The Nigerian National Petroleum Corporation, NNPC, on Sunday disclosed that its operating revenue for the month of April, 2021 rose by 17.73 percent to hit N535.61 billion, compared to N454.94 billion recorded in March, 2021.
Expenditure for the month also increased by 17.24 percent compared to March figure to stand at N492.05bn, leaving it with a trading surplus of N43.57 billion. The trading surplus was 23.64 percent higher than the N35.24 billion surplus it recorded in March 2021.
A statement by NNPC’s spokesman, Dr. Kennie Obateru in Abuja said the figures are contained in the April 2021 edition of its Monthly Financial and Operations Report.
According to him, NNPC spent expenditure to revenue ratio was 0.92 for the same month.
Obateru attributed the rise in trading surplus to the activities of the Corporation’s Upstream subsidiary, the Nigerian Petroleum Development Company, NPDC, such as crude oil lifting from OML 119 (Okono Okpoho) and OMLs 60, 61, 62, 63 (Nigerian Agip Oil Company), as well as increase in gas sales.
He added that the positive outlook was further consolidated by the robust gains of two other subsidiaries namely: Duke Oil and the National Engineering and Technical Company (NETCO).
He stated that in the downstream, a total of 1.67 billion litres of Premium Motor Spirit (petrol) translating to 55.79mn liters/day were supplied in April.
NNPC had on August 1, 2021 reported that it supplied 1.75 billion litres of petrol in March, 2021.
He said the report also showed a 34.29 percent reduction in the number of pipeline points vandalized from 70 in the previous month of March 2021 to 46 in April 2021. While Port Harcourt area accounted for 54 percent, Mosimi area accounted for 46 percent of the vandalized points.
“In the Gas sector, a total of 209.27 billion cubic feet (bcf) of natural gas was produced in the month under review, translating to an average daily production of 6,975.72million standard cubic feet per day (mmscfd).
“For the period of April 2020 to April 2021, a total of 2,902.52bcf of gas was produced, representing an average daily production of 7,369.76mmscfd during the period.
“Period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 62.07 percent, 19.95 percent and 17.98 percent respectively to the total national gas production”, he stated.
Obateru disclosed that out of the 206.40bcf of gas supplied in April 2021, a total of 126.83bcf of gas was commercialized consisting of 42.92bcf and 83.91bcf for the domestic and export markets respectively.
“This translates to a total supply of 1,430.90mmscfd of gas to the domestic market and 2,976.94mmscfd of gas supplied to the export market for the month.
“This implies that 61.45 percent of the average daily gas produced was commercialized while the balance of 38.55% was either re-injected, used as upstream fuel gas or flared. Gas flare rate was 9.74% for the month under review (i.e. 670.19mmscfd) compared with average gas flare rate of 7.42% (i.e. 542.22mmscfd) for the period of April 2020 to April 2021.
“A total of 795mmscfd was delivered to gas-fired power plants in the month of April 2021 to generate an average power of about 3,416 MW”, he added.