The Nigerian National Petroleum Corporation NNPC has on Monday released a report through it’s Group General Manager, Public Affairs Division, Mr Ndu Ughamadu, stating that the Corporation had a trade surplus of N15.04billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019.
The Corporation receives $381.70million from Export of Crude Oil & Gas · Musters 11 per cent Reduction in Pipeline Vandalism
Mr. Ndu Ughamadu stated that details of the trade surplus 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 numbers despite reduced operational activities in the month.
The report submitted that NPDC’s sustained revenue drive, evident from recent average weekly production of 332,000 barrels of Crude Oil per day, had made achieving 500,000bpd production by 2020 plausible.
Mr. Ndu Ughamadu stated that 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.
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.
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 transferred N153.01 billion into the Federation Account, while cumulatively, from January 2018 to January 2019, Federation and JV received N905.45 billion and N658.66 billion respectively, under the column of Naira Payments to the Federation Accounts. he said.