said NNPC’s trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue for the period under review.
However, during the month under review, the NNPC Group said its operating revenue, as compared to May 2021, decreased by 9.07 per cent or N89.27 billion to stand at N894.64billion. It added that the expenditure for the month decreased by 29.32 per cent or N299.44 billion, to stand at N721.93billion.
“Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per cent, compared to the figure in May, which stood at 1.04 per cent.”
The report further disclosed 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.”
To ensure continuous supply and effective distribution of petrol across the country, the national oil company pointed out that a total of 1.63 billion litres of petrol, translating to 54.50 million per day, were supplied in June 2021.
The report indicated that during the month, 47 pipeline points were vandalised, representing a 26.56 per cent decrease from the 64 points recorded in May 2021.
It stated that the Port Harcourt area accounted for 43 per cent of the vandalism cases, while Mosimi and Kaduna areas accounted for 51 per cent and six per cent, respectively.
In the gas sector, it indicated that a total of 223.77 billion cubic feet (bcf) of natural gas was produced in the month of June 2021, translating to an average daily production of 7,459.88 million standard cubic feet per day (mmscfd).
The report said, “For the period of June 2020 to June 2021, a total of 2,890.11 bcf of gas was produced, representing an average daily production of 7,321.36 mmscfd, during the period.
“Period-to-date, production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84 per cent, 20.26 per cent and 19.90 per cent, respectively to the total national gas production.”
It explained that the 71st edition of the MFOR highlighted the company’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.”