The Nigerian National Petroleum Corporation (NNPC) posted N24.19bn trading surplus in December, 2020 following strong global demand for crude oil.
The amount is an increase of 80.12 percent compared to N13.43 billion recorded in November, 2020.
Other factors which contributed to surplus include the improved performance by the Nigerian Gas Marketing Company (NGMC), the Petroleum Products Marketing Company (PPMC), the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations,”
NNPC made this known in the December 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.
According to the report, the operating revenue of the NNPC Group in December 2020 as compared to November 2020 increased by 33.44% or N137.00 billion and stands at N546.65billion.
Similarly, expenditure for the month in review, increased by 27.54% or N112.81 billion to stand at N522.47billion. The December 2020, expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020.
The report further indicated that in the Downstream, 2.26billion litres of white products were sold and distributed by PPMC in the month of December 2020 compared to 1.72billion litres in the month of November 2020.
This, it noted, comprised 2.254billion litres of petrol, translating to 72.72million litres/day, 11.40 million litres of Automotive Gas Oil (diesel) and 0.48 million litres of kerosene.
Total sale of white products for the period of December 2019 to December 2020 stood at 18.456billion litres and petrol accounted for 18.325billion litres or 99.29%.
“In monetary terms, the volume translates to a value of ₦288.77billion recorded on the sale of white products by PPMC in the month of December 2020 compared to ₦226.08 billion sales in November 2020.
“Total revenues generated from the sales of white products for the period December 2019 to December 2020 stood at ₦2.217triilion, where petrol contributed about 99.09% of the total sales with a value of ₦2.197trillion.
“In December 2020, 43 pipeline points were vandalized representing about 18.60% increase from the 35 points recorded in November 2020. Mosimi Area accounted for 56% of the vandalized points while Kaduna Area and Port Harcourt accounted for the remaining 33% and 12% respectively.
“In the Gas Sector, natural gas production in December 2020 stood at 213.34Billion Cubic Feet (BCF) translating to an average daily production of 6,881.83million standard cubic feet of gas per day (mmscfd).
“The daily average natural gas supply to power plants increased by 3.52% to 816mmscfd, equivalent to power generation of 3,445MW.
“Out of the 208.61BCF of gas supplied in December 2020, a total of 146.72BCF was commercialized; consisting of 42.90BCF and 103.82BCF for the domestic and export market respectively.
“This translates to a total supply of 1,383.93mmscfd of gas to the domestic market and 3,349.00mmscfd of gas supplied to the export market for the month.
“This implies that 70.33% of the average daily gas produced was commercialized while the balance of 29.67% was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.80% for the month under review (i.e. 457.25 mmscfd) compared to average gas flare rate of 7.15% (i.e. 538.59 mmscfd) for the period December 2019 to December 2020,” the report revealed.
Obateru noted that the 65th edition of the NNPC MFOR highlights the Corporation’s activities for the period of December 2019 to December 2020.
He said the Corporation has continued to sustain effective communication with stakeholders through the MFOR which is published on Corporation’s website, national dailies, as well as independent online news portals in line with the Corporation’s commitment of becoming more accountable and transparent.
