September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that the rise in trading surplus was largely due to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC)
By Abdullahi SabiuÂ
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a trading surplus of ₦37.50billion for the month of September 2021.
In a press statement signed by the Group General Manager, Group Public Affairs Division, Garbadeen Muhammed on Friday 4th March reads, ” the figures represent a 352% increase from the ₦8.29billion surplus in August 2021″.
“Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicates that the rise in trading surplus was largely due to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC)”.
It said the trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review, thus, in September 2021, NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87%.
The Corporation also said expenditure for the month decreased by 34.87% or N221.11billion in monetary terms to stand at N412.92billion. Expenditure as a proportion of revenue in the month under review stood at 0.92%, compared to last month’s 0.99%.
The report also shows a total Crude Oil and Gas export receipt of $348.63million in September 2021 as against $224.29million in August 2021.
“Receipts from Crude Oil amounted to $8.38million while Gas and miscellaneous receipts stood at $55.25million and $285.00 million respectively. Total Crude Oil and Gas export receipt for the period of September 2020 to September 2021 stood at $2.03billion”
In the Downstream sector, it said “a total of 1.39billionn litres translating to 46.31million litres/day was supplied for the month of September 2021. And for the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for 5%, while Mosimi Area accounted for 95% of the vandalized points”.
While in the Gas sector, “a total of 208.35billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15million standard cubic feet per day (mmscfd). For the period of September 2020 to September 2021, “a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd”
The statement said “Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51%, 21.20% and 21.29% respectively to the total national gas production” and
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”. Translating 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.
