The Nigerian National Petroleum Company Limited (NNPCL) has reported a sharp decline in its profit after tax, plunging from N905bn in June to N185bn in July.
This reflects a 79.6% drop in profit.
In its monthly report released late Thursday, the company disclosed it posted N4.41tn in July, compared to N4.57tn recorded in the previous month.
According to earlier reports, NNPC’s profit after tax in June was N905bn, down from N1.05tn in May, and N926bn in April.
The July figure marked a significant slump, even though crude oil production inched up from 1.68 million barrels per day to 1.7 mbpd.
Natural gas output also rose slightly to 7.7 billion cubic feet, up from 7.58 bcf the previous month.
Statutory payments between January and June stood at N7.97tn.
The report further highlighted notable progress in infrastructure projects, with the AKK and OB3 gas pipelines reaching 96% and 83% completion levels respectively. It added that upstream pipeline availability remained at 100%.
On its strategic focus, the NNPC said it is “sustaining crude oil and condensate production, improving the uptime of production facilities and continuing stakeholders’ collaboration and operational efficiency.”
Regarding the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, the company noted that “additional subcontractors were deployed to expedite completion of mainline works and fast-track project completion.”
Similarly, the Obiafu-Obrikom-Oben (OB3) gas pipeline project witnessed the commencement of the “implementation of a revised execution strategy towards expedited completion of the OB3 River Niger Crossing.”
The company added that “the 113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing about 300 mmscf/d of gas from the following gas producers: AHL 250 (mmscf/d), Platform, Chorus and Xenergi (50 mmscf/d).”
