NNPC Profit Doubles to N447bn in October Despite Oil Output Drop

State-owned Nigerian National Petroleum Company (NNPC) saw its profit more than double last month as oil and gas revenue rose.

NNPC reported a profit of N447 billion, up from N216 billion, according to data released on Saturday.

Its revenue rose to N5.08 trillion from N4.27 trillion in the previous month. The company’s oil output dropped to 1.58 million barrels per day from 1.61 million bpd, while natural gas production rose to 6.99 billion standard cubic feet per day from 6.28 billion scf/d.