Improved crude oil lifting from OML 119 at Okono Okpoho and OMLs 60, 61, 62, 63 together with an increase in gas sales have led to a trading surplus of N43.57 billion in April 2021for the Nigerian National Petroleum Corporation (NNPC).
The surplus is also buoyed by the 34.29 per cent reduction in pipeline vandalisation which dropped from 70 in March 2021 to 46 in April 2021.
A trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue for the period under review.
The surplus in the month is a 23.64 per cent increase over the ₦35.24bn surplus of the previous month of March 2021. This is brought about by the improved activities of both Nigerian Petroleum Development Company (NPDC), operator of OML 119 (Okono Okpoho) and the Nigerian Agip Oil Company, the operator of OMLs 60, 61, 62, 63.
The details are contained in the April 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR) released by the Group General Manager, Group Public Affairs Division of the Corporation, Kennie Obateru.
The report that detailed the NNPC Group operating revenue in April 2021 shows an increase of 17.73 per cent or N80.67 billion to stand at N535.61bn over March 2021 figures.
Similarly, expenditure for the month increased by 17.24 per cent or N72.34 billion to stand at N492.05 billion, while expenditure as a proportion of revenue stood at 0.92 per cent, the same as last month.
The positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).
In the Downstream, to ensure uninterrupted supply and effective distribution of fuel across the country, a total of 1.67billion litres of Premium Motor Spirit (PMS) translating to 55.79mn litres/day were supplied in the month under review.
Regarding pipeline vandalisation which reduced by 34.29 from 70 points in March, Port Harcourt area accounted for 54 per cent while Mosimi area accounted for 46 per cent of the total 46 vandalized points ts in April.
In the Gas sector, a total the l of 209.27billion cubic feet (bcf) of natural l gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).
For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd duriFrom
Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 per cent, 19.95 per cent.98 per cent respectively to the total national gas production.
In terms of natural Gas off-take, commercialization and utilization, out of the 206.40bcf supplied in April 2021, a total of 126.83bcf of gas was commercialized consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.
This translates to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.
This implies that 61.45 per cent of the average daily gas produced was commercialized while the balance of 38.55 per cent was either re-injected, used as upstream fuel gas or flared.
Gas flare rate was 9.74 per cent for the month under review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42 per cent (i.e. 542.22mmscfd) for the period gas April 2020 to April 2021.
A total of 795mmscfd was delivered to gas-fired power plants in the month of April 2021 to generate an average power of about 3,416 MW.
NNPC started publishing its Monthly Financial and Operation Report in October 2015, and the April 2021 edition with the 69th in the series. It is published in line the commitment of the Corporation’s Management to be more transparent, accountable to its stakeholders and the Nigerian public.
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