The Nigerian National Petroleum Corporation’s operating revenue in April 2021 increased by 17.73 percent to stand at N535.61 billion. Also in April, the company’s trading surplus increased by 23.64 per cent to N43.57 billion.
The operating revenue was up by N80.67 billion. This data was contained in 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, Kennie Obateru. The expenditure for April also increased by N72.34 billion (17.24 per cent) to stand at N492.05 billion. The NNPC defines trading surplus or deficit as derived “ after deduction of the expenditure profile from the revenue for the period under review.”
The rise in trading surplus was caused by “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 litres per 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 the Port Harcourt area accounted for 54%, the 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 offtake, 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.