NNPC posts N539 billion net profit in August

Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N539 billion for August, its latest monthly report shows.

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This is an increase from the N185 billion recorded in July and a drop from the N905 billion recorded in June, which was, at the time, a drop from the N1.054 trillion recorded in May.

The company, in its report summary released on Friday night, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.

In the report, the state-owned oil company posted a statutory payment of N8.86 trillion to the federation account within the first seven months of 2025 (January-July), up from the N7.965 trillion it remitted from January to June.

The report also shows that the national oil company generated N4.65 trillion in revenue from oil, an increase from N4.4 trillion it recorded in July and down from N6.008 trillion it recorded in May.

According to the report, Nigeria’s crude oil and condensate production stood at 1.65 million barrels per day (bpd), slightly down from July’s figure of 1.70 mbpd. Of this total, crude oil accounted for 1.38 mbpd, while condensates contributed 0.26 bpd.

In the same vein, natural gas production was 6.94 billion standard cubic feet per day (scf/d) in August, down from 7.72 billion scf/d in July. Gas sales dropped to 4.201 bscf/d in August, from 4.978 bscf/d in July and 4.742 bscf/d in June as well as 4.698 bscf/d in May.

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It added that the petrol availability in its retail stations nationwide was 76 per cent in August, up from 70 per cent in July, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) remained at 96 per cent completion, unmoved from the preceding month, and Ajaokuta- Kaduna- Kano (AKK) pipeline hit 84 per cent completion from 83 per cent reported July.

The NNPC said it sustained industry-wide collaboration and ramped up production post completion of the scheduled Turn Around Maintenance (TAM) of some production facilities.

It added that the dip in August production was primarily due to scheduled maintenance at some upstream facilities, which were aligned with Nigeria LNG’s TAM.

It noted that construction activities are progressing at the AKK gas pipeline multiple fronts to ensure accelerated delivery of the mainline.

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The company said robust geotechnical investigations are ongoing in line with revised execution strategy towards guaranteeing delivery assurance, adding that 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 & Xenergi – 50 mmscf/d.

According to the report, all production, sales, and financial figures are provisional and subject to reconciliation with relevant stakeholders.

“Reflects aggregate of groupwide revenues including intercompany transactions. Includes adjustments to cost of sales and income tax,” the report said.