The Nigerian National Petroleum Company Limited’s revenue dropped by N1.3tn to N3.09tn in July 2026, down from the N4.39tn recorded in June, according to the company’s latest monthly operational and financial performance report.
The report, released on Wednesday, also showed a sharp decline in the company’s profit after tax, which fell by N256bn from N535bn in June to N279bn in July. The revenue decline came as crude oil and condensate production dropped to 1.68 million barrels per day in July from 1.72mbpd in June. NNPC attributed the July production decline to operational disruptions across several assets.
“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the company stated.
The company’s natural gas production also declined to 7.49 billion standard cubic feet per day in July from 7.8 bscf/d in June. Similarly, crude oil and condensate sales fell substantially to 22.53 million barrels in July from 28.23 million barrels in June. The July sales comprised 21.53 million barrels of crude oil and one million barrels of condensate. NNPC said it was implementing measures to improve production and reduce operational disruptions.
“Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimizing unplanned downtime,” it stated. It said the measures included optimising export operations at FEPL and Nembe EP, developing incremental production opportunities across its portfolio and strengthening operational reliability at key facilities.
“Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output,” NNPC added.
Despite the decline in revenue and production, the company maintained 100 per cent availability of its upstream pipeline infrastructure during the month. The report also showed that the Obiafu-Obrikom-Oben gas pipeline recorded a 100 per cent completion rate, with pre commissioning activities at the River Niger Crossing completed in preparation for first gas.
The Ajaokuta-Kaduna-Kano gas pipeline was 95 per cent completed, with construction and installation works at an advanced stage for early gas delivery to Abuja in 2026.
Meanwhile, NNPC Retail’s petrol stations recorded 52 per cent availability in July, compared with 53 per cent in June. The company disclosed that it remitted N7.91tn in statutory payments to the federation account between January and July. It cautioned that the production, sales and financial figures contained in the report remained provisional. “All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” NNPC stated.
SOURCE: PUNCH
