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HomeTop NewsNigeria state oil firm NNPC Ltd posts N37.5 bln trading surplus in...

Nigeria state oil firm NNPC Ltd posts N37.5 bln trading surplus in Sept 2021

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The Nigeria’s state oil firm NNPC Limited posted a trading surplus of N37.50 billion in September last year as the oil giant grew its revenue.

The company grew to $348.63 million in September 2021, representing $124.34 million over the $224.29 million revenue earned in August 2021.

According to the September 2021 NNPC Monthly Financial and Operations Report (MFOR) released Friday, the company trading surplus in September was 352 percent higher than the N8.29 billion surplus in August 2021.

The company attributed the rise in trading surplus largely to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

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

NNPC noted that in September 2021, its Group’s operating revenue as compared to August 2021, declined by 29.87 percent or N191.90 billion to stand at N450.45 billion.

NNPC also recorded reduction in its expenditure for the month by 34.87 percent or N221.11billion to stand at N412.92billion.

Expenditure as a proportion of revenue in the month under review stood at 0.92 percent compared to the prior month’s 0.99 percent.

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In total, Crude Oil and Gas export receipt for the period of September 2020 to September 2021, stood at $2.03 billion

In the downstream sector,  the oil company supplied a total of 1.39 billion litres of petrol, translating to 46.31 million litres/day for the month of September 2021 in a bid to ensure uninterrupted supply and effective distribution of petrol across the country.

For the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for 5 percent, while Mosimi Area accounted for 95 percent of the vandalized points.

In the Gas sector, a total of 208.35billion cubic feet (bcf) of natural gas were produced in the month of September 2021, translating to an average daily production of 6,945.15million standard cubic feet per day (mmscfd).

For the period of September 2020 to September 2021, a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd during the period.

The NPDC contributed about 57.51 percent, 21.20 percent and 21.29 percent respectively to the total national gas production to Joint Ventures (JVs), Production Sharing Contracts (PSCs).

Out of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialized, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.

This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month.

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