Nigerian Petroleum Company announces USD 2,1 bn revenue in june
The Nigerian National Petroleum Company (NNPC) Limited has disclosed its trading surplus increased to USD 343,3 million in June 2021 compared to a deficit of USD 2,1 billion recorded in May.
This is as it recorded total revenue of USD 2,1 billion for June 2021, indicating a 9.04 per cent decrease from the May earnings, the Corporation said on Sunday.
NNPC’s group general manager group Public Affairs Division, Mr. Garba Deen Muhammad, in a statement, said the data was contained in the June 2021 figures of the NNPC Monthly Financial and Operations Report (MFOR).
“A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review”, the Corporation explained.
It added that “In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 per cent or USD 215,8 million to stand at USD 2,1 billion. Similarly, expenditure for the month decreased by 29.32 per cent or USD 724,1 million to stand at USD 1,7 billion.
“Thus, in the period under review, expenditure as a proportion of revenue was 0.81 per cent, compared to the figure in May which stood at 1.04 per cent.
“The report also noted that the increase in trading surplus was due mainly to the increased sales of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an Upstream subsidiary of the NNPC, and the increased gas sales and depreciation postings by the Nigerian Gas Company (NGC).
“The positive outlook was further bolstered by the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.
“Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review”.
NNPC also disclosed a total of 1.63 billion litres of Premium Motor Spirit (petrol) was distributed across the country, translating to 54.50mn litres/day were supplied in June 2021.
Also, the report indicated 47 pipeline points were vandalized representing 26.56 per cent decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43 percent, while Mosimi and Kaduna Areas accounted for 51 percent and 6 per cent respectively of the vandalized points.
“In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd).
“For the period of June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84%, 20.26% and 19.90% respectively to the total national gas production”, it added.