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Business Finance Info & Updates

NNPC posts N1.22bn trading deficit

The Nigerian National Petroleum Corporation (NNPC) has posted a trading deficit of N1.22 million for the month of September.

The low revenue figure is cointained in the September 2020 edition of its Monthly Financial and Operations Report (MFOR).

The September 2020 MFOR indicated a trading surplus of N28.38 billion, slightly lower than the N29.60 billion surplus in August 2020, representing the N1.22 deficit.

The marginal reduction in surplus, according to the report, was as a result of lower contribution from the Nigerian Petroleum Development Company (NPDC) which recorded zero crude oil lifting from the Okono Okpoho facility during the month due to ongoing repairs.

Meanwhile, the corporation also announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. 

The $120.49 million crude oil and gas export receipt is 16.28 per cent improvement on the $100.88 million posted in August 2020. 

The report shows that out of the figure, proceeds from crude oil amounted to $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million respectively.

However, other NNPC subsidiaries namely the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC) and NNPC Retail posted impressive trading results of 268 per cent, 234 per cent, 21 per cent, 422 per cent and 41 per cent trading surpluses respectively over their previous month’s performance.

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In the gas sector, a total of 223.82 billion cubic feet (bcf) of natural gas was produced in the month under review translating to an average daily production of 7,460.80million standard cubic feet per day (mmscfd). 

For the period September 2019 to September 2020, a total of 3,039.05bcf of gas was produced representing an average daily production of 7,730.35mmscfd during the period. Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.10 per cent, 20.29 per cent and 10.61 per cent respectively to the total national gas production. 

Out of the 221.91bcf of gas supplied in September 2020, a total of 140.45bcf was commercialised, consisting of 36.37bcf and 104.08bcf for the domestic and export markets respectively. 

 This translates to a total supply of 1,212.17mmscfd of gas to the domestic market and 3,469.45mmscfd of gas supplied to the export market for the month. 

This implies that 63.29 per cent of the average daily gas produced was commercialised while the balance of 36.71 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.66 per cent for the month under review (i.e. 492.93mmscfd compared with average gas flare rate of 5.84 per cent i.e. 439.90 mmscfd for the period of September 2019 to September 2020).

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To ensure effective supply and distribution of Premium Motor Spirit (PMS) across the country, a total of 0.59billion litres of PMS translating to 19.59mn liters/day was supplied for the month in the downstream sector. 

During the period under review, 21 pipeline points were vandalised representing about 43 per cent decrease from the 37 points recorded in August 2020. 

Sunnews

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