NNPC records ₦20.36bn trading surplus in July — report

The Nigerian National Petroleum Corporation (NNPC) has recorded increased trading surplus of ₦20.36billion in July, compared to the ₦2.12billion surplus in June 2020 in its operations.

The corporation disclosed this in its July 2020 NNPC Monthly Financial and Operations Report (MFOR),released in Abuja, on Thursday.

It indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity.

It noted that the NPDC’s result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

“Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent, respectively.

“This is due to increased sales and improved debt collection,” it added.

In the Gas sector, Gas production in July increased by 2.19 per cent at 236.34 billion Cubic Feet (BCF), compared to output in June 2020.

This, it said translated to an average daily production of 7,623.98Million Standard Cubic Feet of gas per day (mmscfd).

It noted that the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.

“For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

“Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent, respectively, to the total national gas production,” it added.

In the Downstream Sector, the report revealed that 1.02billion litres of Premium Motor Spirit (PMS), also known as petrol, was distributed across the country, translating to 32.95m liters per day supplied for the month.

The July MFOR stated that the corporation had continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

It noted that during the period under review, 36 pipeline points suffered vandalism, representing about 9 per cent increase from the 33 points recorded in June.

It noted that Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent, respectively.

“NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism,” it said .

The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.