NNPC increases natural gas production

This was disclosed in the Corporation’s recently published August 2020 Financial and Operation report.

According to the report, a total of 3,062.95 BCF of gas was produced representing an average daily production of 7,771.13mmscfd from August 2019 to August 2020.

Furthermore, period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.96per cent, 20.26per cent and 9.78per cent respectively to the total national gas production.

“A total sum of N114.70 billion was made on the sale of white products by PPMC in the month of August 2020 compared to N121.69 billion sales in July, 2020.

Total revenues generated from the sales of white products for the period August 2019 to August 2020 stood at N2,071.83 billion, where PMS contributed about 99.21per cent of the total sales with a value of N2,055.39 billion.”

“In August 2020, Group operating revenue as compared to July 2020, increased by 27 per cent or N95.69Billion to stand at N445.04Billion.

Similarly, expenditure for the month increased by 26per cent or N86.45Billion, at N415.44Billion.

This month, expenditure as a proportion of revenue is 0.93 as against 0.94 last month; signifying an improved healthy performance.

“This 61st edition of the Report in August 2020 indicates an increased trading surplus of N29.60Billion compared to the N20.36Billion surplus in July 2020 which was the third consecutive month of global recovery from the COVID-19 effect.

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“The 45per cent improvement in performance is attributed mainly to the 82per cent growth in surplus posted by NPDC due to sustained improvement in global market fundamentals.

“The Group surplus was further enhanced by the 109per cent increased profit by Duke Oil Incorporated as well as 75per cent and 22per cent reduction in deficits for NPSC and Refineries which arose from declining costs of pipeline maintenance and corporate overheads respectively thus dominating the increased deficits posted by all other SBUs including CHQ; for reasons around low sales volume, reduced debt collection and high average product landing cost.”