NNPC Declares N13.23bn Surplus for October


Peter Uzoho with agency report
The Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of N13.23billion in October 2019. This represented an increase of 54 per cent compared to N8.59 billion surplus posted in September 2019.

The corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released recently. The report reflected the sustained streak of positive results in the operations of the National Oil Company. It added that the September 2019 trading surplus of N8.59 billion in turn indicated a significant increase of 65 per cent compared to the N5.20billion surplus posted in August 2019.

The report noted that the August surplus also beat the N4.26billion surplus posted in July 2019, reflecting an increase of 22 per cent.
The report revealed that the October surplus was largely due to the improved trading surplus posted by its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

On Crude oil and Gas sales, it said that a total Crude Oil and Gas export sales of 483.25 million dollars were made in October 2019.

It said this was an increase of 35.77 percentage point, compared to September, implying that in October, Crude oil export contributed $396.94million (82.14 per cent) of the dollar transactions, compared with 267.97million dollars contribution in the September 2019. It noted that the export Gas sales for the month amounted to $86.32 million.

“Overall, the October 2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth 5.49 billion dollars was exported,’’ it said.

In the Downstream Sector, it said that 1.16billion litres of Premium Motor Spirit(PMS) also known as petrol, translating to 37.30mn liters/day, were supplied for the month.

It noted that the corporation had continued to monitor the daily stock of PMS in order to achieve smooth distribution of petroleum products and zero fuel queue nationwide.

The report said that in October 2019, 35 vandalized-pipeline points, representing a decrease of 81 per cent from the 186 vandalized-points in September 2019, were recorded.

“Out of the vandalised points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks.

“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively,’’ the News Agency of Nigeria quoted the report to have stated.

In the Gas Sector, the report stated that out of the 235.82 billion Cubic Feet (BCF) of gas supplied in October 2019, a total of 134.97 BCF of gas was commercialized, consisting of 31.37 BCF for domestic market and 103.60 BCF for export market.