NNPC Reports ₦14.07 Trillion in Crude Oil Revenue for 2023, Marking a 298.7% Increase

The Nigerian National Petroleum Company (NNPC) Limited has announced that its revenue from crude oil sales in 2023 totaled ₦14.07 trillion.

This figure represents a substantial 298.7% increase compared to the ₦3.52 trillion earned in 2022. The details were revealed in the NNPC’s Audited Financial Statements (AFS) for the fiscal year ending December 31, 2023.

On August 19, NNPC had previously declared a total revenue of ₦24 trillion for the 2023 fiscal year.

The AFS highlighted that revenue from petroleum product sales reached ₦7.14 trillion in 2023, reflecting a 58.74% growth from the ₦4.5 trillion earned in the previous year.

Regarding natural gas sales, NNPC reported ₦2.3 trillion in revenue for 2023, marking a 237.31% increase compared to the ₦683 billion recorded in 2022.

Additionally, the company disclosed that it earned about ₦94 million from power sales in 2023, after recording no revenue in this category the previous year.

NNPC also reported a significant rise in service-related revenue, which reached ₦464.94 billion—up 362.5% from ₦100.5 billion in 2022.

According to the report, the revenue from crude oil sales includes income from lifting equity interests in various oil assets, as well as revenue from crude oil sales during the year.

The report further explained that petroleum product sales encompass the sale of Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK), Automotive Gasoline Oil (AGO), naphtha, lubricants, and other related products.

Revenue from natural gas sales was described as the invoice value of natural gas sold to third parties, while service revenue was derived from seismic contracts, time-based contracts, gas transmission tariffs, shipping, marine, and engineering services.