x

NNPC Reports ₦14.07 Trillion Revenue from Crude Oil Sales in 2023

By  Milcah   Tanimu

The Nigerian National Petroleum Company (NNPC) Limited has announced a substantial increase in its revenue from crude oil sales for the year 2023. According to the company’s Audited Financial Statements (AFS), NNPC earned ₦14.07 trillion from crude oil sales, marking a remarkable 298.7 percent rise from the ₦3.52 trillion reported in 2022.

In addition to the revenue from crude oil, NNPC reported total earnings of ₦24 trillion for the fiscal year ending December 31, 2023. The financial statements revealed that revenue from petroleum products sales amounted to ₦7.14 trillion, reflecting a 58.74 percent increase from the ₦4.5 trillion earned in 2022.

The company also reported significant growth in natural gas sales, with revenue reaching ₦2.3 trillion in 2023, a 237.31 percent increase from the previous year’s ₦683 billion. Additionally, NNPC earned ₦94 million from the sale of power, a notable increase from no revenue in 2022.

Revenue from services, including seismic contracts, gas transmission tariffs, and other related services, reached ₦464.94 billion—an impressive 362.5 percent increase from the ₦100.5 billion earned in 2022.

The report detailed that the revenue from crude oil includes proceeds from equity interests in various oil assets and sales of crude used throughout the year. Petroleum products sales encompass Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), and other related products. Revenue from natural gas reflects the invoice value of gas sold to third parties, while services revenue covers earnings from various contracts and tariffs.

Hot this week

Asaba Tragedy: Dangote Truck Kills Eight, Injures Many in Delta

By Anne Azuka At least eight people were killed on...

Bakassi Peninsula:Ex-AGF Aondoakaa,SAN, Lauds Late President Yar’Adua’s Action

Former Minister of Justice and Attorney General of the...

ECOWAS Peace Fund, UCARE Nigeria Render Humanitarian Services to Over 2,000 IDPs in Benue

By Isaac Kertyo, Makurdi The ECOWAS Peace Fund, in partnership...

JUST IN: Immigration Increases Passport Fees to N100,000 and N200,000

The Nigeria Immigration Service (NIS) has announced a new...

Oborevwori, Senator Nwoko Hail Igbo Socio-Cultural Group for Tackling Identity Crisis

By Anne Azuka The Igbo Unification Movement, in collaboration with...

Chinese film on Nanjing Massacre resonates with Nigerian audience Source:...

Oborevwori, Senator Nwoko Hail Igbo Socio-Cultural Group for Tackling Identity Crisis

By Anne Azuka The Igbo Unification Movement, in collaboration with...

Tinubu Declares 9th National Youth Games Open in Delta

By Anne Azuka The 9th National Youth Games kicked off...

PAAU Gets NUC Approval for MBBS Program

By Noah Ocheni, Lokoja The Faculty of Medicine at Prince...

Kaduna: London-Based Philanthropist, Andishu, Lauds Gov. Sani’s Security and Peace Model

By Achadu Gabriel, Kaduna London-based Nigerian businessman and philanthropist, Moses...

Aliyu Flags Off 2025 Tree Planting in Sokoto, Urges Collective Action Against Desertification

By Muhammad Ibrahim, Sokoto Governor Ahmed Aliyu has launched the...

KGIRS Targets Over ₦3bn Monthly Revenue in 2026

By Noah Ocheni, Lokoja The Chairman of the Kogi State...
spot_img

Related Articles

Popular Categories

spot_imgspot_img