The Nigerian National Petroleum Company Limited (NNPCL) has remitted N7.91 trillion to the Federation Account between January and July 2026, while recording N279 billion in profit after tax during the seven-month period.
The figures were contained in the company’s July 2026 operational and financial performance report released on Wednesday.
According to the report, NNPCL also generated N3.09 trillion in revenue between January and July.
Despite the financial performance, the company recorded a decline in crude oil and condensate production in July, with output falling to 1.68 million barrels per day from 1.72 million barrels per day in June and 1.73 million barrels per day in May.
NNPCL attributed the July decline to operational disruptions affecting several production assets.
The company said the disruptions included facility outages, equipment unavailability, pipeline incidents and other production constraints.
“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” NNPCL stated.
Crude oil and condensate sales also declined significantly in July, dropping to 22.53 million barrels from 28.23 million barrels recorded in June.
The July sales figure comprised 21.53 million barrels of crude oil and one million barrels of condensate.
NNPCL said it was implementing measures aimed at reversing the decline in production and increasing output, including improving facility uptime, strengthening preventive maintenance and reducing unplanned downtime.
The company said it would also optimise export operations at FEPL and Nembe EP, develop additional production opportunities and improve reliability across key production facilities.
“Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output,” the company stated.
On gas infrastructure, NNPCL reported 100 per cent availability of its upstream pipeline network.
The company disclosed that pre-commissioning activities had been completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline, with first gas initially targeted for August 2026.
It also said construction and installation work on the Ajaokuta-Kaduna-Kano gas pipeline had reached an advanced stage as part of efforts to support early gas delivery to Abuja in 2026.
The report put the availability of the AKK pipeline at 95 per cent.
However, NNPCL Retail’s petrol stations recorded 52 per cent availability during the period, with performance varying across different regions.
The company further reported natural gas production of 7.49 billion standard cubic feet per day, while gas sales stood at 4.6 billion standard cubic feet per day.
NNPCL, however, cautioned that the production, sales and financial figures contained in the report were provisional and remained subject to reconciliation with relevant stakeholders.
“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the company stated.
The latest figures provide an indication of NNPCL’s financial contribution to the Federation Account while also highlighting continuing operational challenges in the upstream oil sector, particularly disruptions affecting crude production, evacuation and exports.