- Posts N20.36bn trading surplus
The Nigerian National Petroleum Corporation (NNPC) has announced a 9 per cent increase in pipeline vandalisation. The setback figure in the fight against pipeline vandalisation is contained in the July 2020 Nigerian National Petroleum Corporation (NNPC) Monthly Financial and Operations Report (MFOR).
This was even as the Corporation announced an increase of N20.36 billion trading surplus in July 2020 compared to the N2.12 billion surplus in June 2020 across its operations its. The report noted further that during the period under review, 36 pipeline points were vandalized, representing about nine per cent increase from the 33 points recorded in June 2020.
Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively. NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism.
The MFOR indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship Upstream entity. The financial report stated that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month. Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC. Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection.
In the gas sector, production in July 2020 increased by 2.19 per cent at 236.34billion Cubic Feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98million Standard Cubic Feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421MW.
