Nigerian National Petroleum Corporation (NNPC) said yesterday that it recorded an increased trading surplus of N20.36 billion in July 2020, compared to the N2.12 billion surplus in June 2020 in its operations.

NNPC Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, who disclosed this in a statement in Abuja, explained that the details of the figures were captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR).

The corporation indicated that the 858 per cent overall growth in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship upstream entity.

It stated that NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both subsidiaries of the NNPC.

The corporation said:

Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection.

In the gas sector, gas production in July 2020 increased by 2.19 per cent at 236.34 billion cubic feet (BCF) compared to the output in June 2020; translating to an average daily production of 7,623.98Million standard cubic feet of gas per day (mmscfd).

Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW,

the national oil company noted.

It stated that for the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC, the corporation noted, contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production.

In the downstream sector, to ensure continuous stability in Premium Motor Spirit (petrol) supply and effective distribution across the country, 1.02 billion litres of PMS translating to 32.95mn litres/day were supplied for the month.

In the July NNPC MFOR, the company stated that the corporation had continued to diligently monitor the daily stock of petrol to achieve smooth distribution of petroleum products and zero fuel queues across the nation.

The report noted that during the period under review, 36 pipeline points were vandalised, representing about nine per cent increase from the 33 points recorded in June 2020.

Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively.

NNPC in collaboration with the local communities and other stakeholders have continuously striven to reduce the menace of pipeline vandalism,

the statement said.

The July NNPC MFOR published monthly on the corporation’s website, national dailies and online media was the 60th edition in the series, the corporation said, was meant to sustain effective communication with stakeholders.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.