NNPC revenue hits N19.04trn in six months

Nigerian National Petroleum Company Limited (NNPC Ltd) reported a profit after tax of ₦535 billion in June 2026, marking a 15.8 per cent increase from the ₦462 billion recorded in May. The company also noted a crude oil and condensate production rate of 1.72 million barrels per day in June, slightly down from 1.73 million barrels per day in May but showing steady growth compared to previous months. The data comes from NNPC's latest monthly report, which highlights both gains and challenges within the nation's oil and gas sector. The report revealed that NNPC generated a total revenue of ₦4.389 trillion in June alone, contributing to a cumulative revenue of ₦19.04 trillion over the first six months of 2026. This represents a consistent upward trend, with revenue fluctuating between ₦2.57 trillion and ₦4.97 trillion throughout the period. Profit after tax followed a similar pattern, peaking at ₦535 billion in June, a notable jump from the ₦462 billion in May. Cumulative statutory payments to the Federation totaled ₦6.286 trillion between January and June, underscoring the company's financial obligations to federal authorities. Crude oil and condensate production saw minor variations, with the June output comprising 1.47 million barrels per day of crude oil and 250,000 barrels per day of condensate. While the overall production dipped slightly from May, it still surpassed the levels recorded in earlier months, such as April's 1.68 million barrels per day. The company acknowledged that operational disruptions, facility integrity issues, and subsurface challenges impacted production, though some improvements were noted following maintenance work on key facilities. Natural gas production, however, showed a positive trend, reaching 7.841 billion standard cubic feet per day in June, a new high in the 12-month reporting period. This marked an increase of approximately 12 per cent from the October 2025 figure of 6.997 billion standard cubic feet per day. Gas sales also saw a slight rise, reaching 4.970 billion standard cubic feet per day in June, although this was below the peak of 5.059 billion standard cubic feet per day recorded in March. Crude oil and condensate sales declined to 28.23 million barrels in June from 28.64 million barrels in October 2025. Despite this drop, the volume remained above the 18.95 million barrels sold in May and the 23.65 million barrels sold in April. The company emphasized that these fluctuations were influenced by various factors affecting upstream operations, including technical challenges and maintenance schedules. NNPC highlighted efforts to improve operational efficiency and infrastructure reliability, noting that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline achieved 98 per cent availability during June, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline operated at 94 per cent capacity. Final tie-in works on the OB3 River Niger Crossing are underway, aiming for first gas by August 2026. The company continues to prioritize enhancing production through improved facility performance and accelerated project execution. Looking forward, NNPC remains focused on boosting output and strengthening its role in Nigeria's energy landscape. With ongoing investments in infrastructure and operational improvements, the company aims to support the nation's energy transition goals and ensure sustainable growth in the oil and gas sector.