… Gas projects near completion
FRI JULY 31 2026-theGBJournal| NNPC Limited, reported a 15.8% month-on-month rise in June profit after tax, even as crude oil and condensate production edged lower due to operational disruptions and asset integrity challenges, highlighting the resilience of earnings amid persistent upstream constraints.
According to the company’s provisional June 2026 monthly financial and operations report, profit after tax rose to ₦535 billion in June from ₦462 billion in May, while revenue reached ₦4.39 trillion.
Cumulative statutory remittances to the Federation between January and June increased to ₦6.29 trillion, underscoring NNPC’s continued role as one of Nigeria’s largest contributors to government revenues.
Average crude oil and condensate production slipped marginally to 1.72 million barrels per day (bpd) in June from 1.73 million bpd in May.
NNPC attributed the decline to operational disruptions, facility integrity issues and subsurface challenges across several producing assets.
The impact was partly offset by production gains following the completion of the Assa-Rumuekpe project and the turnaround maintenance of the 28-inch Trans Niger Pipeline (TNP).
The modest production decline comes as Nigeria continues efforts to sustain crude output above its OPEC+ quota while restoring production from ageing infrastructure and curbing operational losses.
Natural gas production, however, continued its upward trend, rising 0.86% month-on-month to 7.841 million standard cubic feet per day, from 7.774 million in May, reinforcing the company’s strategy of expanding gas supply alongside oil production.
NNPC said strategic gas infrastructure projects also advanced during the month, with the Obiafu-Obrikom-Oben (OB3) Gas Pipeline reaching 98% completion, positioning it for first gas in August, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline progressed to 94% completion, supporting plans for initial gas delivery to Abuja later this year.
“The focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing unscheduled downtime, optimizing crude export operations and accelerating the maturation of production opportunities to sustain upstream production growth,” the company said.
NNPC noted that all production, sales and financial figures remain provisional and are subject to reconciliation with relevant stakeholders.
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