Oil Shock: NNPCL’s profits rose to N185bn in July – Reports

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The Nigerian National Petroleum Company Limited (NNPCL) has reported a significant decline in its profit after tax, plummeting 79.6% to N185 billion in July, down from N905 billion in June. Despite this sharp drop, the company’s revenue only slightly decreased to N4.41 trillion from N4.57 trillion in the previous month.

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NNPCL’s crude oil production marginally increased to 1.7 million barrels per day from 1.68 million barrels per day in June. Natural gas production also rose to 7.7 billion cubic feet from 7.58 billion cubic feet. The company emphasised its commitment to sustaining crude oil and condensate production, stating, “We are sustaining crude oil and condensate production, improving the uptime of production facilities, and continuing stakeholders’ collaboration and operational efficiency.”

In infrastructure development, NNPCL’s Ajaokuta-Kaduna-Kano (AKK) gas pipeline project reached 83% completion, while the Obiafu-Obrikom-Oben (OB3) gas pipeline project hit 96% completion. The company deployed additional subcontractors to expedite the AKK project’s mainline works and implemented a revised execution strategy for the OB3 River Niger Crossing. A 113-kilometre portion of the OB3 pipeline has been commissioned, delivering 300 million standard cubic feet of gas per day from producers like AHL and Platform.

NNPCL’s focus on infrastructure and production efficiency aims to drive future profitability and stabilise energy supply.

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