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Covid-19: NNPC Records Over 300% Decline In March 2020 Earnings

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The Nigerian National Petroleum Corporation (NNPC) says it recorded over 300percent decline in its March 2020 earnings due to the impact of Covid-19 pandemic.

During the month under review, the corporation announced a trading deficit of ₦9.53billion for March 2020 compared to the ₦3.95billion trading surplus posted in February 2020.

This was contained in the Corporations just released Monthly Financial and Operations Report (MFOR) for March, 2020.

According to the report, the over 300 percent decline in March 2020 earnings was due primarily to the huge decrease of 181 percent in its Upstream Subsidiary, Nigerian Petroleum Development Company’s (NPDC) due to the decline in crude oil prices precipitated by  the Coronavirus-induced global slowdown, which led to reduced exports and dwindling world oil consumption; combined with deficits posted by the refineries, among others.

The NNPC MFOR indicated a total crude oil and gas export sale of $256.19million in March 2020, a decrease of 30.89 percent compared to February’s.

Of the total sales, crude oil export sales contributed $184.59million (72.05 percent) of the dollar transactions compared with $281.14million contribution in the previous month; while the export gas sales amounted to $71.60million in the month under review.

The March 2019 to March 2020 crude oil and gas transactions showed that crude oil and gas worth $4.95billion was exported.

In the Downstream, the report showed that 1.73billion litres of petrol, translating to 59.72mn liters/day were supplied for the month.

Within the period under review, 19 pipeline points were vandalized representing about 47 percent decrease from the 32 points recorded in February 2020. Atlas Cove-Mosimi accounted for 53 percent, while Mosimi-Ibadan recorded 21 percent and Suleja-Minna accounted for the remaining 26 percent.

The report assured that NNPC, in collaboration with the local communities and other stakeholders are continuously striving to reduce the menace to the barest level.

 

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