September MFOR: NNPC records 353% increase in trading surplus

ABUJA, Nigeria – The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a trading surplus of ₦37.50billion for the month of September 2021 representing a 352% increase from the ₦8.29billion surplus in August 2021.

Details of the figures contained in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) indicate that the rise in trading surplus was largely due to the increased earnings of NNPC’s Upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).

Trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. 

Thus in September 2021, NNPC Group’s operating revenue as compared to August 2021, reduced by 29.87% or N191.90billion to stand at N450.45billion. Similarly, expenditure for the month decreased by 34.87% or N221.11billion to stand at N412.92billion.

Expenditure as a proportion of revenue in the month under review stood at 0.92%, compared to last month’s 0.99%. The report also shows a total Crude Oil and Gas export receipt of $348.63million in September 2021 as against $224.29million in August 2021.

Receipts from Crude Oil amounted to $8.38million while Gas and miscellaneous receipts stood at $55.25million and $285.00million respectively.

Total Crude Oil and Gas export receipt for the period of September 2020 to September 2021 stood at $2.03billion

In the Downstream sector, to ensure uninterrupted supply and effective distribution of petrol across the country, a total of 1.39billionn litres translating to 46.31million litres/day was supplied for the month of September 2021.

For the month under review, 21 pipeline points were vandalized, same as recorded in August 2021. Port Harcourt area accounted for 5%, while Mosimi Area accounted for 95% of the vandalized points.

In the Gas sector, a total of 208.35billion cubic feet (bcf) of natural gas was produced in the month of September 2021, translating to an average daily production of 6,945.15million standard cubic feet per day (mmscfd).

For the period of September 2020 to September 2021, a total of 2,862.36bcf of gas was produced representing an average daily production of 7,250.16mmscfd during the period. Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 57.51%, 21.20% and 21.29% respectively to the total national gas production.

Out of the 204.73bcf of gas supplied in September 2021, a total of 129.74bcf was commercialized, consisting of 33.18bcf and 96.51bcf for the domestic and export markets respectively.

This translates to an average total supply of 1,106.00mmscfd of gas to the domestic market and 3,218.57mmscfd to the export market for the month. 

The 74th edition of the MFOR highlights NNPC’s activities for the period of September 2020 to September 2021.