NNPC Profit Dropped 47.9% to N279bn in July as Crude Oil Sales Declined

The Nigerian National Petroleum Company (NNPC) Limited said its profit after tax (PAT) dropped by 47.9 percent to N279 billion in July 2026, from N535 billion recorded in June.
NNPC announced the figure in its July ‘Monthly Report Summary’ published on Tuesday.
According to the report, the company’s revenue also declined by 29.5 percent to N3.08 trillion in July, from N4.38 trillion in the preceding month.
This followed a 20.2 percent decline in crude oil and condensate sale, as NNPC reported it sold 22.53 million barrels in July, down from the 28.23 million barrels in June.
Gas sale also fell by 7.8 percent to 4.58 mmscfd in July, from 4.97 mmscfd in June.
The report showed that NNPC remitted N7.91 trillion to the federation account between January and July 2026.
On operations, NNPC said upstream pipeline availability was sustained at 100 percent for the second consecutive month.
The company added that the Obiafu-Obrikom-Oben (OB3) pipeline recorded 100 percent availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 percent availability.
NNPC also disclosed that crude oil and condensate production declined by 2.3 percent to 1.68 million barrels per day (bpd) in July, from 1.72 million bpd in June.
The July figure comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate, compared with 1.47 million bpd of crude oil and 250,000 bpd of condensate in June.
Crude oil production therefore fell by 2 percent, while condensate production declined by 4 percent during the period.
The company also reported a 4.5 percent decline in natural gas production to 7.48 million standard cubic feet per day (mmscfd) in July, from 7.84 mmscfd in June.
NNPC said its production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimising unplanned downtime.
The company said key initiatives include optimising export operations at FEPL and Nembe EP, maturing and delivering incremental production opportunities across its portfolio, and strengthening operational reliability across key facilities.
NNPC added that additional measures include activating tandem offloading operations at Akpo and Erha to enhance export flexibility, as well as restoring barging operations at Obodo to improve production evacuation and sustain output.
On the AKK gas pipeline, NNPC said construction and installation works for the early-gas component were at an advanced stage to deliver gas to Abuja in 2026.
The company also said pre-commissioning activities on the OB3 River Niger Crossing Pipeline had been completed in readiness for first gas in August 2026.