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HomeBusiness NewsNNPC Records 6.33 Bln Naira Surplus From Operations In May

NNPC Records 6.33 Bln Naira Surplus From Operations In May

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The Nigerian National Petroleum Corporation (NNPC) has posted a trading surplus of 6.33 billion naira for the month of May 2019, 13 percent higher than the 5.60 billion naira recorded in the preceding month of April 2019.

According to the May 2019 edition of the corporation’s Monthly Financial and Operations Report (MFOR), the increase operation surplus was a result of the rise in gas and power output which contrasts with the figure for the preceding month.
The report, released by NNPC spokesman, Ndu Ughamadu, said the corporation’s downstream entities like NNPC Retail, PPMC, NPSC and Duke Oil contributed largely to the increased surplus recorded in the fifth month of the year.
NNPC earning from crude oil and gas export rose 23.39 percent to $580.32 million in May compared with the figure for the previous month.
The corporation earned $458..32 million from crude oil export alone in May against $342.11 million contributed in the previous month.
The report also showed that between May 2018 and May 2019, crude oil and gas worth $5.97 billion was exported.
In the downstream, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 2.06bn litres of petrol translating to 66.49mn liters/day were supplied for the month of May 2019.

It was noted that beyond supply, the corporation continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queue across the nation.
Within the period, a total of 60 pipeline points were vandalized which represents a remarkable 52 percent decrease from the 125 points vandalized in April 2019.
The Atlas Cove-Mosimi and Ibadan-Ilorin pipelines accounted for 38 percent and 23 percent respectively and other locations accounted for the remaining 39 percent of the total breaks.
The report noted the spirited efforts by NNPC in collaboration with the local communities and other stakeholders to continuously strive to reduce and eventually eliminate this menace.
The May 2019 NNPC MFOR is the 46th in the series designed to provide greater transparency and remove the perception of opacity hitherto associated with the operations of the national oil company.
The new NNPC Management headed by Mallam Mele Kyari has pledged to enhance the current approach to encourage increased citizenship participation and greater accountability to the public.

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