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The NNPC Has A Trading Surplus of 141.96 billion Dollars

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The NNPC Has A Trading Surplus of 141.96 billion Dollars

The Nigerian National Petroleum Company (NNPC) Limited reported a trading surplus of 141.96 billion dollars in June 2021, up from a deficit of 37.46 billion dollars in May 2021.

iexclusive News Nigeria reports that the numbers from the NNPC Monthly Financial and Operations Report for June 2021 show this (MFOR).

After deducting the spending profile from the revenue for the period under consideration, a trade surplus or deficit is calculated.

In June 2021, NNPC Group operating revenue fell by 9.07 percent, or N89.27 billion, to N894.64 billion, compared to May 2021. Similarly, expenditure fell by 29.32 percent, or N299.44 billion, to N721.93 billion for the month.

Thus, expenditure as a percentage of revenue was 0.81 percent in the period under consideration, compared to 1.04 percent in May.
The increase in trade surplus was attributed to increased crude oil and gas sales by the Nigerian Petroleum Development Company (NPDC), a NNPC Upstream subsidiary, as well as increased gas sales and depreciation filings by the Nigerian Gas Company, according to the report (NGC).
The bullish outlook was backed by Duke Oil’s and the Nigerian Gas Marketing Company’s (NGMC) performance, which contributed to the improved bottom line.

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According to the report

In June 2021, a total of 1.63 billion litres of Premium Motor Spirit (PMS) were delivered, equating to 54.50 million liters per day, to ensure continuous supply and effective distribution across the country.

According to the study, 47 pipeline points were vandalized in June 2021, a decrease of 26.56 percent from the 64 points registered in May 2021. The Port Harcourt area accounted for 43% of the vandalized points, while the Mosimi and Kaduna areas accounted for 51% and 6%, respectively.

In the gas sector, 223.77 billion cubic feet (bcf) of natural gas were produced in June 2021, equating to an average daily production of 7,459.88 million standard cubic feet (mscf).

From June 2020 to June 2021, a total of 2,890.11 billion cubic feet of gas was produced, with an average daily production of 7,321.36 million cubic feet per day.

Joint Ventures (JVs), Production Sharing Contracts (PSCs), and the National Petroleum Development Corporation (NPDC) contributed 59.84 percent, 20.26 percent, and 19.90 percent, respectively, to total national gas production.

The MFOR’s 71st edition details the NNPC‘s actions from June 2020 to June 2021.
NNPC has maintained efficient communication with stakeholders through this report, which was published on its website, independent online news portals, and national dailies, in keeping with its commitment to transparency and accountability.