The net asset value of the Nigerian National Petroleum Corporation’s, NNPC, oil and non-oil assets appreciated by 18.53 per cent to N4.67 trillion in 2019, from N3.94 trillion recorded in its 2018 financial year.
NNPC’s oil and non-oil assets, according to its recently published 2019 Audited Financial Statement, included evaluation and exploration assets, oil and gas properties, other property, plant and equipment.
In the financial statement, the NNPC put the cost of the assets as at January 1, 2019 at N4.9 trillion, while at December 31, 2019, the cost rose to N5.84 trillion, this was in comparison to net book value of N4.01 trillion as at January 1, 2018 and N4.9 2018.
The value of depreciation of the assets stood at N1.18 trillion as at December 31, 2019, compared with N967.24 billion as at December 31, 2018, while the net book value, also known as net assets value, stood at N4.67 trillion as at December 31, 2019, compared to N3.94 trillion as at December 31 2018.
