While the Nigerian state hydrocarbon firm congratulated itself on making a net profit after tax for the first time in its 44-year history, Africa Oil+Gas Report’s examination of the audited reports of each of its 21 subsidiaries indicate that Nigeria’s most integrated oil and gas company struggled with revenues in 2020, operationally, in the entire value chain, than it did in 2019.
There was a depressing upstream showing, a midstream failure and a mixed bag of fortunes in the downstream.
Even the supposedly bespoke investment vehicles: for the investment firms (NAPIMS, Duke Global Energy) performed…
