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NNPC recorded N20.365b trading surplus in July 2020

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THE Nigerian National Petroleum Corporation (NNPC) has recorded an increased trading surplus of ¦ 20.36billion in July 2020 compared to the ¦ 2.12billion surplus in June 2020 in its operations.

Its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru,, in a statement explained that details of the figures captured in the July 2020 NNPC Monthly Financial and Operations Report (MFOR) indicated that the 858 per cent overall upswell in performance was largely due to the 178 per cent rise in the surplus posted by the Nigerian Petroleum Development Company (NPDC), NNPC’s flagship upstream entity.

He stated that the NPDC’s impressive result was bolstered by the continuous improvement in global crude oil demand for the third consecutive month.

Similarly, the report said the corporation’s fortune was further enhanced by the 739 per cent increased profit posted by the Integrated Data Services Limited (IDSL) and a 51 per cent growth in performance by Duke Oil Incorporated, both companies of NNPC.

Returns from NNPC Retail Limited and Nigerian Gas Marketing Company (NGMC) during the period under review also grew by 28 per cent and 24 per cent respectively, owing to increased sales and improved debt collection.

In the Gas sector, Gas production in July 2020 increased by 2.19 per cent at 236.34billion cubic feet (BCF) compared to output in June 2020; translating to an average daily production of 7,623.98million standard cubic feet of gas per day (mmscfd). Likewise, the daily average natural gas supply to gas power plants stood at 707mmscfd, equivalent to power generation of 2,421megawatt (Mw).

For the period July 2019 to July 2020, 3,079.64BCF of gas was produced, representing an average daily production of 7,812.11mmscfd during the period.

Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 70.88 per cent, 20.37 per cent and 8.75 per cent respectively to the total national gas production.

In the Downstream Sector, to ensure continuous stability in Premium Motor Spirit (PMS) supply and effective distribution across the country, 1.02billion litres of PMS translating to 32.95mn liters/day were supplied for the month.

The July NNPC MFOR stated that the corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the Nation.

The report noted that during the period under review, 36 pipeline points were vandalized, representing about nine per cent increase from the 33 points recorded in June 2020.

Atlas Cove-Mosimi and Aba-Enugu network accounted for 28 per cent each, while PHC-Aba and the other locations recorded 14 per cent and the remaining 31 per cent respectively. NNPC in collaboration with the local communities and other stakeholders continuously have strived to reduce the menace of pipeline vandalism.

The July NNPC MFOR is the 60th edition in the series meant to sustain effective communication with stakeholders.

The report is published monthly on the corporation’s website, national dailies and online media.

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BREAKING: Tinubu, Starmer Meet as £746m Port Investment Deal Set for Signing

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President Bola Tinubu is currently meeting with United Kingdom Prime Minister Keir Starmer in a high-level bilateral engagement aimed at strengthening ties between Nigeria and Britain.

A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Monday, said the meeting will culminate in the signing of various Memoranda of Understanding and agreements, including those on trade, investment, defence, and cultural cooperation.

The statement said the meeting reinforces Nigeria’s commitment to deepening bilateral relations, attracting foreign investment, and modernising key infrastructure to support economic growth.

It added that a major highlight of the visit was the signing of a £746 million financing agreement between UK Export Finance, the Nigerian Ports Authority, and the Federal Ministry of Finance.

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The statement said the deal will fund the refurbishment of two key maritime infrastructures — the Lagos Port Complex (Apapa Quays) and the Tin Can Island Port Complex.

The President and the First Lady had earlier been the guests of their Majesties King Charles III and Queen Camilla at Windsor Castle.

Tinubu was accompanied by a high-profile delegation, including Senate President Godswill Akpabio; Attorney General and Minister of Justice, Prince Lateef Fagbemi; Minister of Solid Minerals, Dele Alake; Minister of Information and National Orientation, Idris Mohammed; and Minister of State for Foreign Affairs, Ambassador Bianca Ojukwu.

Other members of the delegation include Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; Minister of Culture and Creative Economy, Hannatu Musawa; Minister of Communications and Digital Economy, Bosun Tijani; Minister of Defence, Gen. Christopher Musa; National Security Adviser, Malam Nuhu Ribadu; and Director-General of the National Intelligence Agency, Mohammed Mohammed.

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Breaking: Senegal Lose AFCON Crown as CAF Declares Morocco Winners

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Morocco have been officially crowned champions of the 2025 Africa Cup of Nations after the CAF Appeal Board overturned the result of the final against Senegal. The decision comes after extraordinary scenes in Rabat where the Lions of Teranga walked off the pitch in protest, leading to a retrospective 3-0 forfeit victory for the host nation.

In a detailed statement, the CAF Appeal Board confirmed that the appeal lodged by the FRMF was “declared admissible in form and the appeal is upheld.” This landmark ruling effectively strips Senegal of what would have been their second continental crown, rewarding the hosts for a match that descended into chaos during extra time.

The roots of the controversy lie in a heated moment deep into stoppage time when Morocco’s Brahim Diaz went down in the box. While the referee initially waved play away, a VAR review resulted in a spot-kick for the hosts. This sparked a furious reaction from the Senegalese bench, with head coach Pape Thiaw instructing his players to return to the dressing room in a protest that lasted several minutes.

The CAF Appeal Board found that “the conduct of the Senegal team falls within the scope of Articles 82 and 84 of the Regulations of the Africa Cup of Nations.” By leaving the field of play, Senegal was deemed to have infringed on the regulations, leading to the administrative 3-0 defeat. The ruling sets aside the previous CAF Disciplinary Board decision and confirms that the protest lodged by Morocco has been fully upheld

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NRC Confirms 26 Injured in Mid-Route Train Incident, Says Opeifa

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Mo No fewer than 26 passengers and onboard personnel sustained varying degrees of injuries following a train incident along the Abuja–Kaduna rail corridor on Monday.

The incident, which occurred at about 9:16 a.m. near Asham Station, involved the KA-2 service travelling from Rigasa to Idu. According to an interim report released by the Nigerian Railway Corporation (NRC), a loud bang was heard as the power car and a trailing locomotive collided with one of the coaches.

Preliminary findings indicate that the incident may have been caused by a fault in one or more couplers, leading to a possible disconnection within the train formation. However, authorities confirmed that none of the coaches derailed.

The train had earlier departed Rigasa Station at 7:15 a.m., arriving at Jere slightly ahead of schedule before departing a few minutes later after an additional locomotive was coupled to improve operational resilience.

Following the incident, affected components—including a locomotive, power car, and one passenger coach—were detached from the train to allow the journey to continue safely.

A total of 481 people were onboard at the time, including passengers, crew members, security personnel, vendors, cleaners, and other service providers. Of the 459 passengers booked for the trip, 429 were confirmed to have boarded.

Despite the disruption, the train resumed movement at about 9:42 a.m., arriving in Kubwa at 10:10 a.m. and terminating at Idu Station at 10:39 a.m., with an overall delay of approximately 38 minutes.

The NRC stated that injured persons included passengers, staff, and security personnel, although details of the severity of injuries were not fully disclosed.

Train services on the route were later restored the same day, with subsequent trips resuming operations, albeit with delays. The Managing Director of the NRC, Kayode Opeifa, was onboard one of the recovery services to monitor the situation.

The corporation assured the public that a full investigation is underway to determine the exact cause of the incident and to prevent future occurrences.

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