NNPC Profit Rises to N502bn in November Despite Revenue Drop

State-owned Nigerian National Petroleum Company (NNPC) saw its profit rise by 12.3 percent last month despite a decline in oil and gas revenue. NNPC reported a profit of N502 billion, up from N447 billion in October, according to data released on Wednesday. Its revenue dropped to N4.36 trillion from N5.08 trillion in the previous month. The company’s oil output increased to 1.60 million barrels per day (bpd) from 1.58 million bpd, while natural gas production fell slightly to 6.97 billion standard cubic feet per day (scf/d) from 6.99 billion scf/d.