•Posts N279 billion profit after tax
Emmanuel Addeh in Abuja
The Nigerian National Petroleum Company Limited (NNPC) remitted a cumulative N7.913 trillion to the federation between January and July 2026, as the national oil company recorded revenue of N3.087 trillion in July, its latest monthly report released yesterday has shown.
The NNPC’s Monthly Report Summary for July 2026 also indicated that the company posted a Profit After Tax (PAT) of N279 billion during the month, while its OB3 facility has reached 100 per cent completion.
During the period, the report showed that crude oil and condensate production stood at 1.68 million barrels per day, reflecting the company’s continued efforts to sustain output from its upstream operations.
Besides, natural gas production during the month was put at 7,489 million standard cubic feet per day (mmscfd), while gas sales stood at 4,581 mmscfd.
In recent times, Nigeria has sought to expand domestic gas utilisation, support electricity generation and industrial activities, while also increasing exports.
On crude oil and condensate sales, the report showed that significant volumes were recorded across its operations, with the July performance following fluctuations in sales volumes recorded in the preceding months.
The monthly performance summary further showed that the availability of NNPC retail stations for the sale of Premium Motor Spirit (PMS), otherwise known as petrol, stood at 52 per cent in July.
The report also provided updates on some of the company’s strategic infrastructure projects, indicating 100 per cent progress for the Obiafu-Obrikom-Oben (OB3) gas pipeline project, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline was put at 95 per cent.
Upstream pipeline availability stood at 100 per cent during the period, according to the report.
On its strategic initiatives to sustain output, NNPC said: “Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimising unplanned downtime.
“Key initiatives include optimising export operations at FEPL and Nembe EP, maturing and delivering incremental production opportunities across the portfolio, and strengthening operational reliability across key facilities.
“Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output.”
NNPC also highlighted efforts aimed at improving production performance, including sustaining high facility uptime through maintenance programmes and reducing unplanned downtime across its operations.
The July report comes amid continued efforts to increase Nigeria’s oil and gas production, improve operational efficiency and boost revenues available to the federation.
The cumulative N7.913 trillion statutory payment recorded between January and July therefore represented NNPC’s contribution to government revenues during the seven-month period, while the N3.087 trillion revenue and N279 billion profit after tax reflected its financial performance for the month under consideration.
The report noted that all production, sales and financial figures contained in the monthly summary were provisional and subject to reconciliation with relevant stakeholders.