The Nigerian National Petroleum Corporation (NNPC) has announced a trade surplus of N18.12 billion for May, driven by increased oil production. The performance was relatively higher than the N17.16 billion figures of the preceding month, according to a statement yesterday by the corporation.
Details of the transactions contained in the released May 2018 edition of the Monthly NNPC Financial and Operations Report indicated that the N0.96 billion surplus followed better performances of some of the corporation’s subsidiaries namely the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics.
During the period, the group’s performance was mainly impacted by NPDC’s outing which recorded a favourable variance of N18.22 billion due to increase in revenue with parallel decrease in expenses. This resulted in N20.93 billion net in the upstream gas and power surplus, it explained. Overall, the report showed that the positive result performance was bolstered by the relatively high production volumes of 1.97 million barrels per day in April and sold in May, thereby reducing cost per unit.
Under the national crude oil and natural gas production, lifting and utilisation segment, the document noted that 58.96 million barrels of crude and condensate were produced in April, representing an average daily production of 1.97 million barrels and 1.02 per cent increase compared to the month before.
A breakdown of the production statistics indicates that joint ventures (JV) and production sharing contracts (PSC) contributed about 32.82 per cent and 41.77 per cent, while alternative financing (AF), NPDC and independents accounted for 14.68 per cent, 7.65 per cent and 3.08 per cent. It was also indicated that NPDC’s cumulative production from all fields within the period was 47,759,229 barrels of crude oil, meaning an average daily production of 120, 909 barrels.
In terms of national gas production, the 34th financial document of the corporation spotted that 231.59 billion cubic feet (BCF) of natural gas were produced during the month, amounting to an average production of 7,785.01 million standard cubic feet per day (MMSCF/D).In the downstream sub-sector, NNPC said it had continued to increase petrol supplies nationwide.
In May, 1.19 billion litres of the product were distributed by the oil agency, representing 40.59 million litres/day to check scarcity across the federation. During the month under review, the corporation also monitored petrol evacuation figures from depots nationwide and engaged, where necessary, the Nigeria Customs Service (NCS) and other stakeholders through existing monitoring teams.