The Nigerian National Petroleum Corporation (NNPC) has recorded a trading surplus of 108.84 million dollars (about N13.43billion) for the month of November 2020.
The Corporation disclosed this in its Monthly Financial and Operation Report (MFOR) obtained Monday for the month of November 2020, as released in Abuja.
It said that the amount indicated a 70.33 per cent increase compared to the October 2020 sales.
“Crude oil export sales contributed 73.09million dollars (67.15 per cent) of the dollar transactions compared with 12.38 million dollars contribution in the previous month; while the export gas sales amounted to 35.75 million dollars in the month.
The total crude oil and gas export for the period of November 2019 to November 2020 stood at 2.89billion dollars,’’ it said
The report also revealed a trading surplus of N13.43billion for the month of November 2020 up by 54 per cent when compared to the N8.71billion 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 N0.09billion 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 N13.43billion trading surplus.
“Overall, expenditure as a proportion of revenue was 0.97 in November as against 0.98 in October 2020.
“The 54 per cent increase in trading surplus in the November MFOR is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with 38 per cent reduction in NNPC Corporate Headquarters deficit.
“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.
This, it said translated to an average daily production of 7,411.52 Million Standard Cubic Feet per Day (mmscfd).
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.
“Out of this volume, production from Joint Ventures (JVs) accounted for 67.29per cent, Production Sharing Contracts (PSCs) accounted for 19.97 per cent, while the Nigerian Petroleum Development Company (NPDC) accounted for 12.74 per cent,’’ it said