The surplus was made known in the February 2021 edition of
the NNPC Monthly Financial and Operations Report (MFOR), according to a press
release by the Group General Manager, Group Public Affairs Division of the
Corporation, Dr. Kennie Obateru.
Trading surplus or trading deficit is derived after
deduction of the expenditure profile from the revenue for the period under
review.
According to the report, in February 2021, NNPC Group
operating revenue as compared to January 2021, increased by 35.64% or N 152.07billion
to stand at N578.79billion.
Similarly, expenditure for the month increased by 29.21% or
N121.83billion to stand at N538.94billion. The expenditure for the month as a
proportion of revenue was 0.93% as against 0.98% the previous month.
The significant increase in trading surplus is attributed
mainly to reconciled accounts by the Corporation’s downstream subsidiary, the
Petroleum Products Marketing Company (PPMC), using the Petroleum Products
Pricing Regulatory Agency (PPPRA) pricing template.
Other factors that boosted the trading surplus figure,
according to the Corporation, included the performance of Duke Oil, Nigerian
Gas Company (NGC) and Nigerian Gas Marketing Company (NGMC) which recorded
robust gains as a result of increased debt collection and cost optimization
measures.
Conversely, during the period under review, 54 pipeline
points were vandalized representing 50% increase from the 27 points recorded in
January 2021.
The Warri Area accounted for 50% and Mosimi Area accounted
for 39% of the vandalized points while Kaduna and Port Harcourt Areas accounted
for 7% and 4% respectively.
NNPC continues to work in collaboration with the local
communities and other stakeholders to eliminate the menace of pipeline
vandalism.
In the period under review, the Corporation supplied a total
of 1.41bn litres of Premium Motor Spirit (petrol) translating to 50.52m
litres/day.
In terms of natural gas offtake, commercialization and
utilization, out of the 206.05Billion Cubic Feet (BCF) produced in February
2021, a total of 133.06BCF was commercialized consisting of 40.15 BCF and 92.91
BCF for the domestic and export market respectively.
This translates to a total supply of 1,433.75Million
Standard Cubic Feet Per Day (mmscfd) of gas to the domestic market and
3,318.25mmscfd of gas supplied to the export market for the month.
This implies that 64.48% of the average daily gas produced
was commercialized while the balance of 35.52% was re-injected, used as
upstream fuel gas or flared.
Gas flare rate was 7.67% for the month under review (i.e.
565.52mmscfd) compared with average gas flare rate of 7.12% (i.e. 529.20mmscfd)
for the period of February 2020 to February 2021.
The February 2021 NNPC Monthly Financial and Operations
Report is the 67th in the series. It is published in keeping with the
Corporation’s commitment to transparency and accountability.
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