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Nairaland Forum / Nairaland / General / Business / NNPC Posts N34bn Q1 Loss As Crude Production Slumps (445 Views)
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NNPC Posts N34bn Q1 Loss As Crude Production Slumps by Ehiscotch(m): 9:07am On Jun 13, 2017 |
The group financial performance of the
Nigerian National Petroleum Corporation
recorded its third consecutive monthly loss in
March as the oil firm reported a loss of
N 33. 996 bn in the first quarter of this year .
According to the latest monthly financial and
operations report for March 2017 , the NNPC
stated that crude oil production also
decreased from 1. 84 million barrels per day
in January this year to 1 . 82 million bpd in
February.
The Nigerian Product Marketing Company
and the corporate headquarters of the
national oil firm posted the highest loses in
the first quarter , after they lost N 52bn and
N 37. 54bn , respectively, dragging down the
profits recorded by other subsidiaries of the
group.
The Nigerian Petroleum Development
Company, Integrated Data Services Limited
and National Engineering and Technical
Company Limited were among some of the
NNPC subsidiaries that made profits in the
first quarter , as they recorded N 37 .17bn ,
N 617 m and N 2 .89bn , respectively as profit.
Among the three refineries , only the Port
Harcourt Refining Company posted a profit of
N 12. 04bn in the review period .
The Kaduna Refining and Petrochemical
Company and the Warri Refining and
Petrochemical Company recorded N 2 .42 bn
and N 3 . 39bn as losses , respectively .
On the slump in oil production, the NNPC
said, “ In February 2017 , crude oil production
in Nigeria decreased to 1. 82 million bpd,
which represents 1 .05 per cent decrease
relative to January 2017 production and also
lagged behind February 2016 performance by
10. 97 per cent.”
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Re: NNPC Posts N34bn Q1 Loss As Crude Production Slumps by eezeribe(m): 9:29am On Jun 13, 2017 |
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