NNPC Reverses Deficit, Posts N2.06bn Surplus

The Nigerian National Petroleum Corporation, NNPC, yesterday, announced a trading surplus of N2.06 billion for November 2018, as against the previous month’s deficit of N12.66 billion. In a statement on its November 2018 Financial and Operations Report released in Abuja, the NNPC said the 116 per cent rise in its bottom line figure was as a result of an improved efficiency in the operations of its upstream subsidiary, the Nigerian Petroleum Development Company, NPDC. The NNPC, in the statement signed by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughammadu, also noted that crude oil and gas sales rose by 26.13 per cent to $668.57 million in November 2018. NNPC Towers, Abuja According to Ughamadu, crude oil export sales contributed $574.95 million, comprising 86 per cent of the dollar transactions, compared with $425 million contribution in the previous month, while export gas sales amounted to $93.62 million in the month under review. He stated: “A total of 735 million Standard Cubic Feet of gas per day (mmscfd) was delivered to gas fired-power plants in November 2018 compared with October 2018 where an average of 627 mmscfd was supplied.” He further stated that out of the 212.93 billion Cubic Feet, BCF, of gas supplied during the period, a total of 123.29 BCF of gas was commercialised, consisting of 36.14 BCF and 87.15 BCF for the domestic and export market respectively. According to him, this translated to a total supply of 1.205 billion SCF per day of gas to the domestic market and 2.905 billion SCF per day of gas supplied to the export market for the month, implying that 57.91 per cent of the average daily gas produced was commercialized while the balance of 42.09 per cent was re-injected, used as upstream fuel gas or flared.