The Nigerian National Petroleum Corporation (NNPC) has reported a trading surplus of N18.12 billion from its operations in May this year, representing a marginal improvement over its gross surplus totalling N17.16 billion in the preceding month.
These figures were reflected in the corporation’s May edition of monthly financial and operations report. It attributed the month-on-month trading surplus to increased performance of some of its subsidiaries.
The state-owned oil corporation listed the subsidiaries whose activities impacted on the earnings as the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics.
The report showed further that the increase in performance was influenced by the relatively high crude oil production volumes of 1.97 million barrels per day (mbp/d) in April, which were sold in May, thereby reducing the cost per unit.
On the national crude oil and natural gas production’s lifting and utilisation segment, the report indicated that 58.96 million barrels of crude oil and condensate were produced in April, representing an average daily production of 1.97 million barrels or 1.02 per cent increase over the preceding month’s volume.
A further classification of the production figures based on contract type showed that Joint Ventures and Production Sharing Contracts contributed about 32.82 per cent and 41.77 percent, respectively; while alternative financing, the NPDC and independents accounted for 14.68 percent, 7.65 percent and 3.08 percent respectively.
The report stated further that the NPDC’s cumulative production from all fields during the month totalled 47,759,229 barrels of crude oil, representing an average daily production of 120,909 bpd.
On the gas gas production volume, the corporation reported that 231.59 billion cubic feet (scf) of natural gas was produced in May, translating to an average daily production of 7,785.01 million (scf) per day.
In the downstream sub-sector, the report indicated that in the month under review, a total of 1.19 billion litres of petrol was marketed by the corporation, translating to 40.59 million litres per day.
