– Remits N6.286trn to Federation
By Obas Esiedesa, Abuja
The Nigerian National Petroleum Company Limited (NNPC Ltd) generated a total revenue of N19.04 trillion in the first six months of 2026, with profit after tax (PAT) rising to N2.28 trillion, despite fluctuations in crude oil production during the period.
The figures, contained in the company’s June 2026 Monthly Financial and Operations Report released on Friday, showed that revenue increased from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March before surging to N4.97 trillion in April. Revenue moderated to N4.34 trillion in May but edged up to N4.39 trillion in June, bringing cumulative earnings for the six-month period to N19.04 trillion.
A similar trend was recorded in profitability. Profit after tax fell sharply from N385 billion in January to N136 billion in February before recovering to N276 billion in March.
It rose significantly to N481 billion in April, climbed to N462 billion in May and reached N535 billion in June, representing a 15.8 per cent month-on-month increase and the highest monthly profit recorded by the national oil company so far in 2026.
The report also showed that cumulative statutory payments to the Federation between January and June rose to N6.286 trillion.
Average crude oil and condensate production, however, slipped marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May.
The company attributed the decline to operational disruptions, facility integrity issues and subsurface challenges across several producing assets.
In contrast, natural gas production continued its upward trajectory, increasing by 0.86 per cent to 7.841 million standard cubic feet per day from 7.774 million standard cubic feet per day in May.
NNPC Ltd said the improvement reflects its sustained focus on expanding domestic gas supply and supporting the country’s energy transition objectives.
The company also reported significant progress on its strategic gas infrastructure projects.
It disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 98 per cent completion, with final tie-in works ongoing ahead of the targeted first gas in August 2026.
Similarly, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, positioning the project for early gas delivery to Abuja later in the year.
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