Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N185 billion for July, its latest monthly report shows.
This represents a drop from the N905 billion recorded in June, which was at the time, a drop from the N1.054 trillion recorded in May.
The exact cause of this significant decline remains unclear as of press time.
The company, in its report summary released on Thursday night, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
In the report, the state-owned oil company posted a statutory payment of N7.965 trillion to the federation account within the first six months of 2025 (January-June), up from the N6.96 trillion it remitted from January to May.
ALSO READ: NCAA Probes Emanson, Ibom Air Crew Incident
The report also shows that the national oil company generated N4.4 trillion in revenue from oil in July, a fall from N4.57 trillion it recorded in June and down from N6.008 trillion it recorded in May.
According to the report, Nigeria’s crude oil and condensate production stood at 1.70 million barrels per day (bpd), slightly up from June’s figure of 1.68 mbpd. Of this total, crude oil accounted for 1.40 mbpd, while condensates contributed 0.29 bpd.
In the same vein, natural gas production was 7.72 billion standard cubic feet per day (scf/d) in July, up from 7.581 billion scf/d in June and 6.615 billion scf/d in February, indicating a steady rebound in output.
Gas sales climbed, reaching 4.978 bscf/d in July, an increase from 4.74 bscf/d in June and 4.70 bscf/d in May as well as 3.545 bscf/d in February, the lowest this year so far.
It added that the petrol availability in its retail stations nationwide was 70 per cent in July, down from 71 per cent in June, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) remained at 96 per cent completion, unmoved from the preceding month and Ajaokuta- Kaduna- Kano (AKK) pipeline hit 83 per cent completion from 81 per cent reported May.
The NNPC added that it sustained crude oil and condensate production, improved uptime of production facilities and continued stakeholders’ collaboration and operational efficiency.
It noted that additional subcontractors have been deployed to expedite completion of mainline works and fast track project completion on the AKK has pipeline.
The company said it commenced implementation of revised execution strategy towards expedited completion of OB3 RiverNiger Crossing, adding that 113km portion of OB3 as Pipeline has been commissioned and flowing about 300mmscf/d of gas from the following gas producers: AHL 250 mmscf/d as well as Platform, Chorus and Xenergi – 50 mmscf/d.
Source: Premium Times
