The Nigerian National Petroleum Company (NNPC) has announced that its trading surplus increased to N141.96billion in June 2021 as it recorded total revenue of N894.64 billion that month, compared to a deficit of N37.46 billion recorded in May.
The announcement was contained in a statement by the NNPC’s group General Manager Public Affairs Division, Mr. Garba Deen Muhammad on Sunday.
Muhammad said the data was contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
The corporation explained that, “A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
“In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07% or N89.27 billion to stand at N894.64 billion. Similarly, expenditure for the month decreased by 29.32% or N299.44 billion to stand at N721.93 billion.
“Thus, in the period under review, expenditure as a proportion of revenue was 0.81%, compared to the figure in May which stood at 1.04%.
“The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
“The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
“Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
“A total of 1.63 billion litres of Premium Motor Spirit (petrol) was distributed across the country, translating to 54.50mn litres/day were supplied in June 2021.”
The report also indicated 47 pipeline points were vandalized representing 26.56% decrease from the 64 points recorded in May 2021.
Port Harcourt Area accounted for 43%, while Mosimi and Kaduna Areas accounted for 51% and 6% respectively of the vandalized points.
“In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas were produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).
“For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production,” it added.