TheCable

The Nigerian National Petroleum Company (NNPC) Limited says it recorded N141.96 billion in June, a 278 percent increase from a deficit of N37.46 billion in May. 

The figures are contained in NNPC’s monthly financial and operations report (MFOR). 

Garba Deen Muhammad, group general manager of NNPC’s public affairs division, said the increase was mainly due to the increased sale of crude oil and gas by the Nigerian Petroleum Development Company (NPDC), an upstream subsidiary of the NNPC, and the increased gas sale and depreciation postings by the Nigerian Gas Company (NGC). 

The report noted that the positive outlook further strengthened the performance of Duke Oil and the Nigerian Gas Marketing Company (NGMC) which also added to the improved bottom line.

“In June 2021, NNPC Group operating revenue as compared to May 2021, decreased by 9.07 percent or N89.27 billion to stand at N894.64 billion,” the statement reads. 

“Similarly, expenditure for the month decreased by 29.32 percent or N299.44 billion to stand at N721.93 billion. 

“Thus, in the period under review, expenditure as a proportion of revenue was 0.81 percent, compared to the figure in May which stood at 1.04 percent.”

Muhammad said to ensure continuous supply and effective distribution of premium motor spirit (PMS) across Nigeria, a total of 1.63 billion litres of PMS, translating to 54.50mn litres per day, were supplied in June 2021.

“Port Harcourt Area accounted for 43 percent, while Mosimi and Kaduna areas accounted for 51 percent and 6 percent respectively of the vandalized points,” the statement reads. 

“In the gas sector, a total of 223.77 billion cubic feet (bcf) of natural gas was produced in the month of June 2021 translating to an average daily production of 7,459.88 million standard cubic feet per day (mmscfd). 

“For the period of June 2020 to June 2021, a total of 2,890.11 bcf of gas was produced representing an average daily production of 7,321.36 mmscfd during the period. 

“Period-to-date production from joint ventures (JVs), production sharing contracts (PSCs) and NPDC contributed 59.84 percent, 20.26 percent and 19.90 percent respectively to the total national gas production.”