In 2023, the Nigerian National Petroleum Company (NNPC) Limited made N2.04 trillion from sales of crude oil to Panama, a Central American nation, and N12.02 trillion from sales of crude oil within Nigeria.
The national oil company’s full-year audited reports for 2023 were made public on Monday, and they include this information.
The research indicates that the only other source of crude oil money for NNPC is Panama, despite Nigeria being the main source of income from crude sales for the oil major.
According to the research, the lifting of equity interests in different oil assets and the year-round use of crude oil provide money from sales of crude oil.
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On a year-on-year basis, revenue from crude oil sales in Nigeria increased significantly, rising from N545 billion in 2023 to N12.02 trillion in 2023, representing a growth of about 2100%.
In contrast, revenue from Panama declined from N2.9 trillion in 2022 to N2.04 trillion in 2023, reflecting a decrease of approximately 29.66%.
Additionally, while the company earned N19 million from crude oil sales in the United Kingdom in 2022, no revenue was reported from that country in 2023.
Consequently, NNPC’s total revenue from crude oil sales for the year amounted to N14.07 trillion.
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A review of the report highlights additional revenue sources for NNPC in 2023. These include revenues from the sale of petroleum products and natural gas.
Furthermore, NNPC earned revenue from various services, further contributing to its financial performance for the year.
Petroleum Product Sales – The company reported revenues of N7.1 trillion from petroleum product sales, a significant increase from N4.5 trillion the previous year.
Petroleum product sales encompass fuel, kerosene, diesel, naphtha, and other related products.
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Nigeria also remained the leading market in this area, generating N6.9 trillion compared to N4.3 trillion the previous year, accounting for approximately 97% of total petroleum product sales. Sales to the Bahamas totalled N151.7 billion, up from N129.5 billion the year before.
Revenue from Natural Gas – This category, which includes the invoice value of natural gas sold to third parties, generated approximately N2.3 trillion for the year under review, a significant increase from N683 billion reported the previous year.
Nigeria once again was the primary revenue source, contributing N1.9 trillion, up from N638.7 billion in 2022. This accounted for 82.6% of total gas revenues.
Interestingly, the Cayman Islands contributed N402.7 billion to the gas revenue, a notable increase from the previous year’s contributions of N3.9 billion from the UK, N24 billion from Panama, and N16.3 billion from the Cayman Islands.
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Revenue from Service — The company reported a substantial increase in revenue from services, totalling N464 billion for the year, a significant rise from N100.5 billion in the previous year.
Nigeria was a major contributor, generating N379.2 billion, a notable increase from zero in 2022.
Cyprus also played a significant role, contributing N80.49 billion.
NoIn contrast, the Cayman Islands, which had been the sole source of the N100.5 billion revenue in 2022, contributed nothing to the revenue in 2023.
