NPDC records over 200% loss in April 2020

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NPDC

THE Nigerian Petroleum Development Company, NPDC, has recorded an operating deficit of over 200 percent in the month of April. The loss put at a total of N30.81 billion, representing an operating deficit.

According to the latest financial and operational activities report of the Nigerian National Petroleum Corporation, NNPC, released on Wednesday, July 15, the report in April 2020 indicates an increased trading deficit of N30.81 billion compared to the N9.53 billion deficit posted in March 2020.

“The current hike of over 200 percent is attributed to the 29 percent increase in deficit for NPDC due to ongoing coronavirus-related impact of reduced exports, coupled with the upsurge in corporate headquarters deficit arising from terminal benefits made to retired staff.  In addition, PPMC, NGMC, and Duke Oil Incorporated posted reduced surpluses arising from the COVID-19 effect of reduced demand, fluctuating prices and marketers’ unwillingness to lift products thus affecting revenue.”

The corporation stated that to ensure continuous increase in PMS supply and effective distribution across the country, a total of 0.94 billion litres of PMS translating to 31.37 million litres per day were supplied in the month of April in the downstream sector. A total of 65 pipeline points were vandalized, representing about 2.4 times increase from the 19 points recorded in March 2020.

In March 2020, total crude oil production in Nigeria increased by 3.17 million barrels or 5.28 percent at 63.19 million barrels with a daily average of 2.04 million barrels per day.

– Jul. 17, 2020 @ 17:19 GMT |

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