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NNPC’s operating revenue, expenditure drop to N1.62trn in June – Report 

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NIGERIAN National Petroleuum Company, NNPC, Limited said its operating revenue and the expenditure has dipped to a total of N1.62 trillion in June 2021.

The company said that its operating revenue as compared to May 2021, decreased by  N89.27billion  or 9.07 per cent to stand at N894.64billion.

The corporation also noted that expenditure for the month decreased by N299.44billion or 29.32 per cent  to stand at N721.93billion.

Its General Manager, Group Public Affairs Division, Garba Deen Muhammad said in a statement that in the period under review, expenditure as a proportion of revenue was 0.81per cent, compared to the figure in May which was 1.04 per cent.

He explained that the company recorded a huge trading surplus of ₦141.96billion in June 2021, noting that in May 2021, the company recorded a deficit of ₦37.46 billion.

Muhammad speaking on an extract from the June 2021 NNPC Monthly Financial and Operations Report (MFOR), stressed that a trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue for the period under review.

According to him, 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).

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He said: “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.”

To ensure continuous supply and effective distribution of Premium Motor Spirit (PMS) across the country, the general manager added that a total of 1.63billion litres of PMS translating to 54.50million litres/day were supplied in June 2021.

He said: “The report indicated that in June 2021, 47 pipeline points were vandalized representing a 26.56per cent decrease from the 64 points recorded in May 2021. Port Harcourt Area accounted for 43per cent, while Mosimi and Kaduna Areas accounted for 51per cent and 6per cent respectively of the vandalized points.

“In the gas sector, a total of 223.77billion cubic feet (bcf) of natural gas was produced in June 2021 translating to an average daily production of 7,459.88million standard cubic feet per day (mmscfd). From June 2020 to June 2021, a total of 2,890.11bcf of gas was produced representing an average daily production of 7,321.36mmscfd period.

“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed 59.84per cent, 20.26per cent and 19.90per cent respectively to the total national gas production.”

Muhammad said the 71st edition of the MFOR highlights NNPC’s activities for the period of June 2020 to June 2021, noting that NNPC had continued to sustain effective communication with stakeholders through this report via publications on its website, independent online news portals and in national dailies.

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