The Nigerian National Petroleum Corporation (NNPC) says it made a trade surplus of N18.12 billion in the month of May, higher than N17.16 billion in April 2018.

The Corporation made the disclosure in a statement signed by its Spokesman, Mr Ndu Ughamadu in Abuja on Monday.

He said details of the transactions was published in the corporation’s May 2018 edition of the Monthly Financial and Operations Reports. He noted that the report indicated that the additional monthly trade surplus of N0.96bn was mainly due to increased performance of some of the corporation’s subsidiaries.

He named the subsidiaries to include the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics. “Within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favorable variance of N18 billion due to increase in revenue with parallel decrease in expenses. “This resulted in N20.93billion net increase in the upstream gas and power surplus,’’ he said He added that the report indicated that the increase in performance was bolstered by relatively high production volumes of 1.97 million barrels per day in April, which was sold in May, thereby reducing cost per unit.

Under the national crude oil and natural gas production, lifting and utilisation segment, Ughamdu said the report noted that 58.96 million barrels of crude oil and condensate were produced in the month of April. This, he said, represented an average daily production of 1.97 million barrels. A breakdown of the production figure indicated that Joint Ventures (JV) and Production Sharing Contracts (PSC) contributed about 32.82 per cent and 41.77 per cent, while Alternative Financing (AF), NPDC and Independent producers accounted for 14.68 per cent, 7.65 per cent and 3.08 per cent.

Ughamdu noted that the report also indicated that the NPDC cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil which translated to an average daily production of 120, 909 barrels per day. On national gas production, the report stated highlighted that 231.59 Billion Cubic feet (BCF) of natural gas was produced in the months of May, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day (MMSCF/D).

“In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country. “ In May, 1.19 billion litres of petrol was supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation.

“In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through existing Joint Monitoring Team,’’ He added (NAN)

Read more at: https://www.vanguardngr.com/2018/10/nnpc-announces-n18-12bn-trade-surplus/

Pepper has rest for APC

Baba his working.

Not an economist but I think trade surplus is better than trade deficit
Still better all the way

Nice one..

Baba dey work

Thank God for NNPC keep it up.

it well ooooooo

Great development.

In another news, check my signature if you have an android phone to earn some cash.

Baru and gate swept of carpet.

waiting for buhari to make #1=1$ election don dey near¡¡¡¡¡¡

Just on papers. Very soon, we go hear one story wey get k-leg

All what we hear is bogus and useless figures.

Billions recovered from fighting corruption.

But the truth is our government still run to China at the slightest opportunity to borrow huge sums that we never see the usage.

Centuries after, can Nigeria pay back all those useless loans our government is borrowing?

This is why our currency is never appreciated neither is our economy self sufficient.

Na so we dey hear yet nothing to show for it.

Cheap s6 edge 4 independence day sale. Check my signature.

NL shows how shallow minded Nigerians are

Sai buhari

Corruption is the only industry doing well in Nigeria. Asap

Where is the surplus?

Probably it was 25b and they have stolen some and giving us 18

Same NNPC that was running at a loss under PDP.
Hmmmmm

Humblechuks002:
The Nigerian National Petroleum Corporation (NNPC) says it made a trade surplus of N18.12 billion in the month of May, higher than N17.16 billion in April 2018.

The Corporation made the disclosure in a statement signed by its Spokesman, Mr Ndu Ughamadu in Abuja on Monday.

He said details of the transactions was published in the corporation’s May 2018 edition of the Monthly Financial and Operations Reports. He noted that the report indicated that the additional monthly trade surplus of N0.96bn was mainly due to increased performance of some of the corporation’s subsidiaries.

He named the subsidiaries to include the Nigerian Petroleum Development Company (NPDC), Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and Marine Logistics. “Within the period, the NNPC Group performance was mainly impacted by NPDC’s performance which recorded a favorable variance of N18 billion due to increase in revenue with parallel decrease in expenses. “This resulted in N20.93billion net increase in the upstream gas and power surplus,’’ he said He added that the report indicated that the increase in performance was bolstered by relatively high production volumes of 1.97 million barrels per day in April, which was sold in May, thereby reducing cost per unit.

Under the national crude oil and natural gas production, lifting and utilisation segment, Ughamdu said the report noted that 58.96 million barrels of crude oil and condensate were produced in the month of April. This, he said, represented an average daily production of 1.97 million barrels. A breakdown of the production figure indicated that Joint Ventures (JV) and Production Sharing Contracts (PSC) contributed about 32.82 per cent and 41.77 per cent, while Alternative Financing (AF), NPDC and Independent producers accounted for 14.68 per cent, 7.65 per cent and 3.08 per cent.

Ughamdu noted that the report also indicated that the NPDC cumulative production from all fields within the period amounted to 47,759,229 barrels of crude oil which translated to an average daily production of 120, 909 barrels per day. On national gas production, the report stated highlighted that 231.59 Billion Cubic feet (BCF) of natural gas was produced in the months of May, translating to an average daily production of 7,785.01 Million Standard Cubic Feet per day (MMSCF/D).

“In the downstream sub-sector, NNPC continued to ensure increased petrol supply and effective distribution across the country. “ In May, 1.19 billion litres of petrol was supplied by NNPC, translating to 40.59mn Liters/day to sustain seamless distribution of petroleum products which resulted to zero fuel queue across the nation.

“In the month under review, the corporation continued to monitor petrol evacuation figures from depots across the nation, and engaged, where necessary, the Nigerian Customs Service (NCS) and other stakeholders through existing Joint Monitoring Team,’’ He added (NAN)

Read more at: https://www.vanguardngr.com/2018/10/nnpc-announces-n18-12bn-trade-surplus/

Na so we dey hear yet nothing to show for it.

Yawns

Will be stolen and Nigeria will then take loans from chinese criminals to pay salaries.

KOLLYPROF:
Not an economist but I think trade surplus is better than trade deficit
Still better all the way

Yes bro. But how much of this bogus money was used in regulating oil prices.
What's the % remittance to national confers.

Its gradual

We will get there

If you know you will understand

I won't fall for this. It is just on paper. Mtcheeeew

the term trade surplus shldnt be used in news like this with such explanations.....insted budget surplus shld used instead. trade surplus is mainly abt international trade...if NNPC were comparing receipt from.import of fuel against sales documents showing amt made through export, den trade surplus will b applicable

with all the trade surplus, monies recovered from looters, custom generating record income, there is suffering in the land as never before seen in decades. Govt of lies indeed