NNPC recorded N267.14 billion loss in December 2015

NNPC Towers
NNPC Towers

The Nigerian National Petroleum Corporation, NNPC, recorded a total loss of N267.14 billion from its operations in December 2015, its monthly oil & gas report for the month showed.

During the month, the report showed that the corporation realised N2.05 trillion as revenue in its operation, against a total expenditure of N2.31 trillion.

The corporation recorded a total of N14.3 billion in November after earning about N155.1 billion revenue against an expenditure of N169.4 billion from 391.

In the 2015 budget, the corporation had projected a profit margin of N466.9 billion for December, with about N3.67 trillion expected as revenue, against expenses of about N3.21 trillion.

But, NNPC Group revenue in 2015 after subsidy showed that earnings in December was N184.4 billion, against N155.1 billion in November.

Details of the reports revealed that Corporate Headquarters operations accounted for the biggest chunk of the loss, at N162.74 billion, followed by the three refineries in Kaduna, Warri and Port Harcourt, which recorded a combined loss of N78.51 billion.

Pipelines and Products Marketing Company, PPMC, the subsidiary in charge of the marketing and distribution of petroleum products, lost about N62.06 billion (after subsidy removal), while the Corporate Services Unit, CSU lost about N18.8 billion.

It was followed by the National Engineering and Technical Company Limited (NETCO), which lost about N744 million.

Only few arms of the corporation were profitable, including the Nigerian Gas Company, NGC, which earned about N34.9 billion during the month; followed by the upstream exploration and production arm, the Nigerian Petroleum Development Company, NPDC, with N16.91 billion loss.

Other profitable arms include NNPC Retail, which realised about N5.05 billion, and Integrated Data Systems Limited, IDSL, with N2.43 billion during the month.

The report showed that the corporation realised about $37.6 billion from lifting and utilization of about 706.243 million barrels of crude oil & condensate during the year, with about $2.96 billion realised from the export of about 55.48 million barrels.

A total of 140.2 million barrels of crude oil valued at about $7.33 billion was allocated to the refineries for domestic refining.

During the month, consolidated capacity utilization of the four refineries in Kaduna, Port Harcourt and Warri stood at about 6.62 per cent, from the 24.08 per cent level attained in August and 13.62 per cent in July.

The report also showed that about 722 million standard cubic feet of gas was supplied by the NNPC during the month, to enable gas-fired power plants generate a total of 3,004 megawatts (MW) of electricity during the month.

This was compared with about 734 million standard cubic feet of gas supplied in the previous month, which saw about 3,102 MW of electricity generated for the month of November.

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