NNPC Sinks, Loses N24 Billion

The Nigerian National Petroleum Corporation (NNPC) has lost N24 billion operational deficit as at February 2016, a far cry from its loss of N3.55 billion in January of the same year.
According to the state oil firm’s Monthly Financial and Operations Report for February 2016, released at the weekend, the deficit in operations is a big setback for the NNPC, which is in a restructuring process that is targeted at catapulting the Corporation to profitability.
It is gathered that the NNPC has not made profit in the past 16 years. The Corporation in the report blamed the huge deficit in the month of February to production shut-in occasioned by vandalism of the Forcados Export Line.
“This situation denied NPDC (a subsidiary of NNPC) the opportunity to earn revenue from crude oil sales of about 20billion,” it said. [myad]