NNPCL Operates Like Saudi Arabia’s Aramco, Declares N674.1 Billion Profit, First Time in 44 Years
- NNPC has declared its first profit in 44 years since it became a company in 2022
- The company declared an N674.1 billion profit for 2021 after posting losses in 2018 and 2019
- NNPC also merged its Strategic Business Units to ease operations in the company
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The Nigerian National Petroleum Company Limited (NNPC) has witnessed exponential growth in the last three years, moving from a loss-making, government-control entity in 2018 to a dynamic, commercially viable conglomerate with a profit of N674.1 billion in 2021.
NNPC, which posted an N807 billion loss in 2018 and N1.7 billion in 2019, became profitable for the first time in 44 years, recording a whopping N287 billion in 2020.
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NNPC remits N123 bullion to Federation Account
The profit ratio represents 183% in four years from 2018 to 2021, a significant achievement considering the drop in international crude oil prices.
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Vanguard reports that the company supported its stellar performance by contributing to the Federal Account revenue for June 2023, remitting N123 billion. The amount comprises interim dividends and N42 billion 40 PSC profit oil, and compliance payment of royalties and taxes.
The development comes as President Bola Tinubu removed petrol subsidies, deregulating the downstream sector of the oil and gas sector, and released NNPC cash flow for trading purposes.
NNPC merges subsidiaries to strong units
NNPC has shut down unviable Strategic Business Units (SBUs), allowing only 21 subsidiaries.
It has also merged its oil field services, Integrated Data Services Limited (IDSL) and Frontier Exploration, to form NNPC Services Limited, EnServe, focusing on exploration, data management, and general oilfield services.
The company also simplified its shipping business with three entities, NIDAS Shipping Services, NIKOMA Shipping Services, and Marine Logistics, merged to form NNPC Shipping Company.
NNPC teams up with Nigerian company to reduce cooking gas prices, employ 7,000
Legit.ng reported that the Nigerian National Petroleum Company (NNPC) Ltd. and UTM Offshore Ltd. has signed the Heads of Terms Agreement to provide clean energy to Nigerians through the UTM FLNG Project, which aims to ensure the accessibility and affordability of cooking gas for consumers.
The signing ceremony was regarded as a significant step towards growing the gas market and allows 20 per cent equity contribution of the NNPCL in the UTM FLNG Project, The Nation reported. Who will be the next governor of Kaduna state? Nigerians predict | Legit TV Keep Watching.
Julius Rone, Group Managing Director, UTM Offshore Ltd said the development is part of the joint effort to stabilize the cost of gas and also create a healthy environment.
Source: Legit.ng
