Transparency: NNPC Group releases financial report

Peace Kanu, Abuja

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The NNPC's Logo

The Nigerian National Petroleum Corporation, NNPC, has released for the first time, its financial and operations report for the month of March 2020.

The release of the report is part of measures to actualise the policy of accountability, transparency and good governance in Nigeria’s oil and gas industry.

This is in fulfilment of the Nigeria Extractive Industry Transparency Initiative, set up in 2005 when the government signed up to a global drive to improve disclosure of revenues generated from oil and minerals.

Since President Muhammadu Buhari’s appointment of Mr Mele Kyari as the 19th GMD of the NNPC, the Corporation has queued in behind the new GMD as the focal person for the Open Government Initiative, which helps to steer reforms in national oil companies, as well as track buyers and sellers of crude oil.

Upon assumption of office, Mr Kyari reinvigorated and strengthened the core values of NNPC, which are: Integrity, Transparency and Accountability, ​Professional Excellence​, Staff Development and Growth.

Earlier on June 14, 2020, the NNPC published its 2018 annual audited report, which contained an audited account of all its 20 units for the first time in its 43-year history.

The March 2020 report of NNPC’s Financial and Operations transactions, showed that 3,119.89 Billion Cubic Feet (BCF)of gas was produced for the period March 2019 to March 2020, representing an average daily production of 7,912.05 MMSCFD

During the month under review, the report announced a trade deficit of ₦9.53 billion for March 2020, compared to the ₦3.95 billion surplus posted in February 2020.

For March 2019 to March 2020, crude oil and gas worth $4.95 billion was exported.

“Out of the 218.37BCF of gas supplied in March 2020,120.73BCF of gas was commercialised, consisting of 33.45BCF and 87.28BCF for the domestic and export market respectively, translating to 1,235.56mmscfd of gas to the domestic market and 3,817.40mmscfd of gas supplied to the export market for the month.

“55.63% of the average daily gas produced was commercialised, while the balance of 44.37% was re-injected and used as Upstream fuel gas or flared.

“Gas flare rate was 9.08 per cent for the month under review, amounting to 679.54mmscfd, compared with average gas flare rate of 8.43 per cent or 666.90mmscfd for March 2019 to March 2020,” the report read in part.

The NNPC was established on 1 April 1977 following a merger of the then Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel.

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