The Nigerian National Petroleum Company Ltd (NNPCL) has announced a 29% increase in its annual profit, reaching N3.3 trillion, driven by higher oil production, with total revenues hitting N24 trillion.
The company posted a profit of N3.3 trillion ($2.1 billion) for the 12-month period ending in December, up from N2.55 trillion in the previous year.
This information was revealed during a media briefing in Abuja on Monday. While the company reported total revenues of 24 trillion naira, no comparative figure was provided.
Oritsemeyiwa Eyesan, the Executive Vice President of NNPCL’s upstream division, stated at the briefing that Nigeria is currently producing 1.75 million barrels of crude oil and condensates per day. This is an improvement from the year-to-date average of 1.56 million barrels per day.
2022 Results
In 2022, NNPCL recorded its highest profit in 45 years, with a figure of N2.548 trillion. The national oil company highlighted in its 2022 Financial Performance Report, published online, that this was the highest profit since its founding in 1977.
