NNPCL remits N7.9tn despite falling oil output
The Nigerian National Petroleum Company Limited (NNPCL) remitted N7.91 trillion to the Federation Account between January and July 2026, according to its latest operational and financial performance report.
The company also recorded N3.09 trillion in revenue and N279 billion in profit after tax during the seven months.
Etim Ekpimah
The Nigerian National Petroleum Company Limited (NNPCL) remitted N7.91 trillion to the Federation Account between January and July 2026, according to its latest operational and financial performance report.
The company also recorded N3.09 trillion in revenue and N279 billion in profit after tax during the seven months.
The report, covering July operations, showed that crude oil and condensate production declined for the third consecutive month, falling from 1.73 million barrels per day in May to 1.72 million barrels per day in June and 1.68 million barrels per day in July.
NNPCL attributed the July decline to operational disruptions across several production assets, including facility outages, equipment unavailability, pipeline incidents and other production constraints.
Crude oil and condensate sales also fell sharply to 22.53 million barrels in July, comprising 21.53 million barrels of crude and one million barrels of condensate, from 28.23 million barrels recorded in June.
The company said it was taking steps to restore production and minimise further disruptions through preventive maintenance and measures aimed at improving facility reliability.
It identified the optimisation of export operations at FEPL and Nembe EP, development of incremental production opportunities and improved operational reliability as part of the measures.
NNPCL also said tandem offloading operations at Akpo and Erha were being activated to improve export flexibility, while barging operations at Obodo would be restored to strengthen production evacuation.
On gas infrastructure, the company reported 100 per cent availability of its upstream pipeline network and said pre-commissioning activities had been completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline.
It added that construction and installation work on the Ajaokuta-Kaduna-Kano gas pipeline was at an advanced stage, with efforts continuing to facilitate gas delivery to Abuja in 2026.
Natural gas production stood at 7.49 billion standard cubic feet per day, while gas sales averaged 4.6 billion standard cubic feet per day.
NNPCL cautioned that its production, sales and financial figures remained provisional and subject to reconciliation with relevant stakeholders.
