The Nigerian National Petroleum Company (NNPC) Limited has announced a trading surplus of N141.96 billion in June 2021, compared to a deficit of N37.46 billion in May 2021.
Spokesman for the company, Mr. Garba Deen Muhammad, disclosed this in a statement yesterday in Abuja.
The figures are contained in the June 2021 figures of the NNPC monthly financial and operations report.
The statement noted that in June 2021, the NNPC group’s operating revenue, compared to May 2021, decreased by 9.07 per cent, or N89.27 billion, to stand at N894.64 billion.
Similarly, expenditure for the month decreased by 29.32 per cent, 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 per cent, compared to the figure in May, which stood at 1.04 per cent.
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.
According to the report, surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
To ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63 billion litres of PMS translating to 54.50mn litres/day were supplied in June 2021. The report indicated that in June 2021, 47 pipeline points were vandalised, representing 26.56 per cent decrease from the 64 points recorded in May 2021.
Port Harcourt Area accounted for 43 per cent, while Mosimi and Kaduna areas accounted for 51 per cent and 6 per cent, respectively, of the vandalised points.
In the Gas sector, a total of 223.77 billion cubic feet (bcf) of natural gas was produced in June 2021, translating to an average daily production of 7,459.88 million standard cubic feet per day (mmscfd).
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.
The 71st edition of the MFOR 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.
