NNPC revenue drops to N1.3tn on lower oil production

The Nigerian National Petroleum Company Limited (NNPC) reported a significant drop in its revenue to N3.09tn in July 2026, a decrease of N1.3tn compared to the N4.39tn earned in June 2026. This decline in revenue was matched by a substantial reduction in profit after tax, which fell from N535bn in June to N279bn in July. The company's production of crude oil and condensate decreased to 1.68 million barrels per day (mbpd) in July from 1.72mbpd in June, contributing to the revenue drop.

Additionally, natural gas production fell from 7.8 billion standard cubic feet per day (bscf/d) in June to 7.49 bscf/d in July. The reduction in production was primarily attributed to operational disruptions at various NNPC assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints.

NNPC has stated that it is implementing measures to improve production and reduce disruptions, such as enhancing facility uptime through preventive maintenance programs and optimizing export operations at FEPL and Nembe Export Pipeline (FEPL) and Nembe Export Pipeline (Nembe EP). Despite the challenges, the company maintained 100% availability of its upstream pipeline infrastructure and noted that its Ajaokuta-Kaduna-Kano gas pipeline was 95% completed, with early gas delivery to Abuja expected in 2026.