NNPC Records Historic Profit of N2.548 Trillion in 2022, Reports Continued Vigilance Against Oil Theft

The Nigerian National Petroleum Company (NNPC) Ltd announced a remarkable profit of N2.548 trillion in 2022, marking the highest in its history since its establishment in 1977. The company’s 2022 Financial Performance Report, published online, highlighted this significant achievement. In contrast, the report revealed losses of N803 billion in 2018 and N1.7 billion in 2019.

The financial report documented a turning point in 2020 with a profit of N287 billion, followed by continued growth in 2021, reaching N674.1 billion, labeled as ‘Assurance.’ The report underscored the remarkable ascent of the company’s profit, culminating in the impressive N2.548 trillion recorded in 2022.

Between December 30, 2023, and January 5, 2024, NNPC Ltd reported 157 incidents of crude oil theft from seven incident sources, resulting in the arrest of 17 suspects. The sources included prominent entities such as the Nigeria Agip Oil Company, Pipeline Infrastructure Nigeria Ltd, Maton Engineering Ltd, Tantita Security Service Ltd, Shell Petroleum Development Company (SPDC), NNPC Command and Control Centre, and various Government Security Agencies.

The company detailed its recent efforts in combating oil theft, highlighting the discovery and destruction of 52 illegal refineries in Abia, Imo, Rivers, and Bayelsa states. Additionally, 32 illegal connections were uncovered in different parts of the Niger Delta, promptly removed and repaired along the central corridor in the region. Seven illegal storage sites were exposed in Akwa Ibom state, while buried crude drums were unearthed in bushes in Bayelsa and Warri, Delta.

The NNPC emphasized its unwavering commitment to eradicating this menace, reaffirming that there would be no relenting until the challenge was completely eliminated. (NAN)

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