Report: NNPC Recorded N17.16bn Surplus in April

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Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) Thursday disclosed it recorded a surplus of N17.16 billion from its oil and gas operations in the month of April, 2018.

The corporation’s Group General Manager in charge of Group Public Affairs Division, Mr. Ndu Ughamadu, stated this in a statement issued yesterday in Abuja.

The statement, according to Ughamadu, contained highlights of NNPC’ monthly financial and operations report for April.

He explained that there was a N5.43 billion improvement representing 46.29 per cent on the trading surplus NNPC recorded in the previous month of March, 2018.

According to him, the trading surplus was achieved through a combined higher performance by the upstream, midstream (refineries) and downstream sectors as well as a reduction in NNPC’s headquarters’ operational expenditure.

“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC),” Ughamadu, quoted the report as saying.

He noted that gas production and supply recorded an average daily production of 8,054.46 billion cubic feet (bcf) within the period, out of which an average of 835.27 million metric standard cubic feet (mmscf), equivalent of 3,283 megawatts (MW) of electricity, was supplied to the power sector daily during the period under review.

“The result when compared with that of April, 2017, implies an increase of 496MW of power generated relative to same period last year,” Ughamadu added.

He further stated that in the period under review, the report showed a total of 1.61 billion litres of petrol was supplied by the NNPC which recorded a 48.21 per cent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalised points in the previous month.

According to him, the report indicated that the Aba-Enugu pipeline segment of NNPC’s pipeline accounted for 78 vandalised points, representing 84.78 per cent of total vandalised points on the pipeline network.