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NNPC records ₦43.57bn trading surplus in April

NNPC Headquarters

The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57 billion in April 2021 representing a 23.64% increase over the ₦35.24 billion surplus recorded in March.

This is contained in a statement by the Group General Manager, Group Public Affairs Division, NNPC, Dr. Kennie Obateru, citing the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).

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

The increase in trading surplus was attributed to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), including crude oil lifting from OML 119 (Okono Okpoho), and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increases in gas sales.  

The report also showed a 17.73% rise or N80.67 billion to stand at N535.61 billion in the NNPC Group operating revenue in April compared to March 2021. Similarly, expenditure for the month stood at N492.05 billion, a 17.24% or N72.34 billion increase against 0.92 per cent growth last month.  

The positive outlook was further consolidated by the robust gains of two other subsidiaries – Duke Oil, and the National Engineering and Technical Company (NETCO). 

In the Downstream, a total of 1.67billion litres of Premium Motor Spirit (PMS) or 55.79mn litres/day were supplied in the month under review, to ensure uninterrupted supply and effective distribution of fuel across the country. 

Other highpoints in the report is a 34.29% reduction in pipeline breaks, which dropped to 46 vandalised points in April against 70 points recorded a month ago. While the Port Harcourt area accounted for 54%, Mosimi area constituted 46% of the vandalised points. 

In the Gas sector, a total of 209.27billion cubic feet (bcf) of natural gas was produced in April, representing an average daily production of 6,975.72million standard cubic feet per day (mmscfd). A total of 2,902.52bcf of gas (7,369.76mmscfd) was produced year-on-year.

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. 

For natural gas off-take, commercialisation and utilisation, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf of gas was commercialised 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.

There was a 34.29% reduction in pipeline breaks, which dropped to 46 vandalised points in April against 70 points recorded a month ago.  

This implies that 61.45% of the average daily gas produced was commercialised while the balance of 38.55% was either re-injected or used as upstream fuel gas or flared.

Accordingly, 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 megawatts (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 with the Management’s commitment to be more transparent and accountable to its stakeholders and the Nigerian public.  

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