NNPC declares N12bn trading surplus, despite increase in pipeline breaches

The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of twelve point one three billion naira in its financials for December 2018.

In a statement on its monthly financial and operations report signed by its group general manager, group public affairs division, Mr. Ughamadu, the NNPC said its positive financial performance in the month under review was in spite of disturbing reports of breaches on its assets.

Mr. Ughamadu attributed the positive swing to higher revenue numbers posted by the NNPC’S upstream subsidiary, the Nigerian Petroleum Development Company, NPDC, which was targeting a five hundred thousand Barrels Per Day, BPD, crude oil output by 2020.

He cited NPDC’S continuous revenue drive arising from recent average weekly production of 332,000 bpd as the main driver of the positive outlook.

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