The Nigerian National Petroleum Company Limited (NNPC) announced a surplus in their trading consisting of ₦37.50bn for the month of September 2021, which represents a 353 percent increase from the ₦8.29bn surplus in August 2021.
It said details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report indicated that the rise in trading surplus was due to the increased earnings of NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company.
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
“Thus in September 2021, the NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87 per cent or N191.9bn to stand at N450.45bn,” the oil firm said in a statement issued in Abuja.
“Similarly, expenditure for the month decreased by 34.87 per cent or N221.11bn to stand at N412.92bn. Expenditure as a proportion of revenue in the month under review stood at 0.92 per cent, compared to last month’s 0.99 per cent.”
The NNPC stated the report also showed a total crude oil and gas export receipt of $348.63m in September 2021 as against $224.29m in August 2021.
It said receipts from crude oil amounted to $8.38m, while gas and miscellaneous receipts stood at $55.25m and $285m respectively.
“Total crude oil and gas export receipt for the period of September 2020 to September 2021 stood at $2.03bn,” the NNPC stated.
In the downstream sector, it stated that to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 1.39 billion litres translating to 46.31 million litres/day was supplied for the month of September 2021.
“For the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for five per cent, while Mosimi area accounted for 95 per cent of the vandalized points,” the firm said.
It further noted that in the gas sector, a total of 208.35 billion cubic feet of natural gas was produced in the month of September 2021.
This, it said, represented an average daily production of 6,945.15million standard cubic feet per day.
“Period-to-date production from Joint Ventures, Production Sharing Contracts and NPDC contributed about 57.51, 21.20 and 21.29 per cent respectively to the total national gas production,” NNPC stated.
It added, “Out of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialized, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.
“This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month.”
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