NNPC posts N34bn loss for Q1

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The group financial performance of the Nigerian National Petroleum Corporation recorded its third consecutive monthly loss in March as the oil firm reported a loss of N33.996bn in the first quarter of this year, The Punch reports.

According to the latest monthly financial and operations report for March 2017, the NNPC stated that crude oil production also decreased from 1.84 million barrels per day in January this year to 1.82 million bpd in February. The Nigerian Product Marketing Company and the corporate headquarters of the national oil firm posted the highest loses in the first quarter, after they lost N52bn and N37.54bn, respectively, dragging down the profits recorded by other subsidiaries of the group.

The Nigerian Petroleum Development Company, Integrated Data Services Limited and National Engineering and Technical Company Limited were among some of the NNPC subsidiaries that made profits in the first quarter, as they recorded N37.17bn, N617m and N2.89bn, respectively as profits. Among the three refineries, only the Port Harcourt Refining Company posted a profit of N12.04bn in the review period.