With Africa’s largest oil producer recording an average daily production of 1.62 million barrels of crude and condensate, Nigeria’s state oil company, NNPC, reported after-tax profits of 5.760 trillion naira ($4.26 billion) last year.
With statutory payments to government agencies and partners totaling 14.706 trillion naira for the year, the total revenue was 60.517 trillion naira.
The statistics, which were announced on Wednesday, did not include comparable numbers from the previous year, according to NNPC.
Planned maintenance and a number of unforeseen disruptions caused oil production to slightly decline in December, the last month of the quarter, compared to previous months.
The average output of oil and condensate in December was 1.54 million barrels per day, and the total revenue for the month was 4.824 trillion naira.
In December, the average daily supply of natural gas was about 6.914 billion standard cubic feet.
Downstream metrics increased in December, with Nigerian Refining Limited stations attaining 65% petrol (PMS) availability, which is higher than in previous times.
Pipeline systems reported 100% availability, demonstrating the good performance of the upstream infrastructure.
The business emphasized the ongoing development of significant gas infrastructure projects.
In December, the Ajaokuta-Kaduna-Kano pipeline’s mainline welding was finished, while the Obiafu-Obrikom gas pipeline’s pilot hole drilling progressed.
According to NNPC, all data are tentative and subject to final reconciliation with stakeholders.
