Revenue also fell to N3.08tn in July, while oil and gas production recorded marginal declines during the month……
The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in profitability in July 2026, with profit after tax (PAT) falling by 47.9 percent to N279 billion.
The figure represents a significant drop from the N535 billion profit recorded by the national oil company in June.
NNPC disclosed the latest figures in its July 2026 Monthly Report Summary released on Tuesday, which also showed a decline in revenue and crude oil and gas sales during the month.
According to the report, revenue dropped by 29.5 percent, from N4.38 trillion in June to N3.08 trillion in July.
The decline in revenue came amid weaker crude oil and condensate sales. NNPC said total sales fell by 20.2 percent during the period, with 22.53 million barrels sold in July compared with 28.23 million barrels in June.
Gas sales also recorded a decline, dropping by 7.8 percent from 4.97 million mmscfd in June to 4.58 million mmscfd in July.
Despite the month-on-month decline in its financial performance, NNPC said it remitted N7.91 trillion to the Federation Account between January and July 2026.
The company’s operating figures showed that oil production also weakened slightly in July.
Crude oil and condensate output averaged 1.68 million barrels per day (bpd), representing a 2.3 percent decline from the 1.72 million bpd recorded in June.
The July output consisted of 1.44 million bpd of crude oil and 240,000 bpd of condensate.
In comparison, NNPC produced 1.47 million bpd of crude oil and 250,000 bpd of condensate in June.
While crude oil production declined by two percent, condensate output fell by four percent over the same period.
Natural gas production followed a similar downward trend, falling by 4.5 percent to 7.48 million standard cubic feet per day (mmscfd) in July, from 7.84 mmscfd recorded in June.
Despite the declines, NNPC said it is implementing measures aimed at improving production and maintaining operational stability across its assets.
The company said its production improvement efforts will centre on maintaining high facility uptime through effective preventive maintenance programmes while reducing unplanned downtime.
It listed the optimisation of export operations at FEPL and Nembe EP among the initiatives being pursued, alongside efforts to develop and deliver additional production opportunities across its portfolio.
NNPC said it is also strengthening operational reliability across key facilities as part of efforts to sustain and increase output.
Other measures include the activation of tandem offloading operations at Akpo and Erha, which the company said would provide greater flexibility for crude exports.
It also plans to restore barging operations at Obodo to improve the evacuation of production and help sustain output levels.
While production and sales declined, NNPC reported continued stability in its upstream pipeline operations.
The company said upstream pipeline availability remained at 100 percent in July, maintaining the level recorded in June.
The Obiafu-Obrikom-Oben (OB3) pipeline also recorded 100 percent availability during the month, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 percent availability.
NNPC said work on the AKK pipeline is progressing, with construction and installation activities for the early-gas component at an advanced stage.
The company said the project is being developed to enable gas delivery to Abuja in 2026.
Meanwhile, NNPC said pre-commissioning activities on the OB3 River Niger Crossing Pipeline had been completed, putting the facility in readiness for first gas in August 2026.
The company’s July performance therefore presents a mixed picture, with lower profit, revenue and production coming alongside sustained pipeline availability and continued investment in projects expected to strengthen Nigeria’s oil and gas infrastructure.
