Adewale Sanyaolu
The Nigerian National Petroleum Corporation(NNPC) has recorded a trading deficit of N9.53 billion.
This was contained in the NNPC Monthly Financial and Operations Report for March 2020, released yesterday.
The trading deficit of N9.53billion for March 2020 was lower compared to the N3.95billion surplus posted in February 2020.
The corporation said that 218.37billion Cubic Feet (BCF) of natural gas was produced in March 2020, translating to an average daily production of 7493.65million standard cubic feet per day(mmscfd).
The financial report added that 3,119.89BCF of gas was produced for the period March 2019 to March 2020, representing an average daily production of 7,912.05mmscfd during the period.
It explained that period-to-date production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 69.37 per cent, 21.67 per cent and 8.95 per cent respectively to the total national gas production.
Out of the 218.37BCF of gas supplied in March 2020, according to the report, 120.73BCF of gas was commercialized, 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.