NNPC Posts N9.9bn Trading Surplus in September

The Nigerian National Petroleum Corporation (NNPC) on Wednesday disclosed that it posted a trading surplus of N9.85 billion for the month of September 2018, in its business. 

It said the figure was higher than the previous month’s deficit of N3.90 billion. 

The statement from its Group General Manager Public Affairs, Mr. Ndu Ughamadu,  said details of the trading surplus was contained in the newly released September 2018 edition of its monthly financial and operations report. 

It indicated the improved performance was as a result of higher revenue by its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC). 

According to it, NPDC’s production has been on the rise as a result of success recorded in repairs of vandalised pipeline in the Niger Delta and the resumption of crude oil lifting activities at Forcados Terminal. 

It equally explained that total crude oil and gas export sale of $626.62 million was made in September, 2018 under the NNPC’s US dollar transactions which is 33.32 per cent higher than the previous month. 

It stated that crude oil export sales contributed $508.54 million which was 81.16 per cent of the dollar transactions compared with $337.62 million contribution in the previous month.
It also said that export gas sales amounted to $118.08million in the month, adding that the September 2017 to September 2018 crude oil and gas transactions indicated that crude oil and gas worth $5.45 billion was exported.
In the downstream sector, the report noted that during the period, NNPC continued to ensure increased petrol supply and effective distribution across the country, saying that 1.66 billion litres of petrol, translating to 55.50 million litres per day, were supplied by it.
In the month under review, NNPC said a total of 125 pipeline points were vandalised, out of which eight pipeline points failed to be welded and only one pipeline point was ruptured.
The figure, it noted translated to a significant increase from the 86 vandalised points recorded in previous month.
A further breakdown of the September, 2018 records indicated that Aba-Enugu and Mosimi-Ibadan accounted for 36 points and 33 points respectively or approximately 29 per cent or 26 per cent of the vandalised points respectively. While PHC-Aba and Zaria-Gusau accounted for 10 per cent each.
Atlas Cove-Mosimi and other locations accounted for 14 per cent and 11 per cent of the pipeline breaks respectively.
Regarding natural gas off-take, commercialisation and utilisation, the report indicated that out of the 238.91 billion cubic feet (bcf)  of gas supplied in September 2018, a total of 142.09bcf  of gas was commercialised, comprising  30.36bcf and 111.73bcf  for the domestic and export market respectively.
This, it noted, translated to a total supply of 1,011.96 million cubic feet per day (mmscf/d) of gas to the domestic market and 3,724.26mmscf/d of gas supplied to the export market for the month.
This, NNPC noted, implied that 59.47 per cent of the average daily gas produced was commercialised while the balance of 40.53 per cent of gas was re-injected, that is, used as upstream fuel gas or flared.
The report gave gas flare rate for the month at 8.60 per cent or 684.69mmscfd compared with average gas flare rate of 10.17 per cent which is 800.59mmscfd for the period September 2017 to September 2018.
NNPC said the September 2018 report was the 38th edition, adding it is aimed at enhancing probity and transparency at the corporation.