NNPC revenue increases by 17.73% in April – Report

The Nigeria National Petroleum Corporation (NNPC) says its group operating revenue in April increased by 17.73 per cent amounting to N535.61 billion.

The Corporation disclosed this in its Monthly Financial and Operations Report (MFOR) for the month of April 2021 released in Abuja, on Sunday.

“The NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73 per cent or N80.67bilion to stand at N535.61bn.

“Similarly, expenditure for the month increased by 17.24per cent or N72.34billion to stand at N492.billion, while expenditure as a proportion of revenue stood at 0.92, same as last month,” it said.

It also revealed that the corporation recorded a trading surplus of ₦43.57billion in April, representing a 23.64 per cent increase over the ₦35.24bn surplus it recorded in the previous month of March.

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

The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC) such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company) as well as increase in gas sales.

It noted that the positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).

In the Downstream it revealed that a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.

The report also showed a 34.29 per cent reduction in the number of pipeline points vandalised from 70 in the previous month of March 2021 to 46 in April 2021.

“While Port Harcourt area accounted for 54 per cent, Mosimi area accounted for 46 per cent of the vandalised points,” it said.

In the Gas sector, the report noted that a total of 209.27billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).

“For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 per cent, 19.95 per cent and 17.98 per cent respectively to the total national gas production,” it added.

In terms of natural Gas off-take, commercialisation and utilization, it said that out of the 206.40bcf supplied in April, a total of 126.83bcf of gas was commercialised consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.

It said this translated to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.

“This implies that 61.45per cent of the average daily gas produced was commercialised, while the balance of 38.55 per cent was either re-injected used as upstream fuel gas or flared.

“Gas flare rate was 9.74per cent for the month under review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42 per cent (i.e. 542.22mmscfd) for the period of April 2020 to April 2021,” it said.

The report further noted that a total of 795mmscfd was delivered to gas-fired power plants in the month of April to generate an average power of about 3,416 MW.

The April MFOR is the 69th edition of the publication