NNPC’s deficit heightens to N18.7bn in November due to exploration in Bauchi, Rivers

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The Nigerian National Petroleum Corporation (NNPC) has reported a trading deficit of N18.72 billion for the month of November 2016, representing an increase of N1.87 billion or 11.06 per cent in the corresponding period of October 2016, Leadership reports.

The Corporation attributed the hike in trading deficit to a rise in its exploration activities in the Benue Trough in Bauchi State and Elele area in Rivers State. The increase in trading deficit was reported despite improved income generated during the month under review. This was contained in the 16th publication of NNPC Monthly Financial and Operations Report of the Corporation released yesterday.

Expatiating on other factors that affected its financial performance, the report stated that the strike action by Bristow Helicopters workers delayed the planned lay-time of Okono Blend resulting to nil NPDC offshore export sales for the month. Similarly, the Force Majeure declared by SPDC as a result of the vandalized 48-inch Forcados export line after the restoration on 17th October, 2016 was another reason for the dismal performance amongst others.