The Nigerian National Petroleum Company Limited (NNPC Ltd) posted a profit after tax of ₦539 billion in August, according to its latest monthly financial report.
The figure represents a sharp rise from the ₦185 billion profit recorded in July, but a decline compared to ₦905 billion in June and ₦1.054 trillion in May.
In the report summary released Friday night, the state-owned company detailed crude oil and condensate production, natural gas output, revenue, profit after tax, and ongoing strategic projects.
It said statutory payments to the federation account between January and July 2025 stood at ₦8.86 trillion, higher than the ₦7.965 trillion remitted between January and June.
The report showed revenue from oil at ₦4.65 trillion in August, up from ₦4.4 trillion in July, but below the ₦6.008 trillion recorded in May.
Crude oil and condensate production averaged 1.65 million barrels per day (mbpd), slightly down from July’s 1.70 mbpd. Of this, crude oil accounted for 1.38 mbpd, while condensates made up 0.26 mbpd.
Natural gas production fell to 6.94 billion standard cubic feet per day (scf/d), compared to 7.72 billion scf/d in July. Gas sales also dropped to 4.201 bscf/d from 4.978 bscf/d in July and 4.742 bscf/d in June.
The company reported petrol availability at its retail outlets nationwide improved to 76 per cent in August, up from 70 per cent in July.
Progress on strategic projects included the Ajaokuta-Kaduna-Kano (AKK) pipeline, which reached 84 per cent completion, while the Obiafu-Obrikom-Oben (OB3) pipeline remained at 96 per cent.
The NNPC attributed the production dip to scheduled maintenance at upstream facilities aligned with Nigeria LNG’s Turn Around Maintenance (TAM).
It added that “robust geotechnical investigations are ongoing in line with the revised execution strategy towards guaranteeing delivery assurance,” noting that 113 km of the OB3 pipeline has been commissioned, already flowing about 300 mmscf/d of gas.
“All production, sales, and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the company said,
It added that figures reflect groupwide revenues, including intercompany transactions, and adjustments to cost of sales and income tax.
(Business Day)
