The Nigerian National Petroleum Corporation (NNPC), in its latest oil and gas report, posted a cumulative loss of N28.38bn, The Punch reports.
An analysis of the report, which was released on Friday in Abuja, showed that the corporation recorded a loss of N14.12bn in February 2017, a marginal decline from the N14.255bn recorded in January. Its cumulative year-to-date loss for 2017 was put at N28.38bn.
The corporation further said that the trading deficit of N14.12bn represents about one per cent improvement compared to N14.26bn recorded in January, 2017. “The decrease in the deficit is mainly attributed to the improved upstream result,” it said.
The national oil firm added that “other factors that affected the overall NNPC’s performance included production shutdown of Trans Niger Pipeline and Nembe Creek Trunk Line due to pipeline leakages; shutdown of Agbami Terminal for mini-TAM and existing force majeure declared by the SPDC as a result of the vandalised 48-inch Forcados export line after the restoration on 17th October, 2016.”