We made N14trn from crude oil sale in 2023 – NNPC

The Nigerian National Petroleum Company (NNPC) Limited says the revenue realised from crude oil sales in 2023 totalled N14.07 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 N24 trillion for the 2023 fiscal year.

Speaking in the AFS, the firm said it made N7.14 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 N2.3 trillion in 2023, representing 237.31 percent growth compared to the N683 billion recorded in 2022.

The NNPC said the country earned about N94 million in 2023 from the sale of power, realising no revenue in the previous year.

The company said revenue from services hit N464.94 billion — up by 362.5 percent from N100.5 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,” the report reads.

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

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