By Oke Peter
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded N279 billion in profit after tax (PAT) and N3.087 trillion in revenue in July 2026, according to the company’s latest Monthly Report Summary.
The report provides an overview of NNPC Ltd.’s operational and financial performance during the month, covering crude oil and condensate production, natural gas output, revenue generation, statutory remittances and progress on major projects.
The company’s July profit represented a decline from the N535 billion recorded in June, while monthly revenue also dropped from N4.38 trillion in June to N3.087 trillion in July.
Crude oil production drops
NNPC Ltd. reported an average combined production of 1.68 million barrels per day (bpd) of crude oil and condensate during July.
This consisted of approximately 1.44 million bpd of crude oil and 240,000 bpd of condensate.
The figure was lower than the 1.72 million bpd recorded in June, when crude oil production stood at about 1.47 million bpd and condensate production at 250,000 bpd.
The company attributed the production constraints to a number of operational challenges affecting some assets, including facility outages, equipment availability issues, pipeline incidents and other disruptions.
The decline in production was also reflected in crude oil and condensate sales, which fell to approximately 22.53 million barrels in July, compared with 28.23 million barrels in June.
Gas production also declines
Natural gas production recorded a month-on-month decline during the period under review.
NNPC Ltd. reported average gas production of approximately 7.489 billion standard cubic feet per day (Bscf/d) in July, compared with 7.841 Bscf/d in June.
Gas sales also decreased during the month, falling to approximately 4.581 Bscf/d, from 4.970 Bscf/d recorded in June.
Despite the decline, the company continued to highlight efforts to improve production reliability and maximise output from its upstream assets.
NNPC remits N7.913tn in seven months
The report showed that NNPC Ltd. remitted a cumulative N7.913 trillion to the Federation Account between January and July 2026.
The July remittance brought the company’s cumulative statutory contribution to the Federation Account significantly higher than the N6.286 trillion recorded between January and June.
NNPC Ltd. clarified that its reported monthly revenue should be distinguished from statutory remittances to the Federation Account, as the two figures represent different financial obligations and activities.
OB3, AKK pipelines progress
The July report also highlighted developments in the company’s major gas infrastructure projects.
NNPC Ltd. reported that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at approximately 95 per cent.
The company also reported full upstream pipeline availability during the month.
According to NNPC, efforts remained focused on improving facility uptime, reducing unplanned production interruptions and creating opportunities for additional crude oil and gas production.
The company further highlighted measures aimed at improving export operations and production evacuation, including tandem offloading operations at the Akpo and Erha fields and the restoration of barging operations at Obodo.
NNPC Ltd. noted that the production, sales and financial figures contained in the July 2026 Monthly Report Summary remain provisional and subject to reconciliation with relevant stakeholders.
The report provides an insight into the performance of Nigeria’s national oil company at a time when the sector continues to face production, infrastructure and operational challenges, even as the company pursues investments in oil, gas and critical energy infrastructure.
