The Nigerian National Petroleum Corporation (NNPC) has declared another trading surplus worth N18.12 billion for the month of May 2018, a performance it reported to be relatively higher than the N17.16 billion it recorded in April 2018.
A statement from the corporation’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu, on Monday in Abuja explained that the May operational surplus was supported by robust oil revenue, reduced operational costs especially of its exploration and production subsidiary, the Nigerian Petroleum Development Company (NPDC), and increased oil production to 1.97 million barrels a day (mbd).
In May, Brent crude oil reportedly traded for an average of $76 per barrel, while Nigeria, according to the NNPC, produced an average of 1.97mbd of oil. Ughamadu however stated that details of the transactions were contained in the May 2018 edition of NNPC’s monthly financial and operations report yet to be released to the public.
According to him, the N0.96 billion difference in the April and May trading surpluses was mainly due to increased performance of some of the corporation’s subsidiaries which included the NPDC, Petroleum Products Marketing Company (PPMC), Nigerian Pipelines and Storage Company (NPSC) and marine Logistics.