- NNPC Posts N68.84bn Loss in 10 Months
The Nigerian National Petroleum Corporation posted a group operating loss of N68.84bn between January and October 2017.
According to the latest oil and gas report from the firm, the corporation made a group revenue of N3.05tn and an expense of N3.119tn during the period under review.
Two subsidiaries of the NNPC, Pipelines and Product Marketing Company and Nigerian Pipelines Storage Company recorded the highest losses in the group, a development that eroded the profits made by other subsidiaries of the group in the corporation’s overall financial account.
Two of the country’s refineries, Kaduna Refining and Petrochemical Company and Warri Refining and Petrochemical Company, recorded deficits of N24.3bn and N14.95bn, respectively during the period under review.
The Port Harcourt Refining Company, on the other hand, posted a surplus of N28.65bn during the 10-month period.
The NNPC’s latest report, however, showed that the corporation’s trading deficit dropped significantly in October 2017 when compared to the value recorded in the preceding month.
It said the corporation “recorded a trading deficit of N0.41bn (in October 2017) which is significantly lower than the previous month’s deficit of N2.81bn. This represents 85 per cent or N2.4bn improvement compared to the last month’s performance.”
The report further stated that during the month of October 2017, products pipeline breaks stood at 126 points, out of which 116 pipelines were vandalised.
It said the Port Harcourt-Aba and Aba-Enugu pipeline segment accounted for almost 80 per cent vandalised points.
The NNPC said crude oil production in Nigeria averaged 1.93 million barrels per day in September 2017, representing a slight decrease compared to August 2017 production, but up by 17.11 per cent relative to September 2016 performance.
It said the stability in production was connected to the engagement with the various stakeholders and the resumption of export activities at the Forcados Terminal after many months of non–operational activities.
“Some of the major negative impact on production were shut-in of about 195,000 barrel per day at Qua Iboe Terminal, other production shut-in was in Bonny and Akpo Terminals,” the report stated.
It also stated that the national gas production for October 2017 stood at 253.41 billion cubic feet, translating to an average daily production of 8,174.41 million standard cubic feet, adding that this represented 10 per cent increase relative to the previous month.
The report stated that the daily average natural gas supply to gas power plants amounted to 716.28mmscfd or equivalent to power generation of 2,885 megawatts, which was 17.04 per cent higher than what was supplied in September 2017 and 18 per cent higher than the corresponding supply recorded in October 2016.
