The Nigerian National Petroleum Corporation (NNPC) announced yesterday that it made a trade surplus of N18.12 billion in the month of May, higher than N17.16 billion in April 2018. Disclosing this in a statement signed by its spokesman, Mr Ndu Ughamadu, the Corporation said details of the transactions was published in its May 2018 edition of the Monthly Financial and Operations Reports.
According to Ughamadu, the report indicated that the additional monthly trade surplus of N0.96billion was mainly due to increased performance of some of the corporation’s subsidiaries. He named the subsidiaries to include the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics. “Within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favorable variance of N18 billion due to increase in revenue with parallel decrease in expenses.
This resulted in N20.93billion net increase in the upstream gas and power surplus”, he noted. He said the report indicated that the increase in performance was bolstered by relatively high production volumes of 1.97 million barrels per day in April, which was sold in May, thereby reducing cost per unit. Under the national crude oil and natural gas production, lifting and utilisation segment, Ughamadu noted that 58.96 million barrels of crude oil and condensate were produced in the month of April.
This, he added, represented an average daily production of 1.97 million barrels. A breakdown of the production figure indicated that Joint Ventures (JV) and Production Sharing Contracts (PSC) contributed about 32.82 per cent and 41.77 per cent, while Alternative Financing (AF), NPDC and Independent producers accounted for 14.68 per cent, 7.65 per cent and 3.08 per cent. Ughamadu noted that the report also indicated that the NPDC cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil, which translated to an average daily production of 120, 909 barrels per day.
On national gas production, the report stated highlighted that 231.59 Billion Cubic feet (BCF) of natural gas was produced in the months of May, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day (MMSCF/D). The NNPC stated further noted: “In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country.
“In May, 1.19 billion litres of petrol was supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation. “In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through existing Joint Monitoring Team”.
Meanwhile, with less than one week to the final and grand finale of the 2018 Nigerian National Petroleum Corporation National Science Quiz Competition billed for October 8th-9th in Abuja, participating states are taking measures to ensure successful outing by their representatives. Edo State, one of those presenting finalists in this year’s competition, has taken the event a notch higher with a pledge by the state governor, Godwin Obaseki, to provide the needed fulcrum that will ensure the successful outing of Alikah Joseph Ehiagwina, the state representative in the 2018 competition.
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