The Nigerian National Petroleum Corporation (NNPC) on Thursday reported a trading surplus of N20.36bn in July 2020 compared to the N2.12bn surplus it recorded in the preceding month.
The disclosure, which was contained in a statement issued by the corporation on its financial and operations report for month, indicated that its most functional and flagship subsidiary, the Nigerian Petroleum Development Company, was largely responsible for the 858 per cent overall increase in performance, posting alone 178 per cent rise in the surplus during the month under review.
Apart from the NPDC’s impressive performance, the state-owned oil entity also linked the improvement in global crude oil demand for the third consecutive month as also responsible for its July trading surplus.
The report also listed other subsidiaries that buoyed the corporation’s earnings in the month under review to the Integrated Data Services Limited, which posted 739 per cent increased profit, and Duke Oil Incorporated, with 51 per cent growth in performance.
Other subsidiaries’ performance showed that NNPC Retail Limited and Nigerian Gas Marketing Company also grew by 28 per cent and 24 per cent respectively during the period under review due to increased sales and improved debt collection.
In addition, the report stated that in the gas sector, gas production increased by 2.19 per cent in July with 236.34 billion cubic feet produced, translating to an average daily production of 7,623.98 million standard cubic feet of gas per day.
This is as the corporation reported that daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421 megawatts.
According to the report, from July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period while the production from Joint Ventures, Production Sharing Contracts and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total gas output from the period-to-date.
A further decomposition of the product management on sector-by-sector basis showed that in the downstream sector, 1.02 billion litres of PMS (petrol) translating to 32.95 million litres/day were supplied for the month to ensure uninterrupted supply and effective distribution of petrol nationwide
Similarly, during the period under review, the corporation reported that 36 pipeline points were vandalised, representing about nine per cent higher than the 33 points vandalized in the preceding month.