Skip to main content

NNPC Reveals Revenue It Made From Crude Oil Sale In 2023

NNPC Reveals Revenue It Made From Crude Oil Sale In 2023

The Nigerian National Petroleum Company (NNPC) Limited has disclosed that the revenue it realised from crude oil sales in 2023 totalled ₦14.07 trillion.

This represents an increase of 298.7 percent relative to the N3.52 trillion earned in 2022, the NNPC said in its Audited Financial Statements (AFS) for the fiscal year ending December 31, 2023.

On August 19, the national oil company had declared a revenue of ₦24 trillion for the 2023 fiscal year.

Speaking in the AFS, the firm said it made ₦7.14 trillion from petroleum products sales last year up by 58.74 percent from the N4.5 trillion earned in 2022.

On revenue from the sale of natural gas, the NNPC said the country got ₦2.3 trillion in 2023, representing 237.31 percent growth compared to the N683 billion recorded in 2022.

The NNPC said the country earned about ₦94 million in 2023 from the sale of power, realising no revenue in the previous year.

The company said revenue from services hit ₦464.94 billion — up by 362.5 percent from ₦100.5 billion in 2022.

According to the report, income from the sale of crude oil includes revenue from the lifting of equity interests in various oil assets as well as revenue from the sale of crude that was used during the year.

“Petroleum products sales include the sale of Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), Naphtha, lubricants and other related products.

“Sale of natural gas represents the invoice value (transaction price) of natural gas sold to third parties,” the report reads.

The NNPC added that revenue from services consists of earnings from seismic contracts, time-based contracts, gas transmission tariffs, shipping, marine, and engineering.


Labels:

Comments

Post a Comment

Popular posts from this blog

Breaking: ASUU suspends 2-week warning strike

The Academic Staff Union of Universities, ASUU, has suspended its two-week warning strike it declared last week across all public universities in the country. The union announced the suspension on Wednesday at a press conference held at its headquarters in Abuja. President of ASUU, Chris Piwuna, who read a prepared speech before newsmen, explained that the development followed intervention by the Senate and some other well-meaning Nigerians. However, he sad the National Executive Council of the Union resolved to give the government a one-month window to address all contending areas.
2 comments
Read more

JUST IN: If Tinubu Had Told Me, I Wouldn’t Have Agreed To Rivers State Of Emergency Rule – Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has stated that he would not have agreed with President Bola Ahmed Tinubu if he had discussed his move to declare a State of Emergency in Rivers State. Wike noted that he is not in conflict with the suspended Rivers State Governor,      Sim Fubara  He stressed his opposition on the State of Emergency rule, stating that only the President knows the right time to lift it. While speaking to journalists in Abuja on Monday, Wike remarked that Fubara has permitted himself to be manipulated by his adversaries to oppose him. The FCT Minister said: “ I made it clear that this impunity will not stand, so what is happening in PDP is what I call undertakers because I see no reason why you will put yourself under that kind of crisis. “I don’t have any crisis with him (Fubara). I’m not the President who declared a State of Emergency; if Mr President had called me, I wouldn’t have agreed to the State of Emergenc...
Post a Comment
Read more

Woman Burned to Death, Accused of Kidnapping 7yrs Old Boy in Delta

By Tessy ogbemi An angry mob set ablaze a woman accused in a failed child kidnapping attempt in Agbarho community, Ughelli North Local Government Area of Delta State.  The incident happened on Wednesday, September 24, 2025.  An eyewitness disclosed at the scene of the incident at Ekwvere Road claimed that the woman hid the seven year old boy she allegedly abducted in a sack, adding that she was even carrying a Bible on one hand.  Community sources said some residents in the area accosted the lady when they observed the way she was dragging the sack, to know what she had in it.  "She was unstable when they asked her to disclose what she was carrying in the sack. When the bag was forced open, they found a seven year old child in it. They shouted and it attracted a large crowd,” a source said.  It was gathered that the angry mob immediately brought a used tyre to the scene, which they forced down her neck after beating her to a pulp.  “The lady and the tyre we...
1 comment
Read more