Monday, December 6, 2021

NNPC records ₦24.19bn trading surplus in December – Report

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The Nigerian National Petroleum Corporation, NNPC, says it recorded an increase of ₦24.19billion trading surplus in December 2020, compared to the ₦13.43billion surplus recorded in November of the same year.

The Corporation disclosed this in its Monthly Financial and Operation Report, MFOR, for the Month of December 2020, released in Abuja, on Thursday.

It said that the amount represented 80.12 per cent trading surplus

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

The report also revealed that the operating revenue of the NNPC Group in December 2020 as compared to November 2020 increased by 33.44 per cent or N137.00billion to stand at N546.65billion.

“Similarly, expenditure for the month increased by 27.54 per cent or N112.81billion to stand at N522.47billion.

“The December 2020 expenditure as a proportion of revenue is 0.96 as against 0.97 in November 2020,’’ it said.

The report also indicated that the 80.12 per cent increase was mainly due to the significant rise in the profit of NNPC’s Upstream entity, the Nigerian Petroleum Development Company (NPDC) amid improved market fundamentals and strong global demand for crude oil.

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Other contributory factors to the robust trading surplus recorded in the month under review, it said, include the improved performance by the Nigerian Gas Marketing Company (NGMC) and the Petroleum Products Marketing Company (PPMC).

Others are the National Engineering and Technical Company (NETCO) and Duke Oil Incorporated which recorded noticeable gains in their operations.

In the Downstream,  the report noted that 2.26billion litres of white products were sold and distributed by PPMC in the month under review.

This, it said, compared to 1.72billion litres distributed in the month of November.

A breakdown indicated that the products 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 per cent.

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“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.

“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 99.09per cent of the total sales with a value of ₦2.197trillion,’’ it said

On the oil Pipelines, it said that 43 pipeline points were vandalised in the month under review, representing about 18.60 per cent  increase from the 35 points recorded in November.

“Mosimi Area accounted for 56 per cent of the vandalised points while Kaduna Area and Port Harcourt accounted for the remaining 33per cent  and 12  per cent respectively,’’ it said.

In the Gas Sector, it said that natural gas production in December  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).

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According to the report, the daily average natural gas supply to power plants increased by 3.52 per cent to 816 mmscfd, equivalent to power generation of 3,445MW.

“Out of the 208.61BCF of gas supplied in December, a total of 146.72BCF was commercialised; consisting of 42.90BCF and 103.82BCF for the domestic and export market respectively,” it said.

This, it noted, translated 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.

The report said that it implied that 70.33per cent of the average daily gas produced was commercialised while the balance of 29.67 per cent was re-injected, used as upstream fuel gas or flared.

It added that Gas flare rate was 6.80 per cent 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.

NAN

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