The Nigerian National Petroleum Company (NNPC) Limited has announced that it generated ₦14.07 trillion from crude oil sales in 2023. This marks a substantial increase of 298.7% compared to the ₦3.52 trillion reported in 2022, according to the company’s Audited Financial Statements (AFS) for the fiscal year ending December 31, 2023.
In a broader financial update, the NNPC disclosed a total revenue of ₦24 trillion for the 2023 fiscal year. The company also reported earnings of ₦7.14 trillion from petroleum products sales, reflecting a 58.74% rise from ₦4.5 trillion in 2022.
Revenue from natural gas sales reached ₦2.3 trillion, showing a 237.31% increase compared to the ₦683 billion earned in 2022. The NNPC earned approximately ₦94 million from power sales, a new revenue stream for the company. Additionally, revenue from services surged to ₦464.94 billion, up 362.5% from ₦100.5 billion in 2022.
The report detailed that crude oil revenue encompasses earnings from the lifting of equity interests and the sale of crude oil used during the year. Petroleum products sales include various products such as Premium Motor Spirit (PMS) and Automotive Gasoline Oil (AGO). The natural gas revenue reflects the invoice value of gas sold to third parties, while the services revenue includes earnings from seismic contracts, gas transmission tariffs, and other related activities.
