Subsidiaries NPDC, IDSL, Duke Oil help NNPC ramp up trading surplus to ₦20.36bn in July

The Nigerian National Petroleum Corporation (NNPC) says it recorded an increased trading surplus of N20.36 billion in July 2020 compared to the N2.12 billion surplus in June 2020 in its operations. 

This was disclosed in a statement released by Kennie Obateru, group general manager, group public affairs division of the corporation.  According to the statement, details of the captured figures  in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) is an evidence that the 858 percent overall upswell in performance was largely due to the 178 percent rise in the surplus as posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship upstream entity.

The oil corporation stated that the NPDC’s impressive result was boosted by the sustained improvement in global crude oil demand for the third consecutive month.

In this regard, the report noted that the corporation’s fortune was further bolstered by the 739 percent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 percent growth in performance by Duke Oil Incorporated, both companies under the aegis of NNPC.

Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 peecent and 24 percent respectively, by virtue of increased sales and improved debt collection.

The gas sector was also positive as gas production in July 2020 increased by 2.19 percent at 236.34 billion cubic feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98 million standard cubic feet of gas per day (mmscfd). Also, the daily average natural gas supply to gas power plants stood at 707 mmscfd, equivalent to power generation of 2,421 megawatts.

For the period July 2019 to July 2020, 3,079.64 BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

Period-to-date production from joint ventures (JVs), production sharing contracts (PSCs) and NPDC contributed about 70.88 percent, 20.37 percent and 8.75 percent, respectively to the total national gas production.

In the downstream sector, to ensure continuous stability in petrol supply and effective distribution across the country, 1.02 billion litres of petrol translating to 32.95 million liters/day were supplied for the month.