The Nigerian National Petroleum Company (NNPC) Limited recorded a 47.9 per cent decline in profit after tax (PAT) to N279 billion in July 2026, from N535 billion in June.
NNPC disclosed this in its July Monthly Report Summary published on Tuesday.
The company’s revenue also fell by 29.5 per cent to N3.08 trillion in July, compared with N4.38 trillion recorded in the preceding month.
The decline followed a 20.2 per cent drop in crude oil and condensate sales, with NNPC reporting that it sold 22.53 million barrels in July, down from 28.23 million barrels in June.
Gas sales also declined by 7.8 per cent to 4.58 million standard cubic feet per day (mmscfd) in July, from 4.97 mmscfd in June.
Despite the monthly decline in earnings, NNPC said it remitted N7.91 trillion to the Federation Account between January and July 2026.
The company reported a 2.3 per cent decline in crude oil and condensate production to 1.68 million barrels per day (bpd) in July, from 1.72 million bpd in June.
The July output comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate, compared with 1.47 million bpd of crude and 250,000 bpd of condensate in June.
Crude oil production therefore fell by two per cent, while condensate output declined by four per cent during the period.
Natural gas production also dropped by 4.5 per cent to 7.48 mmscfd in July, from 7.84 mmscfd in June.
NNPC said its production improvement efforts would focus on maintaining high facility uptime through effective preventive maintenance and reducing unplanned downtime.
The company identified measures including optimising export operations at FEPL and Nembe EP, delivering incremental production opportunities across its portfolio and strengthening operational reliability at key facilities.
It also plans to activate tandem offloading operations at Akpo and Erha to improve export flexibility, while restoring barging operations at Obodo to enhance production evacuation and sustain output.
NNPC said upstream pipeline availability remained at 100 per cent for the second consecutive month.
The Obiafu-Obrikom-Oben (OB3) pipeline also recorded 100 per cent availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 per cent availability.
On the AKK project, NNPC said construction and installation works on the early-gas component were at an advanced stage, with the aim of delivering gas to Abuja in 2026.
The company also said pre-commissioning activities on the OB3 River Niger Crossing Pipeline had been completed, paving the way for first gas in August 2026.
Boluwatife Enome
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