NNPC Posts ₦535 Billion Profit Amid Crude Oil Production Boost

The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a profit after tax of ₦535 billion in June, exceeding the ₦462 billion recorded in May by ₦73 billion. The company's crude oil and condensate production increased to 1.72 million barrels per day during this period.

The NNPC generated ₦4.389 trillion in revenue for the month of June and made statutory payments of ₦6.286 trillion between January and June.

Crude oil and condensate sales declined to 28.23 million barrels in June, but were higher than the 18.95 million barrels recorded in May and the 23.65 million barrels reported in April. The company's gas production rose to 7.841 billion standard cubic feet per day in June, representing an increase of about 12 percent from the 6.997 billion standard cubic feet per day recorded in October.

The NNPC stated that its upstream operations were affected by operational disruptions, facility integrity issues and subsurface challenges across several assets. The company is working with stakeholders to accelerate activities on the AKK Gas Pipeline and achieve early gas delivery to Abuja in 2026.