Warning: getimagesize(https://media.energytimesonline.com/wp-content/uploads/2020/08/logo_n-removebg-preview-300x55.png): failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found in /home/energytimes/public_html/wp-content/plugins/td-cloud-library/shortcodes/header/tdb_header_logo.php on line 792
Saturday, June 19, 2021
Home Uncategorized NNPC records 314% increase in Trading Surplus in February

NNPC records 314% increase in Trading Surplus in February

- Advertisement -

The state-run Nigerian National Petroleum Corporation (NNPC) has announced a ₦39.85billion trading surplus for the month of February 2021 representing a massive 314.24% leap from the ₦9.62billion surplus it recorded in January 2021.

This is contained 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.

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Death toll from Lagos LPG tanker explosion rises to 5 — NEMA

The number of persons killed in Thursday’s gas tanker explosion at the Ogun State Property Investment Company (OPIC) Plaza in Ikeja has risen to...

Scores injured, 25 vehicles burnt in Lagos gas explosion 

A LPG tanker exploded at about 1032hour on Thursday on the Mobolaji Bank Anthony Way opposite Sheraton hotels and Towers. Ikeja. The explosion was alleged...

Lagos begins demolition of structures under power lines

The Lagos State Building Control Agency, (LASBCA), said it would embark on demolition of illegal structures constructed under high tension cables and others. A statement...

Lekan Akinyanmi in full control of Lekoil Nigeria

Lekan Akinyanmi remains in full control of Lekoil Nigeria Limited (Lekoil Nigeria), the company officially recognized by the Nigerian government as custodian of some...

Recent Comments