NNPC Generated N12.02 Trillion from Domestic Crude Oil Sales in 2023

SEATTLE (Scrap Monster):  The Nigerian National Petroleum Company (NNPC) Limited generated N12.02 trillion from domestic crude oil sales in 2023, said the full-year audited results released Monday. Also, crude oil sales to Panama generated N2.04 trillion during the year. The revenue from crude oil sales for the entire year totalled N14.07 trillion in 2023, said the report.

According to the report, Nigeria remained the largest source of revenue from crude oil sales for the state oil company. Also, Panama was the only other source of revenue from crude sales.

ALSO READ:

Nigeria's NNPC Posts 28% Rise in Annual Net Profit to $2.1 Billion

NNPC Launched New Crude Grade to the International Market

NNPC noted that the revenue from crude oil sales in Nigeria recorded phenomenal growth by around 2100%, rising significantly from N545 billion in 2022 to N12.02 trillion in 2023. On the contrary, the revenue from Panama registered decline by approximately 30%, falling from N2.9 trillion in 2022 to N2.04 trillion in 2023.

The county reported no revenue from crude oil sales to the UK in 2023. It must be noted that NNPC had earned N19 million in sales to the UK in 2022.

The report indicates surge in revenue for NNPC from the sale of petroleum products and natural gas. The petroleum products sales recorded revenue of N7.1 trillion, whereas the revenue from natural gas sales amounted to approximately N2.3 trillion for the year.