NNPC Profit Rises in January Despite 47% Drop in Revenue
The Nigerian National Petroleum Company has reported a profit after tax of N385 billion for January, up from N351 billion in the previous month.
The company’s monthly report summary released on Monday shows revenue plunged by 46.7 percent to N2.57 trillion from N4.82 trillion in December.
Total crude oil and condensate production increased to 1.64 million barrels per day from 1.54 million bpd in December, while natural gas output rose to 7.28 billion standard cubic feet per day from 6.91 billion scfpd.
