NNPC records N13.43bn trading surplus

The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of N13.43billion in November last year.

The figure was a 54 percent increase from N8.71billion surplus recorded in October.

The Group General Manager, Group Public Affairs Division of NNPC, Dr. Kennie Obateru, who disclosed this in the corporation’s Monthly Financial and Operations Reports for November 2020, added that NNPC generated $108.84 million from the export of crude oil and gas during the period.

He said NNPC surplus was bolstered by additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.

Obateru said: “These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus.

“Operating revenue decreased slightly by 0.02 percent or N0.09billion to stand at N423.08 billion while expenditure for the month also decreased by 1.16 percent or N4.81billion to stand at N409.65billion. This led to the N13.43billion trading surplus.”

The NNPC spokesman added that crude oil export contributed $73.09 million (67.15 percent) of the dollar transactions for November compared with $12.38 million contributions recorded in the previous month.

Gas export sales amounted to $35.75 million in the month.

READ ALSO: NNPC recorded N1.22bn trading deficit in September 2020 –Report

The total crude oil and gas export for November 2019 to November 2020 stood at $2.89billion.

The spokesman added: “In the Gas Sector, a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).

“Furthermore, for the period November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.

“Out of this volume, production from Joint Ventures (JVs) accounted for 67.29 percent, Production Sharing Contracts (PSCs) accounted for 19.97 percent, while the Nigerian Petroleum Development Company (NPDC) contributed 12.74 percent.

“Breakdown showed that a total of 137.41 BCF of gas was commercialized. This consists of 39.99BCF and 97.42BCF for the domestic and export market respectively. This translates to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.”

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