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.

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