By Adedapo Adesanya
The upstream subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, the Nigerian Petroleum Development Company (NPDC), recorded higher earnings, leading to a trading surplus of N37.50 billion.
In the latest report for the month of September 2021, the NNPC said the trading surplus increased by 352 per cent from the N8.29 billion surplus recorded in August 2021.
Details of the figures contained in the September 2021 NNPC Monthly Financial, and Operations Report (MFOR) indicate that in September 2021, NNPC Group’s operating revenue as compared to August 2021 reduced by 29.87 per cent or N191.90 billion to stand at N450.45 billion. Similarly, expenditure for the month decreased by 34.87 per cent or N221.11 billion to stand at N412.92 billion.
Expenditure as a proportion of revenue in the month under review stood at 0.92 per cent, compared to last month’s 0.99 per cent.
The report also shows a total Crude Oil and Gas export receipt of $348.63 million in September 2021 as against $224.29 million in August 2021.
Receipts from Crude Oil amounted to $8.38 million while Gas and miscellaneous receipts stood at $55.25 million and $285.00 million respectively.
Total Crude Oil and Gas export receipt for the period of September 2020 to September 2021 stood at $2.03 billion.
In the downstream sector, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 1.39 billion litres translating to 46.31 million litres/day was supplied for the month of September 2021.
For the month under review, 21 pipeline points were vandalized, the same as recorded in August 2021. Port Harcourt area accounted for 5 per cent, while Mosimi Area accounted for 95 per cent of the vandalized points.
In the gas sector, a total of 208.35 billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15 million standard cubic feet per day (mmscfd).
For the period of September 2020 to September 2021, a total of 2,862.36 bcf of gas was produced representing an average daily production of 7,250.16 mmscfd during the period.
In terms of period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51 per cent, 21.20 per cent and 21.29 per cent respectively to the total national gas production.
Out of the 204.73 bcf of gas supplied in September 2021, a total of 129.74 bcf was commercialized, consisting of 33.18 bcf and 96.51 bcf for the domestic and export markets respectively.
This translates to an average total supply of 1,106.00 mmscfd of gas to the domestic market and 3,218.57 mmscfd to the export market for the month.
The 74th edition of the MFOR highlights NNPC’s activities for the period of September 2020 to September 2021.
Dipo Olowookere