A Review of the Nigerian Energy Industry

NPDC, PPMC drive NNPC to N17bn trading surplus

Dr. Maikanti Baru.

Ike Amos

02 October 2018, Sweetcrude, Abuja — Enhanced performance by the Nigerian National Petroleum Corporation, NNPC’s, upstream, midstream and downstream arms of the corporation has led the corporation to a N17 billion trading surplus.

The improvement in NNPC’s financial was also as a result of reduction in corporate headquarter’s operational expenditure, the corporation said, adding that the trading surplus appreciated by 46.29 percent, rising by N5.43 billion to N17.16 billion in April 2018.

“This enhanced performance is attributable to robust revenues from sales of crude oil and petroleum products by the Nigerian Petroleum Development Company (NPDC) and the Petroleum Products Marketing Company (PPMC) as well as the upsurge in refineries’ performance, particularly in the Port Harcourt Refining Company (PHRC),” NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said in a statement in Abuja.

Ughamadu further stated that average daily gas production for April 2018, stood at 8,054.46 billion cubic feet, bcf, out of which an average of 835.27 million metric standard cubic feet, mmscf, the equivalent of 3,283 megawatts, MW, of electricity, was supplied to the power sector daily during the period under review.

“The result when compared with that of April 2017, implies an increase of 496MW of power generated relative to the same period last year”, Ughamadu noted.

 

  • Reuters
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