The Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ₦20.36 billion in July 2020 compared to the ₦2.12 billion in June 2020 in its operations.
This was contained in a release by the national oil company, signed by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru. The release explained that details of the figures in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858% overall increase in performance was largely due to the 178% rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), the flagship of NNPC upstream entity.
The release added that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.
Similarly, the report said the corporation’s fortune was further enhanced by the 739% increased profit posted by the Integrated Data Services Limited (IDSL) and a 51% growth in performance by Duke Oil Incorporated, both companies of NNPC.
Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28% and 24% respectively – owing to increased sales and improved debt recovery.
In the gas sector, gas production in July 2020 increased by 2.19% 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, the daily average natural gas supply to gas power plants at 707 mmscfd, equivalent to power generation of 2,421MW.
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 (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88%, 20.37% and 8.75% respectively to the total national gas production.
In the downstream sector, to ensure continuous stability in premium motor spirit (PMS) supply and effective distribution across the country, 1.02 billion litres of PMS translating to 32.95 mn litres/day were supplied for the month.
The July NNPC MFOR stated that 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 9 per cent increase from the 33 points recorded in June 2020.
Atlas Cove-Mosimi and Aba-Enugu network accounted for 28% each, while PHC-Aba and the other locations recorded 14% and the remaining 31% respectively.
NNPC in collaboration with the local communities and other stakeholders have continuously strived to reduce the menace of pipeline vandalism.
The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.
The report is published monthly on the corporation’s website, national dailies and online media.