NNPC profit rises 15.8% to N535bn in June

The Nigerian National Petroleum Company (NNPC) Limited has recorded N535 billion profit after tax for the month of June, representing 15.8 per cent increase from the N462 billion recorded in May.

This figure is contained in the company’s monthly financial and operations report for the month of June 2026, released on Friday, July 31.

The NNPC Limited stated that the total revenue for the month stood at N4.389 trillion, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286 trillion.

This, it said, underscored its sustained contribution to national revenue generation.

Average crude oil and condensate production witnessed a slight dip standing at 1.72 million barrels per day (mmbopd), compared to 1.73 million barrels per day in May.

The production dip was attributed to operational disruptions, facility integrity issues, and subsurface challenges across several assets.

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Natural gas production rose to 7.841 million standard cubic feet per day (mmscf/d) from 7.774 mmscf/d in May, representing a modest 0.86 per cent increase, continuing the company’s upward trajectory in gas production.

The NNPC said the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had progressed to 98 per cent completion, with final tie-in works ongoing towards achieving First Gas in August 2026.

The NNPC noted that the construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.