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NNPC posts N13.43b surplus, sells N2.034tr petroleum products

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The Nigerian National Petroleum Corporation (NNPC) has disclosed that it recorded about N13.43b trading surplus in November last year, representing 54 per cent increase compared to the previous year.

Its Monthly Financial and Operations Report (MFOR) released yesterday showed that operating revenue compared to October 2020, decreased from N0.09b to N423.08b or 0.02 per cent, just as expenditure decreased by 1.16 per cent from N4.81b to N409.65b, which resulted in the N13.43b surplus.

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It had reduced its losses of N803b in 2018 to N1.7b in 2019.

Group Managing Director of NNPC, Mele Kyari, had earlier pledged that returning the company to profitability remained a top priority.

The report indicated that expenditure as a proportion of revenue was 0.97 in November 2020, as against 0.98 in October 2020, as the monthly analysis revealed that the 54 per cent increase in trading surplus in November 2020 was ascribed to a substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38 per cent decline in Corporate Headquarters’ deficit.

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It also noted that the surplus was bolstered by the improved profits for additional engineering services from the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.

In a statement, NNPC further disclosed that the performances dominated the positions of its subsidiaries to achieve the surplus, adding that crude oil and gas exports for the month stood at $108.84m, a 70.33 per cent increase compared to the previous month.

Crude oil export sales contributed $73.09m or 67.15 per cent of the transactions compared to $12.38m in the previous month, while gas exports amounted to $35.75m in the month.

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“Crude oil and gas exports for November 2019 to November 2020 stood at $2.89b.

“In the gas sector, 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month, translating to an average daily production of 7,411.52 million standard cubic feet per day (mmscfd).

“From November 2019 to November 2020, 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.

“Of this volume, production from Joint Ventures (JVs) accounted for 67.29 per cent, Production Sharing Contracts (PSCs) accounted for 19.97 per cent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 per cent,” the statement added.

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Further details showed that 137.41BCF of gas was commercialised, comprising 39.99BCF and 97.42BCF for the domestic and export markets, translating to 1,332.82mmscfd of gas to the domestic market and 3,247.44mmscfd for export.

In the downstream sector, 1.725 billion litres of products were distributed by the Petroleum Products Marketing Company (PPMC) in November 2020, compared to 1.224 billion litres in October, amounting to N226.08b in November 2020 compared to N158.04b in October.

Total revenues generated from the sale of products from November 2019 to November 2020 stood at ₦2.034tr, as petrol contributed about 99.09 per cent of total sales valued at over ₦2.015tr.

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