Vandalism in N/Delta forces NNPC to post N34bn loss in Q1, only PH refinery made profit
Added to losses recorded in gas production and supplies within the period, latest report on the financial performance of the Nigerian National Petroleum Corporation (NNPC) in first quarter was in red with a total loss in third consecutive monthly income of N33.996bn.
The monthly financial and operations report for March 2017 as presented showed further that crude oil production also decreased from 1.84 million barrels per day in January this year to 1.82 million bpd in February.
Besides, the Nigerian Product Marketing Company (NPMC) and the corporate headquarters of the national oil firm posted the highest losses in the first quarter. This is coming after both firms lost N52bn and N37.54bn, respectively.
However, NPDC, Integrated Data Services Limited and National Engineering and Technical Company Limited were among some of the NNPC subsidiaries that made profits in the first quarter, as they recorded N37.17bn, N617m and N2.89bn, respectively as profits.
When compared, only the Port Harcourt Refining Company posted a profit of N12.04bn in the review period among the three refineries.
For example, the Kaduna Refining and Petrochemical Company and the Warri Refining and Petrochemical Company recorded N2.42bn and N3.39bn as losses, respectively.
According to the report seen by Business Hilights on Tuesday in Abuja, “In February 2017, crude oil production in Nigeria decreased to 1.82 million bpd, which represents 1.05 per cent decrease relative to January 2017 production and also lagged behind February 2016 performance by 10.97 per cent.”
Analysts say the trend may continue unless hostilities ceases to the barest minimum.
