The Nigerian National Petroleum Company Limited (NNPC Ltd.) remitted N7.91 trillion to the Federation Account between January and July 2026, even as its crude oil and condensate production declined to 1.68 million barrels per day in July.
According to NNPC’s July 2026 Operational and Financial Performance Report, released on Wednesday, the company recorded N3.09 trillion in revenue and N279 billion in profit after tax during the period under review.
However, crude oil and condensate production fell from 1.73 million barrels per day in May to 1.72 million barrels per day in June, before dropping further to 1.68 million barrels per day in July.
NNPC attributed the decline in July output to operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents and production constraints.
The company also reported a decline in crude oil and condensate sales, which fell to 22.53 million barrels in July, comprising 21.53 million barrels of crude and one million barrels of condensate, compared with 28.23 million barrels recorded in June.
To reverse the production decline, NNPC said it was prioritising preventive maintenance, improving facility uptime, reducing unplanned downtime and optimising export operations.
The company said additional measures include developing incremental production opportunities, strengthening operational reliability and activating tandem offloading operations at Akpo and Erha to improve export flexibility.
NNPC also disclosed plans to restore barging operations at Obodo to enhance production evacuation and sustain output.
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.
For the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, NNPC said construction and installation works were at an advanced stage, with efforts ongoing to facilitate early gas delivery to Abuja in 2026. Pipeline availability was put at 95 per cent.
Meanwhile, NNPC Retail’s petrol stations recorded 52 per cent availability, with distribution varying across regions.
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.
NNPC, however, cautioned that all production, sales and financial figures remain provisional and subject to reconciliation with relevant stakeholders.
COURTESY: lagostelevision.com
