NPDC posts N179.1bn profit — Report
The Nigerian Petroleum Development Company , an upstream subsidiary of the Nigerian National Petroleum Corporation , made N179.1 billion profit after tax from its operations in 2018.The News Agency of Nigeria reports that the corporation’s account was last audited in 2016 under the watch of Ibe Kachikwu as the Group Managing Director of the Corporation.
The AFS further indicated that the NNPC flagship subsidiary had a total asset of over N5.3 trillion within the period, compared to the N4.007 trillion asset recorded in 2017. “NNPC and its partners are considering modalities to cap crude oil cost per litre at 10 dollars by 2021, in order to ensure that Nigeria benefits more from the nation’s hydrocarbon resources.
It said that NNPC achieved a second straight year without incurring additional cash call arrears and repayment of over 2.7 billion dollars of total cash call arrears due to industry operators.
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