• Sunday, June 16, 2024
businessday logo

BusinessDay

NNPC records N37.50bn trading surplus in September

Hiding group accounts, oil-backed loans show NNPC veils in secrecy again

The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a trading surplus of N37.50 billion for September 2021, representing a 352 percent increase from the N8.29 billion surplus in August 2021.

In a statement on Friday, following the release of the September 2021 NNPC monthly Financial and Operations Report, the corporation said this development was largely due to the increased earnings of its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

Trading surplus or trading deficit is derived after deducting the expenditure profile from the revenue in the period under review.

NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87 per cent or N191.90billion to stand at N450.45 billion.

While the company’s expenditure for the month decreased by 34.87 percent or N221.11 billion to stand at N412.92 billion, its expenditure, which is a proportion of revenue in the month under review, stood at 0.92 percent, compared to last month’s 0.99 percent.

Data culled from the statement also shows a total crude oil and gas export receipt of $348.63 million in September 2021 as against $224.29 million in August 2021.

Receipts from crude oil amounted to $8.38 million while gas and miscellaneous receipts stood at $55.25 million and $285.00 million respectively.

Meanwhile, the total crude oil and gas export receipt for the period of September 2020 to September 2021 stood at $2.03 billion.

Read also: Governors tackle NNPC on zero contribution to Federation Account

While noting these, the recent release revealed that to ensure uninterrupted supply and effective distribution of petrol across the country in the downstream sector, a total of 1.39 billion litres translating to 46.31 million litres/day was supplied for the month of September 2021.

“For the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for 5 percent, while Mosimi Area accounted for 95 percent of the vandalized points.

“In the gas sector, a total of 208.35 billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15 million standard cubic feet per day (mmscfd).

“For the period of September 2020 to September 2021, a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd during the period, “the statement reads.

According to the statement, the period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51 percent, 21.20 percent and 21.29 percent respectively to the total national gas production.

“Out of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialized, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.

“This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month,” it noted.