Nigerian National Petroleum Corporation (NNPC)’s trading surplus has increased by N39.85 billion in February.
Gatekeepers News reports that the Nigerian National Petroleum Corporation (NNPC) says its trading surplus for February 2021 rose to N39.85 billion which is a 314.24% increase compared to the N9.62 billion surplus recorded in January.
NNPC disclosed this in its February 2021 Monthly Financial and Operations Report (MFOR).
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
The Corporation Group operating revenue as compared to January 2021, increased by 35.64% or N 152.07billion to stand at N578.79billion, compared to the preceding month.
Also, the 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 January 0.98%.
The increase was mainly attributed to the reconciled accounts by the NNPC’s downstream subsidiary, the Petroleum Products Marketing Company (PPMC), using the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.
According to the Corporation, 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 optimisation measures.
Contrarily, during the period under review, 54 pipeline points were vandalised which represented a 50% increase from the 27 points recorded in the preceding month.
In the report, Warri Area accounted for 50%, Mosimi Area accounted for 39% while Kaduna – 7%, and Port Harcourt Area accounted for 4% of the vandalised points.
NNPC, has, however, promised to continue working with the local communities and other stakeholders to eliminate the menace of pipeline vandalism.
During the period under review, NNPC supplied a total of 1.41bn litres of Premium Motor Spirit (petrol) translating to 50.52m litres/day.
In February 2021, out of the 206.05Billion Cubic Feet (BCF) produced, a total of 133.06BCF was commercialised which consisted of the 40.15 BCF for the domestic market and 92.91 BCF for the export market.
This implies that 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 translates to 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.
The gas flare rate was 7.67% for the month under review (i.e. 565.52mmscfd) compared with the average gas flare rate of 7.12% (i.e. 529.20mmscfd) for the period of February 2020 to February 2021.
