The Nigerian National Petroleum Corporation (NNPC) has disclosed that it made a trade surplus of N18.12 billion in the month of May, higher than N17.16 billion in April 2018.
This was stated in a report posted at the Corporation’s website signed by the Group General Manager Group Public Relation Mr Ndu Ughamadu yesterday.
The report is the 34th edition since NNPC commenced the publication of its financial and operations report on a monthly basis as part of efforts to instill a culture of transparency and keep stakeholders and the general public informed of its activities.
According to the report released in Abuja, the trading surplus was achieved through a combined higher performance by the upstream, midstream refineries and downstream sectors as well as a reduction in Corporate Headquarters’ operational expenditure.
“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by NPDC and PPMC as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company PHRC”, the report stated.
On the gas production and supply front, the report indicated that the average daily production for April, 2018, stood at 8,054.46 billion cubic feet bcf, out of which an average of 835.27 million metric standard cubic feet (mmscf, equivalent of 3,283 megawatts of electricity, was supplied to the power sector daily during the period under review.
The NNPC said it recorded a 48.21 per cent reduction in the rate of pipeline vandalism which fell to 166 from 224 vandalized points in the previous month.
According to the report, the Aba-Enugu pipeline segment accounted for 78 vandalized points, representing 84.78 per cent of total vandalized points on the nation’s network of products pipelines.
He said details of the transactions were published in the corporation’s May 2018 edition of the Monthly Financial and Operations Reports.
He noted that the report indicated that the additional monthly trade surplus of N0.96bn was mainly due to increased performance of some of the corporation’s subsidiaries.
He named the subsidiaries to include the Nigerian Petroleum Development Company NPDC, Petroleum Products Marketing Company PPMC, Nigerian Pipelines and Storage Company NPSC and Marine Logistics.
“Within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favorable variance of N18 billion due to increase in revenue with parallel decrease in expenses.
“This resulted in N20.93billion net increase in the upstream gas and power surplus,’’ he said
He added that the report indicated that the increase in performance was bolstered by relatively high production volumes of 1.97 million barrels per day in April, which was sold in May, thereby reducing cost per unit.
Under the national crude oil and natural gas production, lifting and utilisation segment, Ughamdu said the report noted that 58.96 million barrels of crude oil and condensate were produced in the month of April.
This, he said, represented an average daily production of 1.97 million barrels.
A breakdown of the production figure indicated that Joint Ventures JV and Production Sharing Contracts PSC contributed about 32.82 per cent and 41.77 per cent, while Alternative Financing AF, NPDC and Independent producers accounted for 14.68 per cent, 7.65 per cent and 3.08 per cent.
Ughamdu noted that the report also indicated that the NPDC cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil which translated to an average daily production of 120, 909 barrels per day.
On national gas production, the report stated highlighted that 231.59 Billion Cubic feet BCF of natural gas was produced in the months of May, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day MMSCF/D.
“In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country.
“In May, 1.19 billion litres of petrol was supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation.
“In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service NCS and other stakeholders through existing Joint Monitoring Team’, he added.
