NNPC Announces N37bn Increase in Trading Surplus for September 2021

Emmanuel  Addeh in Abuja

The Nigerian National Petroleum Company Limited (NNPC Ltd) yesterday announced what it said was a trading surplus of N37.50 billion for the month of September 2021.

A statement signed by the Group General Manager, Group Public Affairs Division, NNPC, Mr. Garba Muhammad, in Abuja, stated that this represented a 352 per cent increase from the N8.29 billion surplus in August 2021.

Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR), the NNPC said,  indicated that the rise in trading surplus was largely due to the increased earnings of its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

It added that trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review.  

But in September 2021, NNPC said its group’s operating revenue as compared to August 2021, reduced by 29.87 per cent or N191.90 billion to stand at N450.45 billion. Similarly, expenditure for the month, it said, decreased by 34.87 per cent or N221.11billion to stand at N412.92 billion.

“Expenditure as a proportion of revenue in the month under review stood at 0.92 per cent, compared to the previous month’s 0.99 per cent,” it added.

The report also showed a total crude oil and gas export receipt of $348.63 million in September 2021 as against $224.29 million in August 2021.

Receipts from crude oil amounted to $8.38million, it said, while gas and miscellaneous receipts stood at $55.25 million and $285.00 million respectively.

“Total crude oil and gas export receipt for the period of September 2020 to September 2021 stood at $2.03 billion,” it noted.

In the downstream sector, to ensure uninterrupted supply and effective distribution of petrol across the country, the NNPC stated that a total of 1.39 billion litres translating to 46.31million litres/day was supplied for the month of September 2021.

For the month under review, 21 pipeline points were vandalised,  it revealed, same as recorded in August 2021. “Port Harcourt area accounted for 5 per cent, while Mosimi Area accounted for 95 per cent of the vandalised points,” it explained.

In the gas sector, a total of 208.35billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15million standard cubic feet per day (mmscfd).

“For the period of September 2020 to September 2021, a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd during the period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51 per cent, 21.20 per cent and 21.29 per cent respectively to the total national gas production.

“Out of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialised, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.

“This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month,” it noted.

The 74th edition of the MFOR highlights NNPC’s activities for the period of September 2020 to September 2021.