We made N14trn from crude oil sale in 2023 – NNPC

The Nigerian National Petroleum Company (NNPC) Limited has reported significant growth in its revenue for the 2023 fiscal year, as highlighted in its audited financial statements (AFS).

The company recorded a total revenue of N14.07 trillion from crude oil sales, marking a staggering 298.7 percent increase compared to N3.52 trillion in 2022.

In addition, the NNPC announced that its total revenue for the year amounted to N24 trillion. The breakdown of this revenue includes N7.14 trillion from petroleum products sales, reflecting a 58.74 percent increase from N4.5 trillion in the previous year.

Revenue from natural gas sales also saw a substantial rise, with N2.3 trillion generated in 2023, a 237.31 percent jump from N683 billion in 2022.

Interestingly, the company earned approximately N94 million from the sale of power in 2023, a notable improvement considering there was no revenue in this category the previous year.

Additionally, revenue from services surged by 362.5 percent, reaching N464.94 billion, compared to N100.5 billion in 2022.

The NNPC’s income from crude oil sales includes revenue from equity interests in various oil assets and the sale of crude used during the year. Petroleum products sales cover a wide range of products, including Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), and related products.

The company also highlighted revenue from services, which encompasses earnings from seismic contracts, gas transmission tariffs, and other engineering services.