NNPC records N13.23bn trade surplus in Oct.

The Nigeria n National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23billion in October 2019. This represented an increase of 54 per cent compared to ₦8.59 billion surplus posted in September 2019.

The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of October released in Abuja recently. The report reflected the sustained streak of positive results in the operations of the National Oil Company. It added that the September 2019 trading surplus of ₦8.59 billion in turn indicated a significant increase of 65 per cent compared to the ₦5.20billion surplus posted in August 2019. The report noted that the August surplus also beat the ₦4.26billion surplus posted in July 2019, reflecting an increase of 22 per cent.

The report revealed that the October surplus was largely due to the improved trading surplus posted by its Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). On

Crude oil and Gas sales, it said that a total Crude Oil and Gas export sales of 483.25 million dollars were made in October 2019. It said this was an increase of 35.77 percentage point, compared to September, implying that in October, Crude oil export contributed 396.94million dollars (82.14 per cent) of the dollar transactions, compared with 267.97million dollars contribution in the September 2019. It noted that the export Gas sales for the month amounted to 86.32 million dollars.

“Overall, the October 2018 to October 2019 Crude Oil and Gas transactions indicated that Crude Oil and Gas worth 5.49 billion dollars was exported,’’ it said.

In the Downstream Sector, it said that 1.16billion litres of Premium Motor Spirit(PMS) also known as petrol, translating to 37.30mn liters/ day, were supplied for the month. It noted that the corporation had continued to monitor the daily stock of PMS in order to achieve smooth distribution of petroleum products and zero fuel queue nationwide.

The report said that in October 2019, 35 vandalized-pipeline points, representing a decrease of 81 per cent from the 186 vandalized-points in September 2019, were recorded. “Out of the vandalized points, eight failed to be welded, while only one pipeline was ruptured, with IbadanIlorin axis accounting for 34 per cent of the breaks.

“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively,’’ it noted. In the Gas Sector, the report said that out of the 235.82 billion Cubic Feet (BCF) of gas supplied in October 2019, a total of 134.97 BCF of gas was commercialized, consisting of 31.37 BCF for domestic market and 103.60 BCF for export market. This, it said translated to a total supply of 1.01 Million Standard Cubic Feet (mmscfd) of gas to the domestic market and 3.34 mmscfd of gas supplied to the export market. It said that during the month, 57.23 per cent of the average daily gas produced was commercialized, while the balance of 42.77 per cent was re-injected, used as Upstream fuel gas or flared.