NNPC Profit Rises to N502bn in November Despite Revenue Drop
State-owned Nigerian National Petroleum Company (NNPC) saw its profit rise by 12.3 percent last month despite a decline in oil
State-owned Nigerian National Petroleum Company (NNPC) saw its profit rise by 12.3 percent last month despite a decline in oil and gas revenue.
NNPC reported a profit of N502 billion, up from N447 billion in October, according to data released on Wednesday.
Its revenue dropped to N4.36 trillion from N5.08 trillion in the previous month. The company’s oil output increased to 1.60 million barrels per day (bpd) from 1.58 million bpd, while natural gas production fell slightly to 6.97 billion standard cubic feet per day (scf/d) from 6.99 billion scf/d.
Our standardsReported and edited by the Markets Reporters newsroom. How we workUse of AISummaries, audio and Ask MR answers are generated from our reporting and labelled. Reporting and writing are human.CorrectionsSpotted an error? Tell us — we correct and note it.
Free newsletter
