The petroleum regulatory body in Nigeria, the Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus increase of 54 percent.
This was disclosed by the corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru in NNPC’s monthly financial and operations report for the month of November 2020.
In the report, it was noted that in the period under review, the corporation reported a trading surplus of N13.43 billion, which was a 54 percent increase from the N8.7 billion recorded in October of the same year.
Obateru stated that NNPC’s operating revenue fell by 0.02 percent or N0.09 billion.
He added that there was also a drop in the expenditure for the month. The corporation recorded a 1.16 percent drop in its expenditure or N4.81 billion.
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The statement read, “These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus.
“Operating revenue decreased slightly by 0.02 percent or N0.09billion to stand at N423.08 billion while expenditure for the month also decreased by 1.16 percent or N4.81billion to stand at N409.65billion. This led to the N13.43billion trading surplus.
“In the Gas Sector, a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review, translating to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).
“Furthermore, for the period November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.
“Out of this volume, production from Joint Ventures (JVs) accounted for 67.29 percent, Production Sharing Contracts (PSCs) accounted for 19.97 percent, while the Nigerian Petroleum Development Company (NPDC) contributed 12.74 percent.
“Breakdown showed that a total of 137.41 BCF of gas was commercialized. This consists of 39.99BCF and 97.42BCF for the domestic and export market respectively. This translates to a total supply of 1,332.82 mmscfd of gas to the domestic market and 3,247.44 mmscfd of gas supplied to the export market for the month.”
