NNPC Sees Profit Plunge Amid Crude Oil Sales Downturn
The Nigerian National Petroleum Company (NNPC) Limited reported a significant decline in its profit after tax, dropping by 48% to N279 billion in July from N535 billion in June. This decrease coincided with a sharp drop in crude oil sales to 21 million barrels in the period.
The company attributed the production disruptions to operational issues such as facility outages, equipment unavailability, pipeline incidents, and production constraints. Gas sales also declined by 7% from 4970 million standard cubic feet per day (mmscf/d) in June to 4581 mmscf/d in July.
The NNPC aims to improve production by sustaining high facility uptime through preventive maintenance programs and minimizing unplanned downtime. Key initiatives include optimizing export operations at FEPL and Nembe EP, maturing and delivering incremental production opportunities, and strengthening operational reliability across key facilities.