The Nigerian National Petroleum Corporation recorded a trading surplus of ₦13.23bn in October 2019, the News Agency of Nigeria reports.

This represented an increase of 54 per cent compared to ₦8.59bn surplus posted in September 2019.

The corporation disclosed this in its Monthly Financial and Operation Report for the month of October released in Abuja on Wednesday.

The report reflected the sustained streak of positive results in the operations of the National Oil Company.

It added that the September 2019 trading surplus of ₦8.59bn in turn indicated a significant increase of 65 per cent compared to the ₦5.20bn surplus posted in August 2019.

The report noted that the August surplus also beat the ₦4.26bn surplus posted in July 2019, reflecting an increase of 22 per cent.

The report revealed that the October surplus was largely due to the improved trading surplus posted by its upstream subsidiary, the Nigerian Petroleum Development Company.

On crude oil and gas, it said that a total export sales of $483.25m were made in October 2019.

It said this was an increase of 35.77 percentage point compared to September, implying that in October, crude oil export contributed $396.94m (82.14 per cent) of the transactions, compared to $267.97m contribution in the September 2019.

It noted that the export gas sales for the month amounted to $86.32m.

The report said that in October 2019, 35 vandalised-pipeline points, representing a decrease of 81 per cent from the 186 vandalised-points in September 2019, were recorded.

It stated, “Out of the vandalised points, eight failed to be welded, while only one pipeline was ruptured, with Ibadan-Ilorin axis accounting for 34 per cent of the breaks.

“ATC-Mosimi and other routes accounted for 23 per cent and 43 per cent, respectively.”

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