NNPCL posts ₦539bn profit in August despite decline in oil output

The Nigerian National Petroleum Company Limited (NNPCL) reported a profit of ₦539 billion for August 2025, marking a 91.3% increase from the ₦185 billion recorded in July.

The figures were contained in the company’s latest monthly financial report.

According to the report, revenue rose to ₦4.655 trillion in August, up from ₦4.406 trillion in the previous month.

Between January and July 2025, NNPCL said it remitted ₦8.86 trillion into the Federation Account, underscoring its role as the government’s main revenue source.

However, production declined during the period.

Crude oil output averaged 1.65 million barrels per day in August, down 2.9% from 1.7 million in July, while gas production slipped 10% to 6,949mmscf/d.

The company attributed the fall to scheduled maintenance across upstream facilities, including Nigeria LNG’s Turn Around Maintenance.

On infrastructure, NNPCL disclosed that work on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had reached 84% completion, while the Obiafu-Obrikom-Oben (OB3) pipeline was 96% complete.

Already, 113km of the OB3 line has been commissioned, delivering around 300mmscf/d of gas from producers such as AHL, Platform, Chorus, and Xenergi.

NNPCL said completion of both pipelines would boost domestic gas supply, enhance power generation, and support Nigeria’s industrial growth, even as the sector continues to face challenges from theft, underinvestment, and maintenance downtime.