By Aminah Carew
The Nigerian National Petroleum Corporation has said that Nigeria sold $2.89 billion worth of oil and gas between November 2019 and November 2020.
In its report, the NNPC said it recorded a trading surplus of N13.43 billion for November 2020, up by 54 per cent when compared to the N8.71billion surplus recorded in October 2020.
This information is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Kennie Obateru.
The trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review.
The report indicated that in November 2020, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09 billion to stand at N423.08 billion.
Similarly, expenditure for the month decreased by 1.16 per cent or N4.81billion to stand at N409.65 billion leading to the N13.43 billion trading surplus.
Overall, expenditure as a proportion of revenue was 0.97 in November 2020 as against 0.98 in October 2020.
The 54 per cent increase in trading surplus is primarily ascribed to the substantial decrease in expenditure from the Nigeria Gas Company (NGC) due to cost reduction in overheads, coupled with per cent reduction in NNPC Corporate Headquarters deficit.
Also, the NNPC Group’s surplus was bolstered by the noticeably improved profits for additional engineering services rendered by the Nigerian Engineering and Technical Company (NETCO) and increased revenue from import activities posted by Duke Oil Incorporated.
These healthy performances dominated the positions of all other NNPC subsidiaries to record the Group surplus.
The report also indicated that export sales of crude oil and gas for the month stood at $108.84m, making a 70.33% increase compared to the last month.
Crude oil export sales contributed $73.09m (67.15%) of the dollar transactions compared with $12.38 million contributions in the previous month; while the export gas sales amounted to $35.75 million in the month.
The total crude oil and gas export for the period of November 2019 to November 2020 stood at $2.89bn.
