The Nigerian National Petroleum Corporation, NNPC, has recorded a loss of N33.996 billion as at March, making it the third consecutive monthly loss in the first quarter of this year.
The latest monthly financial and operations report for March 2017 stated that the crude oil production by the Corporation also decreased from 1.84 million barrels per day in January this year to 1.82 million bpd in February.
“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,” said the NNPC.
The decline in production reflected in the revenue of the Corporation and its subsidiaries. The Nigerian Product Marketing Company, NPMC, and the corporate headquarters of the National oil firm posted the highest loses in the first quarter, loosing N52 billion and N37.54 billion, respectively, in the process dragging down the profits recorded by other subsidiaries of the group.
The Nigerian Petroleum Development Company, NPDC, Integrated Data Services Limited, IDSL, and National Engineering and Technical Company Limited, NETCO, were among some of the NNPC subsidiaries that made profits in the first quarter, as they recorded N37.17 billion, N617 million and N2.89 billion, respectively as profits.
Of the three refineries, only the Port Harcourt Refining Company posted a profit of N12.04 billion during the review period. The Kaduna Refining and Petrochemical Company and the Warri Refining and Petrochemical Company recorded N2.42 billion and N3.39 billion as losses respectively.