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The Nigerian National Petroleum Company (NNPC) Limited has disclosed a trading surplus of ₦141.96billion recorded in June 2021.
This,it said, compared to a deficit of ₦37.46Billion in May 2021.
A statement by Garba Deen Muhammad
Group General Manager, Group Public Affairs Division, noted that the information is contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27billion to stand at N894.64billion.
Besides, expenditure for the month decreased by 29.32% or N299.44billion to stand at N721.93billion.
In the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.
According to the report, the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
The report also said positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
Trading surplus or trading deficit is derived after deduction of the expenditure
profile from the revenue for the period under review.
The report said in order to ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, a total of 1.63bn litres of PMS translating to 54.50mn liters/day were supplied in June 2021.
It indicated that in June 2021, 47 pipeline points were vandalized representing 26.56% decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43%, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.
According to the report,in the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).
For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production.
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