NNPCL revenue, profit after tax drop significantly to N3.08tn, N279bn

The Nigerian National Petroleum Company Limited, NNPCL, experienced a sharp decline in revenue and profit after tax in July 2026. The state-owned oil company reported that revenue dropped by 29.5 percent to N3.08 trillion, compared to N4.38 trillion in June. The decrease was mainly due to a 20.2 percent reduction in crude oil and condensate sales, with only 22.53 million barrels sold in July, down from 28.23 million barrels in the previous month.

Similarly, NNPCL's profit after tax fell by 47.9 percent to N279 billion in July, from N535 billion in June. This decline was accompanied by a 7.8 percent reduction in gas sales, with 4.58 million standard cubic feet per day recorded in July, compared to 4.97 mmscfd in June. The company remitted N7.91 trillion to the Federation Account between January and July 2026.

NNPCL also announced a 2.3 percent decline in crude oil and condensate production, with production falling to 1.68 million barrels per day in July from 1.72 million bpd in June. The company's crude oil production consisted of 1.44 million bpd of crude oil and 240,000 bpd of condensate, while condensate output dropped by four percent during the period.

Natural gas production also declined by 4.5 percent to 7.48 mmscfd in July, from 7.84 mmscfd in June. The Obiafu-Obrikom-Oben, OB3, pipeline operated at 100 percent availability, while the Ajaokuta-Kaduna-Kano, AKK, gas pipeline registered 95 percent availability.