NNPC Records N15.04bn Trade Surplus in January

NNPC Records N15.04bn Trade Surplus in January

The Nigerian National Petroleum Corporation (NNPC) has said it recorded a trade surplus of N15.04 billion in January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a statement issued in Abuja yesterday,

The Nigerian National Petroleum Corporation (NNPC) has said it recorded a trade surplus of N15.04 billion in January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.
NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a statement issued in Abuja yesterday, stated that the details of the report contained in the January 2019 edition of the corporation’s Monthly Financial and Operations Report (MFPR) attributed the positive financial position to the improved performance of NNPC’s upstream subsidiary, Nigerian Petroleum Development Company (NPDC), which recorded surplus, despite reduced operational activities in the month.
The report showed that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of crude oil per day, has made the 500,000 bpd production target by 2020 feasible.
The NNPC’s spokesman said that the NPDC’s position contrasts with the high expenditure levels posted by two other entities of NNPC, the Petroleum Products Marketing Company (PPMC) and Duke Oil, although both ended the month with profit.
According to him, “in terms of sales and remittance of crude oil and gas proceeds, the corporation announced total export receipts of $381.70 million in the month under review as against $345.68 million posted in December 2018.”
He further revealed that a breakdown of the numbers indicated that contributions from crude oil amounted to $269.43 million, while gas and miscellaneous receipts stood at $111.75 and $0.52 million, respectively.
“Within the period under focus, NNPC transferredN153.01 billion into the Federation Account, while cumulatively, from January 2018 to January 2019, Federation and JV receivedN905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts.”
He added that, in the downstream operations, 1,998.61 million litres of petrol was supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) crude-for-product arrangement in January 2019.

editor
AUTHOR
PROFILE

Posts Carousel

Leave a Comment

Your email address will not be published. Required fields are marked with *

Latest Posts

Top Authors

Most Commented

Featured Videos

Thenewspad

FREE
VIEW