NNPC Made N14.3 Billion Loss in November 2015

Monthly reports on the operational and financial dealings of the Nigerian National Petroleum Corporation, NNPC, has revealed that the corporation recorded a loss of N14.3 billion in the month of November 2015.

The November loss came from the NNPC’s operating revenue after subsidy for the months of October and November 2015, which were N173.56 billion and N155.10 billion respectively.

This represents 56.72 percent and 50.68 percent, respectively, of the Corporation’s monthly budget.

The report also shows that the Corporation incurred operating deficits of N12.22 billion and N14.29 billion in the months of October and November 2015, respectively, as against the monthly budgeted surplus of N38.91 billion.

It further stated that the country’s refineries in Warri, Port Harcourt and Kaduna operated at zero capacity utilisation in the month of November.

The company said its total export proceed of $402.55 million was recorded in November 2015, with proceeds from crude oil export sales amounting to $296.99 million or 73.78 percent of the dollar payment compared with 72.97 percent contribution in the previous month of October.

It continued that gas export sales and Nigeria Liquefied Natural Gas feedstock amounted to $105.53 million, which represents a 26.22 percent contribution compared with 18.97 percent contribution in the prior month of October.