The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦43.57 billion in April 2021 representing a 23.64% increase over the ₦35.24 billion surplus it recorded in the previous month of March 2021.
This is contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru.
Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
According to the report, the NNPC Group operating revenue in April 2021, as compared to March 2021, increased by 17.73% or N80.67 billion to stand at N535.61 billion.
Similarly, expenditure for the month increased by 17.24% or N72.34 billion to stand at N492.05 billion, while expenditure as a proportion of revenue stood at 0.92, same as last month.
The report attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales.
The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).
In the Downstream, to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn liters/day were supplied in the month under review.
The report also showed a 34.29% reduction in the number of pipeline points vandalized from 70 in the previous month of March 2021 to 46 in April 2021. While Port Harcourt area accounted for 54%, Mosimi area accounted for 46% of the vandalized points.
In the Gas sector, a total of 209.27billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).
For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07%, 19.95% and 17.98% respectively to the total national gas production.
In terms of natural Gas off-take, commercialization and utilization, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf of gas was commercialized consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.
This translates to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.
This implies that 61.45% of the average daily gas produced was commercialized while the balance of 38.55% was either re-injected, used as upstream fuel gas or flared. Gas flare rate was 9.74% for the month under review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42% (i.e. 542.22mmscfd) for the period of April 2020 to April 2021.
A total of 795mmscfd was delivered to gas-fired power plants in the month of April 2021 to generate an average power of about 3,416MW.
NNPC started publishing its Monthly Financial and Operation Report in October 2015, making the April 2021 edition the 69th in the series. It is published in line the commitment of the Corporation’s Management to be more transparent, accountable to its stakeholders and the Nigerian public.