NNPC’s revenue falls by N53.54bn in one month

Between December 2015 and January 2016, the operating revenue of the Nigerian National Petroleum Corporation fell by N53.54bn, the firm’s financial and operations report released on Friday showed. According to the report, which was for the month of January 2016, the corporation’s group operating revenue for December 2015 was N184.4bn, while it made N130.86bn in the month of January this year. The national oil firm stated that its “group operating revenue for the months of December 2015 and January 2016 were N184.4bn and N130.86bn respectively. This represents 58.63 per cent and 41.6 per cent respectively of monthly budget.” Similarly, it noted that the operating expenditure for the same periods were N196.26bn and N134.41bn respectively, which also represents 72.61 per cent and 49.73 per cent of the budget for the months respectively. The report stated that the corporation recorded N11.86bn and N3.55bn shortfalls for the months of December 2015 and January 2016 respectively as against monthly budgeted surplus of N44.23bn. On the performance of the country’s three refineries which are located in Port Harcourt, Kaduna and Warri, the report noted that the facilities had a combined yield efficiency of over 83 per cent in January 2016. The NNPC said, “Total crude processed by the three refineries for the month of January 2016 was 256,676 metric tonnes (1,881,948 bbls) which translate to a combined yield efficiency of 83.79 per cent compared to crude processed in December 2015 of 124,646 MT (913,904bbls) with combined yield efficiency of 89.69 per cent. “For the month of January 2016, the three refineries produced 216,141 MT (1,584,746 bbls) of finished petroleum products out of 256,676MT (1,881,948 bbls) of crude processed at an average capacity utilisation of 13.64 per cent which improved by 7.02 per cent compared to December 2015 average capacity utilisation.”