NNPC announces N43.57 billion trading surplus for April

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The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57bn in April 2021 representing a 23.64% increase over the ₦35.24bn surplus it recorded in the previous month, March 2021.

This information was contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release signed by the Group General Manager, Group Public Affairs Division of the Corporation, Dr Kennie Obateru.

A 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% or N80.67bn to stand at N535.61bn.

Similarly, the expenditure for the month increased by 17.24% or N72.34bn to stand at N492.05bn, while expenditure as a proportion of revenue stood at 0.92, the same as the previous 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 an 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 litres/day were supplied in the month under review.

More so, the report also showed a 34.29% reduction in the number of pipeline points vandalized from 70 in the previous month of March 2021 to 46 in April 2021.

While the Port Harcourt area accounted for 54%, Mosimi area accounted for 46% of the vandalized points.

In the Gas sector, a total of 209.27 billion cubic feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72 million standard cubic feet per day (MMSCFD).

From April 2020 to April 2021, a total of 2,902.52 bcf of gas was produced, representing an average daily production of 7,369.76 MMSCFD within the period.

Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07%, 19.95% and 17.98% respectively to the total national gas production.

In terms of natural gas off-take, commercialization and utilization, out of the 206.40 BCF supplied in April 2021, a total of 126.83 BCF of gas was commercialized consisting of 42.92 BCF and 83.91 BCF for the domestic and export markets respectively.

This translates to a total supply of 1,430.90 MMSCFD of gas to the domestic market and 2,976.94 MMSCFD of gas supplied to the export market for the month.

It also implies that 61.45% of the average daily gas produced was commercialized while the balance of 38.55% was either re-injected, used as upstream fuel gas or flared. The gas flare rate was 9.74% for the month under review (i.e. 670.19 MMSCFD) compared with the average gas flare rate of 7.42% (i.e. 542.22 MMSCFD) for the period of April 2020 to April 2021.

A total of 795 MMSCFD was delivered to gas-fired power plants in April 2021 to generate an average power of about 3,416 MW.

NNPC started publishing its Monthly Financial and Operation Report in October 2015, making the April 2021 edition the 69th in the series. It is published in line with the commitment of the Corporation’s Management to be more transparent, accountable to its stakeholders and the Nigerian public.

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