Nigeria’s State Oil Firm, NNPC, Posts $108.84M Trade Surplus in November 2020

The Nigerian National Petroleum Corporation (NNPC) announced a trading surplus of $108.84m for the month of November 2020, a 70.33 per cent increase compared to the October 2020 sales..

NNPC disclosed this in its Monthly Financial and Operation Report (MFOR) for the month of November 2020, released in Abuja, the nation’s capital on Sunday.

Crude oil export sales contributed 73.09million dollars of the dollar transactions compared with 12.38million dollar contribution in the previous month, while the export of gas sales amounted to 35.75 million dollars in the month.

The report also revealed a trading surplus of ₦13.43billion for the month of November 2020 up by 54 per cent when compared to the ₦8.71billion surplus recorded in October 2020.

It noted that the trading surplus or trading deficit was derived after deduction of the expenditure profile from the revenue in the period under review.

The report further indicated that in the month under review, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or ₦0.09billion to stand at N423.08 billion.

Similarly, it revealed that expenditure for the month decreased by 1.16 per cent or N4.81billion to stand at N409.65billion, leading to the ₦13.43billion trading surplus.

 “In addition, the NNPC Group’s surplus was bolstered by the noticeable improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated,’’ It said.

In the Gas Sector, it said that a total of 222.34 Billion Cubic Feet (BCF) of natural gas was produced in the month under review.

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This, it said translated to an average daily production of 7,411.52 Million Standard Cubic Feet per Day.

It noted that for the period November 2019 to November 2020, a total of 3,004.06BCF of gas was produced, representing an average daily production of 7,642.69mmscfd during the period.

A further breakdown showed that a total of 137.41 BCF of gas was commercialized, consisting of 39.99BCF and 97.42BCF for the domestic and export market respectively.

The report noted that the supply implied that 62.55 per cent of the average daily gas produced was commercialized while the balance of 37.45 per cent re-injected was used as upstream fuel gas.

In the Downstream Sector, the report noted 1.725 billion litres of white products were sold and distributed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in the month under review, compared with over 1.224billion litres in the month of October 2020.

It added that the products comprised 1.723 billion litres of Premium Motor Spirit (PMS) also known as petrol, 2.13 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.33 million litres of Dual-Purpose Kerosene.

“Total sale of white products for the period November 2019 to November 2020 stood at 17.031 billion litres and PMS accounted for 16.911 billion litres or 99.29per cent.

“In monetary terms, a sum of ₦226.08 billion was made on the sale of white products by PPMC in the month of November compared to ₦158.04 billion sales in October 2020.

“Total revenues generated from the sales of white products for the period November 2019 to November 2020 stood at N2.034 trillion, where PMS contributed about 99.09 per cent of the total sales with a value of over ₦2.015 trillion.

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