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Tuesday, June 25, 2024

NNPCL announces record-breaking N2.548tn profit in 2022 amid rising oil industry vigilance

State-owned oil giant reveals substantial financial gains and intensified efforts against illegal refineries and pipeline vandalism in the Niger Delta region

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The Nigerian National Petroleum Company Limited (NNPCL) declared a remarkable profit of N2.548tn in 2022, marking what it referred to as its “highest profit since inception.” The state-owned oil corporation, established in 1977, disclosed these financial achievements alongside its ongoing efforts to combat illicit activities in the oil and gas industry.

This notable financial success follows the passage of the Petroleum Industry Act in August 2021, which shifted NNPCL to a commercially driven entity. In a concise document titled ‘NNPC Financial Performance,’ the company outlined its financial trajectory, revealing a turning point with a loss of N803bn in 2018 and transforming into a N2.548tn profit in 2022.

The Chief Corporate Communications Officer of NNPCL, Femi Soneye, stated that the profit growth was consistent, starting with N287 billion in 2020 and reaching N674.1 billion in 2021. Group Chief Executive Officer, Mele Kyari, had earlier anticipated this impressive financial outcome, foreseeing over N2tn in corporate profit for 2022.

In addition to financial revelations, NNPCL reported a heightened focus on tackling illegal refineries and pipeline vandalism in the Niger Delta region. In a documentary shared on its official platform, the company disclosed the discovery of 52 illegal refineries and the uncovering of 32 illegal pipeline connections within the past week.

The statement outlined that between December 30, 2023, and January 5, 2024, 157 oil theft incidents were recorded, involving various sources. The company highlighted the discovery of 25 cases of pipeline vandalism, the arrest of vehicles and boats involved in stolen crude transportation, and the identification of illegal storage sites.

NNPCL emphasized its commitment to curbing oil theft, reporting the arrest of 17 suspects during the stated period. As the company continues its vigilance in safeguarding the oil and gas industry, its financial success and proactive measures demonstrate a transformative phase for NNPCL in the evolving landscape of Nigeria’s petroleum sector.

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