NNPC Posts ₦535bn Profit, Advances Key Gas Projects
The Nigerian National Petroleum Company Limited (NNPC) has announced a significant increase in its profit after tax for June, reaching ₦535 billion, up from ₦462 billion in May. This represents a 15.8% increase.
The company generated ₦4.389 trillion in revenue during the month and made cumulative statutory payments to the Federation between January and June of ₦6.286 trillion. Crude oil and condensate production, however, declined slightly to 1.72 million barrels per day due to operational disruptions.
On a positive note, natural gas production increased, reflecting NNPC's focus on gas as Nigeria's transition fuel. The company is also making progress on key gas infrastructure projects, including the Obiafu-Obrikom-Oben (OB3) Gas Pipeline and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline.