NNPC records 20.36bn trading surplus in July

The Nigerian National Petroleum Corporation (NNPC) recorded an increased trading surplus of 20.36 billion in July 2020 compared to 2.12bn surplus in June 2020 in its operations.

The spokesman of Corporation, Dr. Kennie Obateru, in a statement on Thursday, said the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858 per cent improved performance was due to the 178% rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC).

NPDC’s impressive result was also due to improvement in global crude oil demand for the third month.

The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.

NNPC’s fortune was further enhanced by the 739% increased profit posted by the Integrated Data Services Limited (IDSL) and a 51% growth in performance by Duke Oil Incorporated, both companies of NNPC.

Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) in July also grew by 28% and 24% respectively, owing to increased sales and improved debt collection.

Gas production in July 2020 increased by 2.19% at 236.34bn Cubic Feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98 million Standard Cubic Feet of gas per day (mmscfd).

Daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421