NNPC To ‘Capture Huge Untapped Value’

NNPC To ‘Capture Huge Untapped Value’

The Nigerian National Petroleum Corporation, NNPC, says it expects that a favourable business environment will afford it the opportunity to capture huge untapped value and excite its stakeholders.

NNPC stated this as it reported a loss of N1.64 billion in its transactions for the month of June.

According to its latest Full Financial Report for June 2017, its operations for the month under review indicated a trading deficit of ?5.19 billion, representing an increase in deficit compared to the previous month’s deficit of ?3.55 billion.

This represented ?1.64 billion lower performance than what was reported in the month of May 2017.

But in reaction to the development, the company said: “Without an iota of doubt, NNPC is in need of the continued support from Nigerians especially in areas of security and our quest for zero vandalism of the nation’s oil and gasinfrastructures”.

It said that going forward, it is expected that a favourable business environment will afford it the opportunity to capture huge untapped value and excite ‘our teeming stakeholders’.

The corporation attributed the N1.64 billion loss in June to low performance in the period relative to the previous month, to a reduction in surplus recorded in the upstream value chain.

This is despite sustaining the success recorded by its enhanced crude oil evacuation and oil lifting in June 2017 following the reopening of the Forcados Oil Terminal, FOT, on 31st March 2017, the NNPC disclosed.

However, the corporation stated that the Port Harcourt Refining Company, PHRC – one of its subsidiary companies –  has continued to improve the performance of the midstream value chain with a significant revenue increase.

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