NNPC profit drops to N905 billion in June

Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N905 billion for June, its latest monthly report shows.

This represents a drop from the N1.054 trillion recorded in May.

The company, in its report summary released on Monday 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 N6.96 trillion to the federation account within the first five months of 2025 (January -May), up from the N5.583 trillion it remitted from January to April.

The report also shows that the national oil company generated N4.57 trillion in revenue from oil in June.

According to the report, Nigeria’s crude oil and condensate production stood at 1.68 million barrels per day (bpd), slightly up from May’s figure of 1.63 mbpd. Of this total, crude oil accounted for 1.42 mbpd, while condensates contributed 0.26 bpd.

In the same vein, natural gas production was 7.581 billion standard cubic feet per day (scf/d) in June, up from 7.352 billion scf/d in May and 6.615 billion scf/d in February, indicating a steady rebound in output.

It added that the petrol availability in its retail stations nationwide was 71 per cent in June, up from 62 per cent in May, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) remained at 96 per cent completion, unmoved from the preceding month and AKK pipeline hit 83 per cent completion from 81 per cent reported previously.

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It said the ongoing industry-wide collaborations increasingly improving synergies to achieve production improvement and cost optimisation

“Successfully completed the AKK River Niger crossing which significantly derisked the completion of the mainline. Additional intervention being put in place to ensure earliest completion,” NNPC said.

The company said it commenced technical review of OB3 River Niger crossing to replicate learnings from AKK River Niger crossing success.

Regarding refineries, NNPC said the Port Harcourt Refinery, Warri Refinery and Kaduna Refinery review are progressing.

“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders. March and April crude oil sales figures have been updated,” the report said.