The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57bn in April 2021 representing a 23.64% increase over the ₦35.24bn surplus it recorded in the previous month of March 2021.
This is contained in the April 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, the NNPC Group operating revenue in
April 2021, as compared to March 2021, increased by 17.73% or N80.67bn to stand
at N535.61bn.
Similarly, expenditure for the month increased by 17.24% or
N72.34bn to stand at N492.05bn, while expenditure as a proportion of revenue
stood at 0.92, same as last month.
The report attributed the rise in trading surplus to the
activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum
Development Company (NPDC), such as crude oil lifting from OML 119 (Okono
Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as
increase in gas sales.
The positive outlook was further consolidated by the robust
gains of two other subsidiaries namely: Duke Oil and the National Engineering
and Technical Company (NETCO).
In the Downstream, to ensure uninterrupted supply and
effective distribution of fuel across the country, a total of 1.67billion
litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were
supplied in the month under review.
The report also showed a 34.29% reduction in the number of
pipeline points vandalized from 70 in the previous month of March 2021 to 46 in
April 2021. While Port Harcourt area accounted for 54%, Mosimi area accounted
for 46% of the vandalized points.
In the Gas sector, a total of 209.27billion cubic feet (bcf)
of natural gas was produced in the month under review, translating to an
average daily production of 6,975.72million standard cubic feet per day
(mmscfd).
For the period of April 2020 to April 2021, a total of
2,902.52bcf of gas was produced, representing an average daily production of
7,369.76mmscfd during the period.
Period-to-date production from Joint Ventures (JVs),
Production Sharing Contracts (PSCs) and NPDC contributed about 62.07%, 19.95%
and 17.98% respectively to the total national gas production.
In terms of natural Gas off-take, commercialization and
utilization, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf
of gas was commercialized consisting of 42.92bcf and 83.91bcf for the domestic
and export markets respectively.
This translates to a total supply of 1,430.90mmscfd of gas
to the domestic market and 2,976.94mmscfd of gas supplied to the export market
for the month.
This implies that 61.45% of the average daily gas produced
was commercialized while the balance of 38.55% was either re-injected, used as
upstream fuel gas or flared. Gas flare rate was 9.74% for the month under
review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42% (i.e.
542.22mmscfd) for the period of April 2020 to April 2021.
A total of 795mmscfd was delivered to gas-fired power plants
in the month of April 2021 to generate an average power of about 3,416 MW.
NNPC started publishing its Monthly Financial and Operation Report in October 2015, making the April 2021 edition the 69th in the series. It is published in line the commitment of the Corporation’s Management to be more transparent, accountable to its stakeholders and the Nigerian public.
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