The Nigerian National Petroleum Corporation, NNPC, on Thursday, May 27, 2021, disclosed that its operating revenue rose by 35.64 percent to stand at N578.7 billion in February 2021, a N150.07 billion jump from January figures.
This saw NNPC trading surplus rise significantly by 314.24 percent to N39.85 billion during the month compared to N9.62 billion recorded in January, a statement by the Group General Manager, Group Public Affairs Division of the Corporation, Kennie Obateru said.
Obateru explained that the latest figures were contained in the February 2021 edition of the NNPC Monthly Financial and Operations Report, MFOR.
NNPC explained further that “trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review”.
According to Obateru, in February 2021, NNPC Group’s operating revenue as compared to January 2021, increased by 35.64 percent or N152.07 billion to stand at N578.79 billion.
He added that expenditure for the month increased by 29.21 percent or N121.83 billion to stand at N538.94 billion, stating that the expenditure for the month as a proportion of revenue was 0.93 percent as against 0.98 percent the previous month.
Also, the Corporation said 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, 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”.
He also disclosed that during the month 54 pipeline points were vandalized representing a 50 percent increase from the 27 points recorded in January 2021.
“The Warri Area accounted for 50 percent and Mosimi Area accounted for 39 percent of the vandalized points while Kaduna and Port Harcourt Areas accounted for 7 percent and 4 percent respectively”.
NNPC said it “continues to work in collaboration with the local communities and other stakeholders to eliminate the menace of pipeline vandalism”.
Also in February, the Corporation said it supplied a total of 1.41 billion litres of Premium Motor Spirit, petrol, translating to 50.52m litres/day.
“In terms of natural gas offtake, commercialization, and utilization, out of the 206.05 Billion 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 percent of the average daily gas produced was commercialized while the balance of 35.52 percent was re-injected, used as upstream fuel gas, or flared.
“Gas flare rate was 7.67 percent for the month under review (i.e. 565.52mmscfd) compared with average gas flare rate of 7.12 percent (i.e. 529.20mmscfd) for the period of February 2020 to February 2021”, the statement added.
Source: Vanguard
