NNPC trading surplus rises by 860% to N20.4 billion in one month

NNPC trading surplus rises by 860% to N20.4 billion in one month

The Nigerian National Petroleum Corporation, NNPC, Thursday, reported an exchanging excess of N20.36 billion in July 2020, ascending by 860 percent from an overflow of N2.12 billion recorded in June.

In an announcement on its Monthly Financial and Operations Reports for July 2020, Group General Manager, Group Public Affairs Division of the NNPC, Dr. Kennie Obateru, expressed that critical increment in its primary concern was to a great extent due to the 178 percent ascend in the excess posted by the NNPC’s upstream auxiliary, the Nigerian Petroleum Development Company, NPDC.

Obateru clarified that NPDC’s great outcome was supported by the constant improvement in worldwide unrefined petroleum interest for the third back to back month.

He included that the NNPC’s financials was additionally affected by the 739 percent expansion in the benefit of Integrated Data Services Limited, IDSL, and a 51 percent development in execution by Duke Oil Incorporated, the two organizations of NNPC.

As per him, gets back from NNPC Retail Limited and Nigerian Gas Marketing Company, NGMC, during the period under survey additionally developed by 28 percent and 24 percent individually, attributable to expanded deals and improved obligation assortment.

Moreover, in the downstream part, Obateru added that to guarantee nonstop strength in Premium Motor Spirit, PMS, gracefully and powerful circulation the nation over, 1.02 billion liters of PMS, meaning 32.95 million liters for each day were provided for the month.

 

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He said: “The corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation.

“The report noted that during the period under review, 36 pipeline points were vandalized, representing about nine per cent increase from the 33 points recorded in June 2020.

“Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively. NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism.”

In the gas sector, Obateru noted that gas production in July 2020 increased by 2.19 per cent at 236.34 billion cubic feet (BCF), compared to output in June 2020; translating to an average daily production of 7,623.98 million Standard Cubic Feet of gas per day (mmscfd).

Likewise, he explained that the daily average natural gas supply to gas power plants stood at 707 mmscfd, equivalent to power generation of 2,421 megawatts, MW.

“For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

“Period-to-date production from Joint Ventures, JV, Production Sharing Contracts, PSC, and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production,” the NNPC spokesperson noted.

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