The Nigerian National Petroleum Company Limited (NNPC Ltd) has experienced a substantial drop in its net profits.
As per a report by Business Day, the net profit decreased from N905 billion in June to N185 billion in July, indicating a dramatic 79.6% reduction.
A breakdown of the company’s monthly financial and operational report, published late Thursday, reveals that revenue in July was ₦4.41 trillion, which is less than the ₦4.57 trillion achieved in June.
Historical figures show that NNPC recorded a profit of ₦926 billion in April and ₦1.05 trillion in May, before declining to ₦905 billion in June. The results for July reflect the company’s poorest performance in recent times, despite a modest increase in production.
In July, crude oil production averaged 1.7 million barrels per day (mbpd), up from 1.68 mbpd in June, while natural gas output reached 7.7 billion cubic feet, an increase from 7.58 bcf in the previous month.
The report also pointed out statutory contributions amounting to ₦7.97 trillion from January to June 2025, emphasizing the company’s ongoing role in government revenue.
Regarding infrastructure, NNPC reported that the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline ventures are advancing, with completion statuses at 96% and 83% respectively.
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The 113-kilometre segment of the OB3 pipeline has been commissioned and is now transporting approximately 300 million standard cubic feet of gas per day (mmscf/d) from producers like AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
Upstream activities were noted to be stable, maintaining pipeline availability at 100%.
Additionally, the company indicated that more subcontractors have been engaged to expedite the mainline operations on the AKK project, and a revised approach has been implemented to hasten the completion of the OB3 River Niger Crossing.
Regardless of the profit downturn, NNPC stated it remains committed to sustaining crude oil and condensate production, improving facility uptime, and enhancing collaboration with stakeholders to boost operational effectiveness.