Nigeria's leading finance and market intelligence news report.

NNPC Posts ₦13.23billion Trading Surplus in October

The Nigerian National Petroleum Corporation (NNPC) says it recorded a trading surplus of ₦13.23billion in October 2019, representing an increase of 54 percent over the ₦8.59billion surplus posted in September last year.

The NNPC, in a release signed by its Acting Group General Manager, Group Public Affairs Division, Mr. Samson Makoji, explained that the figures contained in the recently released October 2019 edition of the NNPC Monthly Financial and Operations Report (MFOR), reflect the sustained streak of positive results in the operations of the National Oil Company.

* indicates required

To underline the increasing fortunes of the corporation in recent times, the September, 2019 trading surplus of ₦8.59billion in turn indicated a significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019, even as that beat the ₦4.26billion surplus posted in July 2019, reflecting an increase of 22 per cent, the NNPC said.

The national oil company said the increase of 54 per cent trading surplus in October 2019 accounts of the corporation was majorly attributable to improved trading surplus posted by its flagship Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

The 51st edition of the MFOR stated a total Crude Oil and Gas export sales of $483.25 million in October 2019; which is an increase of 35.77 percentage point, compared to the previous month, implying that in the month under review, Crude oil export sales contributed $396.94million (82.14 per cent) of the dollar transactions, compared with $267.97million contribution in the September, 2019, even as 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 & Gas worth $5.49 Billion was exported.

In the Downstream Sector, to ensure sustained PMS supply and effective distribution across the country, 1.16billion litres of PMS, translating to 37.30mn liters/day, were supplied for the month.

NNPC stated in the monthly report that it had continued to diligently monitor the daily stock of Premium Motor Spirit (PMS), otherwise called petrol, 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 vandalized points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks, while ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively.

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

This translates to a total supply of 1,011.85Million Standard Cubic Feet (mmscfd) of gas to the domestic market and 3,341.84mmscfd of gas supplied to the export market for the month, implying that during the month, 57.23 per cent of the average daily gas produced was commercialized, while the balance of 42.77 per cent was re-injected, used as Upstream fuel gas or flared.

Whatsapp mobile
3 Comments
  1. Aderemi A Adeyeye says

    I am ending my subscription!
    Business Day appears to be more of a scam than anything else it complains about in Nigeria.
    My subscription expires on 1/20/2020 but I have bee denied access to the service for three days now.
    Today is only 1/2/2020.
    I am sure ending my subscription is more of a loss to me than it is to Business Day since I enjoying reading the newspaper.
    However, this is one loss I cannot afford not to suffer!
    As your editorial board maintains its unending criticism of the Nigerian government, please take a moment to examine your own business.
    Is it being run honestly? I have just tried to reach you on the phone (+234-1-2799101) without success. The line was going unanswered

    1. Yvette Dimiri says

      Hi Aderemi! We’re really sorry about the interruption your experiencing. We’ve just sent you an email, please respond so that we can get your subscription back up and running again. You can also email support@businessday.ng for more information. Thanks for your understanding.

Comments are closed, but trackbacks and pingbacks are open.