NNPC Trading Surplus Rose By 858% To ₦20.36bn In July

…Gas Production Reaches 236.34 Billion Cubic Feet In July

The Nigerian National Petroleum Corporation has recorded an increase in trading surplus of ₦20.36bn in July 2020 up from ₦2.12bn surplus recorded in June 2020.

In a statement on Thursday by the Group General Manager, Group Public Affairs Division of the Corporation, Kennie Obateru, it explained that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company, NNPC’s flagship Upstream entity.

As contained in the statement, the NPDC’s performance was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report showed that the Corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

“Returns from NNPC Retail Limited and Nigerian Gas Marketing Company during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection,” it added.

In the Gas sector, Gas production in July 2020 increased by 2.19 per cent at 236.34 billion Cubic Feet compared to output in June 2020; translating to an average daily production of 7,623.98 million Standard Cubic Feet of gas per day.

It stated, “The daily average natural gas supply to gas power plants stood at 707mmscfd, 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, Production Sharing Contracts 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 Corporation said that 1.02 billion litres of PMS translating to 32.95mn liters per day were supplied to the downstream sector, to ensure continuous stability in Premium Motor Spirit supply and effective distribution across the country.

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 as 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,” it added.