NNPC Profit Falls Sharply To ₦185 Billion In July

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a steep drop in profit for July 2025, recording ₦185 billion after tax. This marks a sharp fall from the ₦905 billion profit declared in June, which itself had already declined from ₦1.054 trillion in May.

According to the company’s monthly financial statement, revenue in July stood at ₦4.4 trillion, lower than the ₦4.57 trillion generated in June and well below the ₦6.008 trillion recorded in May. Despite this drop, remittances to the federation account remained strong, with NNPC contributing ₦7.965 trillion from January to June 2025, an increase from the ₦6.96 trillion it had remitted as of May.

Crude oil and condensate production showed slight improvement, averaging 1.70 million barrels per day (mbpd) in July, up from 1.68 mbpd in June. Of this total, crude oil accounted for 1.40 mbpd while condensates contributed 0.29 mbpd. Natural gas output also rose, hitting 7.72 billion standard cubic feet per day in July compared to 7.58 billion in the previous month. Gas sales moved in the same direction, rising to 4.978 bscfd from 4.74 bscfd in June.

Petrol availability at NNPC retail stations dipped marginally to 70 percent in July, down from 71 percent recorded in June. On infrastructure projects, the company disclosed that the Obiafu–Obrikom–Oben (OB3) pipeline remained at 96 percent completion, unchanged from June, while the Ajaokuta–Kaduna–Kano (AKK) pipeline advanced to 83 percent completion, slightly higher than the 81 percent recorded in May.

The company attributed its overall operational performance to sustained crude and condensate production, better facility uptime, closer collaboration with stakeholders, and efficiency improvements. It added that efforts to complete the AKK pipeline’s mainline works were being accelerated, while a revised execution plan was introduced for the OB3 River Niger crossing.

NNPC also revealed that a 113-kilometre section of the OB3 pipeline has been commissioned, allowing the delivery of about 300 million standard cubic feet of gas daily from suppliers. Among these, AHL provides 250 mmscf/d, while Platform, Chorus, and Xenergi contribute 50 mmscf/d.

The July figures underscore a significant slump in profitability for the state-owned oil firm, despite modest improvements in oil and gas production and steady progress on key gas infrastructure projects.