NNPC Limited Achieves Record Of N2.548tn Profit In 2022

Nigerian National Petroleum Company Limited (NNPCL) announced its historic profit of N2.548 trillion in 2022, marking its peak since its establishment.

In a statement, the state-owned oil company highlighted a transformation from a loss of N803 billion in 2018 to consistent profits in recent years.

Mele Kyari, the Group’s Chief Executive Officer, revealed projections post-Petroleum Industry Act 2021, targeting a profit increase of over N2 trillion for 2022.

However, amidst financial success, NNPCL unveiled a grim reality in its ongoing battle against oil theft in the Niger Delta.

The past week alone witnessed the discovery of 52 illegal refineries and 32 illegal pipeline connections. The company revealed 157 recorded incidents of oil theft, emphasizing the involvement of various entities in these illegal activities.

NNPCL detailed operations to curb oil theft, which included the discovery and removal of illegal connections and storage sites.

The confiscation of stolen crude oil, arrests of suspects, and prevention of further vandalism were reported across different regions in the Delta. The oil firm vowed to persist in combating oil thieves until the situation is fully under control.

In a documentary shared on its official platform, NNPCL showcased the severity of oil theft incidents, emphasizing the need for continued vigilance. The company’s commitment to mitigating these issues remains unwavering, aiming to secure the integrity of Nigeria’s oil and gas resources.

The company is a state-owned oil corporation founded in 1977 and the largest holder in the Nigerian oil and gas industry. After Nigeria passed the Petroleum Industry Act by ex-President Muhammadu Buhari in August 2022, it began commercial operations.