NNPC Sees Profit Drop Amidst Crude Oil Sales Decline

The Nigerian National Petroleum Company (NNPC) Limited saw its profit after tax drop by 48% in July, falling from N535 billion to N279 billion. This decline coincided with a steep drop in crude oil sales, which fell to 21 million barrels per day. The company attributed the decrease in production to operational disruptions across several assets.

The NNPC's gas sales also dropped by 7% in July, from 4,970 million standard cubic feet per day in June to 4,581 million standard cubic feet per day. However, the company remains optimistic about its future prospects, citing plans to improve production and minimize downtime through effective maintenance programs.

The NNPC's revenue also saw a decline of 31.5% in July, dropping from N4.38 trillion to N3 trillion. Despite this, the company's statutory payments to the federation increased by 14%, rising from N1.43 trillion to N1.63 trillion between June and July.

The NNPC has been implementing measures to improve its operations, including optimizing export operations at FEPL and Nembe EP, maturing and delivering incremental production opportunities across its portfolio, and strengthening operational reliability across key facilities.