Nigerian National Petroleum Corporation Makes N13.23bn Surplus In October 2019

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According to News Agency of Nigeria, Nigerian National Petroleum Corporation (NNPC) recorded a trading surplus of ₦13.23bn in October 2019. This represented an increase of 54% compared to ₦8.59bn surplus posted in September, 2019.

This was disclosed by the corporation’s Monthly Financial and Operation Report for the month of October released in Abuja on Wednesday.

The report reflected the sustained streak of positive results in the operations of the National Oil Company.

NAN added that the September 2019 trading surplus of ₦8.59bn in turn indicated a significant increase of 65 per cent compared to the ₦5.20bn surplus posted in August 2019. It also noted that the August surplus also beat the ₦4.26bn surplus posted in July 2019, reflecting an increase of 22%.

The report revealed that the October surplus was largely due to the improved trading surplus posted by its upstream subsidiary, the Nigerian Petroleum Development Company.

On crude oil and gas, it said that a total export sales of $483.25m were made in October 2019.

It said this was an increase of 35.77 point compared to September, implying that in October, crude oil export contributed $396.94m (82.14%) of the transactions, compared to $267.97m contribution in the September 2019.

It noted that the export gas sales for the month amounted to $86.32m. The report said that in October 2019, 35 vandalised-pipeline points, representing a decrease of 81% from the 186 vandalised-points in September 2019, were recorded.

It stated, Out of the vandalised points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34% of the breaks. ATC-Mosimi and other routes accounted for 23% and 43%, respectively.

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