The Nigerian National Petroleum Company Limited (NNPC Ltd) has recorded a massive decline in its profit after tax.
According to Business Day report, the profit after tax fell from N905 billion in June to N185 billion in July, marking a sharp 79.6% drop.
Details of the company’s monthly financial and operational report, released late Thursday, show that revenue in July stood at ₦4.41 trillion, lower than the ₦4.57 trillion recorded in June.
According to historical data, NNPC posted a profit of ₦926 billion in April and ₦1.05 trillion in May, before sliding to ₦905 billion in June. The July result represents the company’s weakest performance in recent months, despite a slight rise in production.
Crude oil output in July averaged 1.7 million barrels per day (mbpd), compared to 1.68 mbpd in June, while natural gas production stood at 7.7 billion cubic feet, up from 7.58 bcf in the previous month.
The report also highlighted statutory payments of ₦7.97 trillion between January and June 2025, underscoring the company’s continued contribution to government revenue.
On infrastructure, NNPC said the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline projects are progressing, with completion levels at 96% and 83% respectively.
The 113-kilometre portion of the OB3 pipeline has already been commissioned and is transporting about 300 million standard cubic feet of gas per day (mmscf/d) from producers including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
Upstream operations were reported to be stable, with pipeline availability maintained at 100%.
The company also disclosed that additional subcontractors have been mobilised to speed up the mainline works on the AKK project, while a revised strategy has been adopted to fast-track completion of the OB3 River Niger Crossing.
Despite the profit slump, NNPC said it remains focused on sustaining crude oil and condensate production, enhancing facility uptime, and strengthening collaboration with stakeholders to improve operational efficiency.
