NNPCL Declares ?29.21tr in Revenue From Crude Oil Sales in 2024
The Nigerian National Petroleum Company Limited (NNPCL) delivered its strongest revenue performance on record in 2024, earning ?29.21 trillion from crude oil sales more than double the ?14.07 trillion recorded in 2023. The leap, disclosed in the company’s newly released audited financial statements, reflects rising output, stronger export uptake, and wider market penetration across key crude-buying regions.
Crude Oil Anchors NNPCL’s Revenue Expansion
Crude oil remained the company’s primary growth engine, accounting for the largest share of NNPCL’s ?45.08 trillion total revenue from customer contracts, up from ?23.99 trillion the year before. The surge highlights the company’s increasing reliance on upstream performance even as it attempts to diversify into gas and refined products.
Moreover, improved export scheduling, higher production uptime, and expanded trading operations strengthened the company’s crude realisation throughout the financial year.
Gas, Products, and Services Record Strong Upside
Beyond crude, NNPCL recorded broad-based growth across other operating segments:
Petroleum product revenue climbed to ?9.68 trillion, up from ?7.15 trillion in 2023.
Natural gas income surged to ?5.20 trillion, more than doubling the previous year’s ?2.30 trillion, driven by rising domestic utilisation and increased LNG export flows.
Services revenue covering marine operations, seismic work, engineering contracts, and gas transmission grew sharply to ?980.46 billion, up from ?464.94 billion.
Collectively, these segments underline NNPCL’s gradual shift toward a more integrated energy portfolio.
Nigeria Remains Core Market as Exports Diversify
Nigeria continued to dominate group earnings, contributing ?34.41 trillion of total revenue in 2024 almost twice the ?18.29 trillion recorded in 2023. Domestic crude lifting’s, fuel sales, gas supply, and service contracts formed the bulk of this contribution.
Internationally, NNPCL expanded its footprint across multiple trading hubs:
Switzerland generated ?2.14 trillion, mostly from crude exports.
Spain, France, UAE, and Singapore each contributed between ?979 billion and ?1.40 trillion.
Newer markets such as Italy, Vietnam, and Cyprus also appeared in the 2024 revenue breakdown, signaling broader diversification of NNPCL’s trading routes.
However, revenue from the United Kingdom dipped to ?743.90 billion, compared with ?993.72 billion in 2023.
Standalone Company Revenue Doubles to ?19.66tr
At company level, NNPCL reported ?19.66 trillion in revenue more than double the ?8.13 trillion posted in 2023. Crude again dominated, rising from ?7.03 trillion to ?17.39 trillion. Gas income also expanded significantly, reaching ?2.10 trillion, while petroleum product sales inched up to ?158.81 billion.
Interestingly, Panama emerged as the largest revenue source for the standalone entity, generating ?14.77 trillion, mainly from crude lifting’s. Nigeria followed with ?4.85 trillion, while Ghana contributed ?37.54 billion.
Revenue Recognition Reflects Strong Trading Activity
Of the ?45.08 trillion group revenue, ?40.49 trillion was recognised at a point in time indicating that crude, gas, and product sales were largely booked immediately upon transfer of control to buyers. The remaining ?4.58 trillion was recognised over time, primarily from gas-supply contracts and long-term service agreements.
A Record Year Driven by Output Gains and Market Reach
Overall, NNPCL’s 2024 performance reflects a combination of higher crude output, stronger market access, improved trading efficiencies, and rising gas monetisation. The results also underscore the company’s growing commercial orientation following its transition into a limited liability entity.
As global energy markets evolve and domestic reforms deepen, the company’s ability to sustain this growth trajectory will depend on continued upstream stability, accelerated gas development, and disciplined operational governance.