Nigerian National Petroleum Company Limited (NNPCL) announced a profit after tax of N535 billion for June 2026, a 15.8 percent rise from the N462 billion recorded in May, according to the company’s financial statement released on X on Friday. The state‑owned oil firm’s total revenue for the month reached N4,389 billion, while cumulative statutory payments to the Federation for the January‑to‑June period climbed to N6,286 billion, underscoring its continued contribution to national revenue generation.
Production figures for June showed a modest dip in crude oil and condensate output, falling to 1.72 million barrels per day (mmbopd) from 1.73 million barrels per day in May. Management attributed the slight decline to operational disruptions, facility integrity issues and subsurface challenges across several assets. In contrast, natural gas production edged higher, rising to 7.841 million standard cubic feet per day (mmscf/d) from 7.774 mmscf/d in May, a 0.86 percent increase that continues the company’s upward trajectory in gas output.
Pipeline development remains a key focus for NNPCL. The Obiafu‑Obrikom‑Oben (OB3) gas pipeline has progressed to 98 percent completion, with final tie‑in works underway in anticipation of First Gas in August 2026. Meanwhile, construction and installation activities on the Ajaokuta‑Kaduna‑Kano (AKK) gas pipeline have advanced to 94 percent completion, supporting the target of early gas delivery to Abuja in 2026.
These figures illustrate NNPCL’s dual strategy of maintaining robust oil and gas production while accelerating infrastructure projects that will expand the country’s gas supply network. The company’s financial performance, coupled with its pipeline milestones, signals a steady trajectory toward meeting Nigeria’s growing energy demands and enhancing fiscal contributions to the federal budget.
Looking ahead, NNPCL’s focus on operational efficiency and pipeline completion is expected to sustain its profitability and reinforce its role as a cornerstone of Nigeria’s petroleum sector. The company’s continued investment in gas infrastructure positions it to deliver increased volumes to domestic markets, potentially easing the country’s reliance on oil exports and supporting broader economic diversification goals.
