The group financial performance of the Nigerian National
Petroleum Corporation recorded its third consecutive monthly loss in March as
the oil firm reported a loss of N33.996bn in the first quarter of this year.
According to the latest monthly financial and operations
report for March 2017, the NNPC stated that crude oil production also decreased
from 1.84 million barrels per day in January this year to 1.82 million bpd in
February.
The Nigerian Product Marketing Company and the corporate headquarters
of the national oil firm posted the highest loses in the first quarter, after
they lost N52bn and N37.54bn, respectively, dragging down the profits recorded
by other subsidiaries of the group.
The Nigerian Petroleum Development Company, 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.
Among the three refineries, only the Port Harcourt Refining
Company posted a profit of N12.04bn in the review period.
The Kaduna Refining and Petrochemical Company and the Warri
Refining and Petrochemical Company recorded N2.42bn and N3.39bn as losses,
respectively.
On the slump in oil production, the NNPC said, “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.”
PUNCH
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