The Nigerian National Petroleum Company Limited (NNPCL) has reported a significant decline in its profit after tax, dropping from N905 billion in June to N185 billion in July.
This represents a staggering 79.6% decrease in profit, despite a marginal increase in oil production from 1.68 million barrels per day to 1.7 million barrels per day.
Natural gas production also rose slightly to 7.7 billion cubic feet, compared to 7.58 billion cubic feet last month.
According to the NNPC report late Thursday, the company’s revenue dropped to N4.41 trillion in July, down from N4.57 trillion in the previous month.
Despite the decline in profit, the company has remitted N7.97 trillion to the Federation Account from January to June 2025.
NNPC’s Group Chief Executive Officer, Bayo Ojulari, attributed the profit to strategic cost-saving measures and infrastructure improvements.
The NNPC report highlighted significant strides in infrastructure development, with the AKK and OB3 gas pipeline projects hitting 96% and 83% completion levels, respectively. Upstream pipeline availability remained strong at 100%.
The company said: “We are sustaining crude oil and condensate production, improving the uptime of production facilities, and continuing stakeholders’ collaboration and operational efficiency.”
Persecondnews reports that Natural gas production rose slightly to 7.7 billion cubic feet, compared to 7.58 billion cubic feet last month. The 113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing about 300 mmscf/d of gas from producers such as AHL, Platform, Chorus, and Xenergi.
On the Ajaokuta-Kaduna-Kano gas pipeline, additional subcontractors were deployed to expedite completion of mainline works and fast-track project completion.
Despite the dip in profit, NNPC highlighted its role in sustaining energy supply, stressing that it is improving the uptime of production facilities while maintaining collaboration with stakeholders to boost operational efficiency.
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