NNPC reports N509bn September profit, warns figures are provisional

NNPC reports a profit after tax of N509 billion for September, while cautioning that its production, sales and financial figures are provisional and subject to reconciliation.

The company’s September monthly report, puts revenue for the month at N4.608 trillion. Statutory payments from January to September totalled N11.14 trillion.

NNPC said crude oil and condensate production averaged 1.70 million barrels a day. It reported full availability of its upstream pipeline infrastructure during September.

The company attributed a month-on-month increase in production partly to the restart of the Obodo asset and restoration of production from other facilities.

However, it said output remained constrained by equipment failures, flowline leaks, community protests, storage limits and disruptions to export infrastructure.

The report puts completion of the Obiafu-Obrikom-Oben gas pipeline at 100 per cent and the Ajaokuta-Kaduna-Kano pipeline at 95 per cent. It says the OB3 River Niger crossing has been commissioned and brought into operation.

NNPC said construction and pre-commissioning work on the Ajaokuta-Kaduna-Kano project would continue towards early gas delivery to Abuja before the end of the year.

Sources: NNPC monthly report; Vanguard