NNPCL makes N2.548trn Profit, highest since inception in 1977
11-Jan-2024 / 149
The Nigerian National Petroleum Company Limited (NNPCL), says it recorded a Profit of N2.548trn in 2022. The National Oil Company in its 2022 Financial Performance Report posted Online described the Profit as the highest since its inception in 1977.
The Financial Report stated that it recorded a Loss of N803bn in 2018 and N1.7bn Loss in 2019.
According to the Report, 2020 recorded N287bn Profit which it tagged ‘’Turning Point’’ while in 2021, the Company’s Profit continued to grow to N674.1bn tagged ‘’Assurance’’.
The Report stated that the Profit continued to rise up to N2.548trn in 2022.
The NNPC Limited had between December 30, 2023 and January 5, 2024 recorded 157 Incidents of Crude Oil theft from seven incident sources and arrested 17 suspects.
The Sources include the Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Limited, Maton Engineering Limited, Tantita Security Service Limited, Shell Petroleum Development Company (SPDC), NNPC Command and Control Centre and Government Security Agencies.
Its Report stated that in the past week, 52 Illegal Refineries were discovered and destroyed in Abia, Imo, Rivers and Bayelsa States while 32 Illegal Connections were uncovered in several parts of the Niger Delta.
They were removed and repaired along Central Corridor in the Niger Delta while seven Illegal Storage Sites were uncovered in Akwa Ibom State and buried Crude Drums unearthed in bushes in Bayelsa and Warri, Delta State.
The Company said there was no backing down on the menace until it was eradicated.
NNPCL releases 2022 Financial Statement, rakes in N8.8trn Revenue
26-Jan-2024 / 149
The Nigerian National Petroleum Company Limited (NNPCL) says its Revenue increased to N.81trn in 2022.
The NNPC Limited said this in its Audited 2022 Financial Statements for the 16-month period ending December 2022 published on its Website.
The Report showed that its Total Assets increased by 260.48 per cent, from N16.27trn in 2021 to N58.65trn.
It revealed that the NNPC Group’s Revenue increased by 37.32 per cent, from N6.42trn in 2021.
The Report stated that the Group’s Profit-After-Tax (PAT) reached a record high of N2.523trn, up 273.9 per cent from N674bn in 2021.
According to the Report, the Profit was divided between the “Owners of the Company” (N2.521trn) and the “Non-Controlling Interests” (N1.782bn).
The Audited Financial Statement said the NNPC Group had N21.59trn in Total Current Assets and N49.35trn in Total Current Liabilities as of the end of 2022.
It stated that Total Liabilities increased by 266.72 per cent, from N13.46trn in 2021 to N49.53trn in 2022, while Deferred Tax Liabilities stood at N13.23trn in 2022.
“Deferred Tax Assets totalled N3.09trn during the review period.
“The Cost of Sales also rose to N6.7trn in 2022, a 25.47 per cent increase from N5.34trn in 2021.
“In 2018, the Company lost N803bn, with another N1.7bn expected in 2019.
“Reversing the deficit, the NNPCL made a Profit of N287bn in 2020, with another N674.1bn Profit expected in 2021,” it said.
No plans to increase Fuel Price, stop panic buying, NNPCL tells Nigerians
09-Feb-2024 / 149
The Nigerian National Petroleum Company Limited (NNPCL), has assured the Public that there is no imminent increase in the Cost of Premium Motor Spirit (PMS), commonly known as Petrol.
The Chief Corporate Communications Officer, NNPC Limited, Olufemi Soneye, in a Statement on Thursday, urged Nigerians to disregard unfounded rumours.
Soneye assured the General Public that there were no plans for an upward review of the Price of PMS.
“Motorists Nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the Country,” he said.
Energy Transition: Kyari headlines Plenary Session at CERAWeek 2024
19-Mar-2024 / 144
The NNPC Limited will be at the 2024 CERAWeek Conference scheduled to hold in Houston, United States from 18th to 22nd March 2024.
GCEO, NNPC Limited, Mele Kyari will headline the Plenary Session titled "Leadership Dialogue" on Tuesday, March 19th, 2024, at the Annual Strategic Conference.
Same day, NNPC Limited's Executive Vice President, Upstream, Oritsemeyiwa Eyesan will also headline a Plenary Session titled "What are the Choices for Upstream Strategies?
On Wednesday, March 20th, 2024, it will be the turn of the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye, who will be a Panelist on a Strategic Dialogue Session titled "Africa's Energy Future: Access. Investment CERAWeek is one of the largest Energy Conferences in the World, drawing thousands of Foremost Global Energy Industry Experts and a host of other Corporate and Government Leaders from around the World annually to Houston, United States, for a week-long Conversation on the future of Energy.
Organised by S&P Global, the Conference has grown in recent years to accommodate new Energy Technologies and Climate Issues. The 2024 Conference is expected to have Participants from 90 Countries and will feature 1,400 Speakers.
Under the Theme "Multidimensional Energy Transition: Markets, Climate, Technology and Geopolitics" the CERAWeek 2024 will explore “strategies for a multidimensional, multispeed and multifuel Energy Transition,” as the Global Energy Industry tries to respond to, and offer insight into Roadmap towards, growing demand for Emissions Reductions and moving towards Cleaner Forms of Energy.
Energy Transition: Kyari advocates different strategy for Africa
20-Mar-2024 / 141
Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Limited) has advocated a different approach towards attaining Energy Transition for the African Continent.
Kyari also said the Final Investment Decision (FID) on the $25bn Nigeria Morocco Gas Pipeline (NMGP) Project would be taken in December 2024.
He made the remarks on Tuesday during a Leadership Dialogue Session at the ongoing CERAWeek Conference in Houston, U.S. tagged, “Multidimensional Energy Transition: Markets, Climate, Technology and Geopolitics.”
Kyari, in a Statement by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Limited, said a differentiated approach became necessary as Global calls for Transition to Cleaner Energy Fuels continued to grow.
According to the GCEO, Energy Transition is a difficult subject for Countries especially in Sub-Saharan Africa because geographically, the situations are different as many Countries are dealing with Energy availability.
“The World has seen all the challenges thrown up recently by Geopolitical Events. It is clear that before Energy Transition, Countries must first attain Security of Energy Supply in their Countries.
“You cannot talk about Energy Security when it is not even available.
“In most Sub-Saharan Africa, 70 per cent of the Population don’t have access to Clean Cooking Fuels. Therefore, you must fill the Supply Gap first,” Kyari stated.
He said although People talked about using the Renewables to close the Energy Transition Gap, the money for the Renewables too must be found.
“If you insist on completing substitution today, then you have to deal with the problem of Supply. For us today, the Transition must be differentiated.
“Even if Africa decides to switch off its Fossil Fuels, it only accounts for just about three per cent of the entire Global Emissions,” the GCEO added.
He said the NNPC Limited. was focused on building its Capacity to deliver Gas to the Domestic Market and beyond.
He said as a Gas-Endowed Country, Nigeria must utilise its abundant Gas Resources to provide the alternative Fuel that it required.
“We understand the arguments towards attaining Energy Transition, but the cheapest way to achieve that is through Gas.
“We see clear opportunities that Gas creates. Today we are building a number of Trunklines and other Gas Infrastructure that will supply Gas to a number of Gas Networks,” Kyari noted.
The GCEO said there was an ongoing Engagement on the Nigeria Morocco Gas Pipeline Project, which had reached advanced stage, to create a Pipeline that would pass through 13 African Countries and all the way to Europe.
He stated that as the largest Oil and Gas Company and Corporate Entity in Africa, the NNPC Limited was critical to Nigeria’s Resource Management and Economic Development.
He said the Petroleum Industry Act had reformed Nigeria’s Oil and Gas Industry.
He said it ensured that NNPC Limited emerged as a fully Commercial Entity, not only accountable to its Shareholders, but also on the pathway of getting quoted on the Stock Exchange.
“Nigeria is fighting the menace of Crude Oil Theft frontally and through the joint efforts of Government and Private Security Agencies.
“There has been some reasonable improvements in the restoration of the Nation’s Crude Oil Production.
“It is an abnormal situation, but it is well within control. We were able to recover some of our Production and build back confidence so that Investors can bring in their money.
“We are also doing Global Advocacy to Governments and Institutions, because stolen Oil has to be taken to the Market,” he stated.
He said an example of the improved security situation was when in 2022, Nigeria’s Production fell below 1 million Barrels per day, which was restored to 1.7 million Barrels per day.
CERAWeek is one of the largest Energy Conferences in the World.
It attracts Global Energy Industry Experts and other Corporate and Government Leaders from around the World annually to Houston, U.S. for a week-long Conversation on the future of Energy.
NNPCL: Our focus not just Gas for sake of it, we will use it for Industrialisation
21-Mar-2024 / 139
The Nigerian National Petroleum Company Limited (NNPCL), has reiterated its commitment towards utilising Nigeria’s abundant Gas Resources to trigger Nigeria’s Industrialisation and Economic Development.
NNPC Limited’s Executive Vice President, Upstream, Oritsemeyiwa Eyesan disclosed this during a Panel Session at the ongoing 2024 CERAWeek Conference in Houston, the United States.
Eyesan, whose Session addressed the Theme, “What are the Choices for Upstream Strategies?” said Nigeria is a predominantly Gas-rich Country which boasts of over 200TCF of Gas that can be leveraged for the Country’s Industrialisation and Economic Development.
She noted that NNPC Limited plans to deepen Gas utilisation Domestically for Industrialisation and ensuring that the entire Country feels and optimises the use of the Resource.
She said the Company is vigorously opening avenues for Infrastructural Gas Development through various Gas Projects spread across the Country.
“Our focus is how do we move from predominantly Oil Player to Gas Player and not just for Gas for the sake of Gas but Gas for Power Generation, and for Industrialisation," she stated.
Eyesan observed that the NNPC Limited is also focused on Emission Reduction and Gas Flare-out.
“We want to capture all Gas flared, utilise it and for Domestic use and and ultimately, increase our Energy Transition Footprints,” she said.
“NNPC is keying into the Government Agenda of using Gas as a Transition Fuel and for us, we want to ensure not only the Domestic Gas Market, but we also expand that to the Region and Internationally,” she said.
While calling on African Countries to collaborate with one another in order to ensure even distribution of Energy Resources, Eyesan said Collaboration is key as not all Countries within the Sub-Region are endowed with equal equal proportion of Energy Resources.
“For us to ensure that we continue to subsist within the Sub-Region, we must be willing to work collaboratively and ensure that there is even distribution of Energy Resources we have across the Sub-Region.”
On Energy Transition, Eyesan stated that the Subject has evolved over the years, adding that for Sub-Saharan Africa, the narrative has been on how to address the Energy Poverty Issue while for Nigeria, the NNPC Limited will continue to look at Areas where it has competitive advantage to define the strategy.
Other Energy Experts on the Panel are the Chief Upstream Strategist, Energy, S&P Global Commodity Insights, Bob Fryklund, President of Pathways Alliance, Kendall Dilling and the Executive Vice President, Exploration and Production International, Equinor, Philippe Mathieu.
NNPCL: Slash in Prices of Petrol, Diesel lie from 'Pit of Hell'
28-Mar-2024 / 125
The Nigerian National Petroleum Company Limited (NNPC Limited) has clarified that the rumours suggesting a Price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its Retail Outlets Nationwide are false.
Olufemi Soneye, Chief Corporate Communications Officer, NNPC Limited, said in a Statement on Wednesday that the Reports were false.
There were Reports in some Sections of the Media on Monday that the Ex-Depot Price for PMS had reduced from N640 to N630 for the Independent Oil Marketers, while NNPC Limited maintained its N570 Price.
The N630 new Ex-Depot Price for Independent Marketers is just one per cent reduction following decision by the NNPC Limited to give Product directly to the Marketers, while maintaining its N570 Ex-Depot Price.
This was against the former arrangement where the Independent Marketers get supply from Private Depots.
The development provoked reactions from Nigerians who assumed that NNPC Limited had reduced Pump Price at their Retail Outlets from N617 to N570.
Soneye, however, urged Nigerians to disregard the Reports in entirety.
He reaffirmed the commitment of NNPC Limited to sustaining the current sufficiency in Petroleum Products Supply across all its Retail Stations in the Country.
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