NNPC Earns N348.63 Million From Oil, Gas Exports, Resulting In 352% Surplus

In September 2021, the Nigerian National Petroleum Corporation (NNPC) earned N348.63 million from crude oil and gas exports, resulting in a 353 percent trade surplus.

In September, the trading surplus was N37.50 million, compared to N8.29 million in August.

The increase in trading surplus was largely due to increased earnings of NNPC’s upstream subsidiary, the Nigerian Petroleum Development Company, according to figures in the September 2021 NNPC Monthly Financial and Operations Report (MFOR) (NPDC).

After deducting the expenditure profile from the revenue in the period under consideration, the trading surplus or deficit is calculated.

As a result, in September 2021, the NNPC Group’s operating revenue decreased by 29.87 percent, or N191.90 billion, to N450.45 billion, compared to August 2021. Similarly, expenditure fell by 34.87 percent, or N221.11 billion, to N412.92 billion for the month.

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In the month under review, expenditure as a percentage of revenue was 0.92 percent, down from 0.99 percent the previous month.

According to the report, total Crude Oil and Gas export receipts in September 2021 were $348.63 million, up from $224.29 million in August 2021.

Crude oil receipts totaled $8.38 million, while gas and other receipts totaled $55.25 million and $285.00 million, respectively.