NNPC Posts N12bn Surplus Despite Increase In Pipeline Vandalisation

The Nigerian National Petroleum Corporation (NNPC) has declared a trading surplus of N12.13 billion in its financials for December 2018.

In a recent report on its Monthly Financial and Operations Report for December 2018, the NNPC said its positive financial performance in the month under review was in spite of disturbing reports of breaches on its assets.

It however, attributed the positive swing to higher revenue numbers posted by the NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), which was targeting 500,000 barrels per day, BPD, crude oil output by 2020.

NPDC’s continuous revenue drive, arising from recent average weekly production of 332,000 BPD, was cited as the main driver of the positive outlook inspite of the fact that pipeline breaches across the country went up by a 34 percentage.

NNPC revealed that within the period of December 2018, 257 pipeline points were vandalized, out of which one pipeline point failed to be welded and six pipeline points were ruptured, adding that this was compared to 197 breaches on it pipelines in November last year.

“Despite, the activities of the pipeline marauders, the NNPC continued to diligently monitor the daily stock of Premium Motor Spirit, PMS, otherwise called petrol, to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” it stated.

“1.80 billion litres of Premium Motor Spirit, PMS, translating to 58.17 million liters per day were supplied for the month while 1.96 billion litres of white products were distributed and sold by NNPC downstream subsidiary, Petroleum Products Marketing Company, PPMC, compared with 1.09 billion litres in November 2018.

“This comprised 1.94 billion litres of PMS, 0.0070 billion litres of kerosene and 0.014 billion litres of diesel. Total sale of white products for the period, December 2017 to December 2018, stood at 21.84 billion litres and PMS accounted for 20.17 billion litres or 92.36 per cent.

“In terms of value, N241.46 billion was made on the sale of white products by PPMC in December 2018, compared to N146.56 billion sales in the November 2018.”

Source: Vanguard