NNPCL Reports Oil Production Drop, Revenue Hits N2.68 Trillion

In January, the Nigerian National Petroleum Company Limited (NNPCL) reported a decrease in oil production to 1.51 million barrels per day, down from 1.64 million barrels per day recorded in January. This decline was attributed to a combination of factors, including outages affecting the Trans Forcados pipeline and operational challenges at the Stardeep Agbami and GTC 2-3 facilities.

Despite the drop in production, NNPCL generated total revenue of N2.68 trillion for the month, which represents an increase of N110 billion compared to the N2.57 trillion generated in January of the previous year. The company also reported a profit tax payment of N136 billion and statutory payments amounting to N1.8 trillion.

NNPCL emphasized its commitment to improving production resilience and restoring output through enhanced collaboration with stakeholders and addressing critical infrastructure constraints.