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The Nigerian National Petroleum Corporation (NNPC), yesterday, said the country exported $120.49 million worth of crude oil and gas in September 2020.
Although the development is a 16.28 per cent improvement over the $100.88 million figure posted in the preceding month, the company’s trading surplus, however, dropped by almost N1 billion, sliding from ₦29.60 billion to ₦28.38 billion within the two months.
In the September Monthly Financial and Operations Report (MFOR) released yesterday, statistics showed that proceeds from crude were $85.40 million while gas and miscellaneous receipts stood at $25.31 million and $9.78 million in the period under review.
The corporation blamed the falling surplus on the low contribution from the Nigerian Petroleum Development Company (NPDC), which recorded zero crude oil lifting from the Okono Okpoho facility owing to ongoing repairs.
Other NNPC subsidiaries, the Integrated Data Services Limited (IDSL), National Engineering and Technical Company Limited (NETCO), Nigerian Gas Marketing Company (NGMC), Petroleum Products Marketing Company (PPMC), and NNPC Retail recorded 268 per cent, 234 per cent, 21per cent, 422 per cent and 41per cent trading surpluses during the period.
The document said in the gas sector, 223.82 billion cubic feet (bcf) of natural gas was produced in the month under scrutiny, translating to an average daily production of 7,460.80million standard cubic feet per day (mmscfd).
Source: Guardiannews
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