The Nigerian National Petroleum Company Limited (NNPCL) has reported a sharp decline in its profit after tax, tumbling from ₦905 billion in June to ₦185 billion in July.
The July figure represents a staggering 79.6 per cent fall in profit, according to the company’s monthly financial report released late Thursday.
Naija News reports that the NNPCL disclosed that its total revenue also slipped within the period, dropping from ₦4.57tn in June to ₦4.41tn in July.
Records showed that the oil firm’s profit had earlier stood at ₦1.05tn in May and ₦926bn in April, before sliding further in June and July.
Interestingly, the sharp profit decline came even as crude oil production inched up from 1.68 million barrels per day in June to 1.7 mbpd in July.
Gas production also rose slightly to 7.7 billion cubic feet, compared to 7.58 bcf recorded the previous month.
The report indicated that statutory remittances to the government between January and June stood at ₦7.97tn.
Despite the dip in profit, NNPC highlighted its role in sustaining energy supply, stressing that it was improving the uptime of production facilities while maintaining collaboration with stakeholders to boost operational efficiency.
Progress on Gas Infrastructure Projects
The report also outlined milestones in ongoing gas infrastructure projects.
On the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, NNPC revealed that additional subcontractors had been deployed to accelerate mainline works, with the project now 96 per cent completed.
Similarly, the Obiafu-Obrikom-Oben (OB3) pipeline project recorded 83 per cent progress. The company noted that it had commenced the implementation of a revised execution strategy towards expedited completion of the OB3 River Niger Crossing.
Furthermore, NNPCL confirmed that the 113-kilometre portion of the OB3 pipeline had already been commissioned and is currently delivering about 300 million standard cubic feet per day (mmscf/d) of gas from producers such as AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
Reiterating its commitments, the national oil firm said: “We are sustaining crude oil and condensate production, improving the uptime of production facilities, and continuing stakeholders’ collaboration and operational efficiency.”
The NNPCL maintained that while profit margins dipped in July, its long-term strategy remained focused on completing critical infrastructure, ensuring a stable energy supply, and driving future profitability.
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