Nigeria’s state-owned oil company, Nigerian National Petroleum Company Limited (NNPC Ltd), reported a sharp drop in monthly profit, posting 185 billion naira in July. The figure follows 905 billion naira in June and 1.054 trillion naira in May, highlighting a rapid decline over the past three months. The company has not provided a detailed explanation for the drop.

The latest report, released Thursday night, also included operational and financial updates covering crude and condensate production, natural gas output, revenue, and major infrastructure projects.

NNPC remitted 7.965 trillion naira to the federation account during the first half of 2025, up from 6.96 trillion naira for the period ending May. Oil revenue in July fell to 4.4 trillion naira, down from 4.57 trillion naira in June and 6.008 trillion naira in May.

Crude oil and condensate production averaged 1.70 million barrels per day (bpd) in July, a marginal increase from 1.68 million bpd in June. Crude output accounted for 1.40 million bpd, while condensates contributed 0.29 million bpd. Natural gas production rose to 7.72 billion standard cubic feet per day (scf/d) in July, up from 7.581 billion scf/d in June and 6.615 billion scf/d in February. Gas sales followed a similar trend, reaching 4.978 bscf/d, compared with 4.74 bscf/d in June.

Infrastructure updates in the report showed that petrol availability at retail stations nationwide stood at 70 per cent in July, down slightly from 71 per cent in June. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline remained 96 per cent complete, while the Ajaokuta-Kaduna-Kano (AKK) pipeline progressed to 83 per cent from 81 per cent in May.

NNPC cited ongoing operational improvements, including enhanced facility uptime and sustained production, while deploying additional subcontractors to accelerate AKK pipeline works. The company is also implementing a revised strategy to expedite the completion of the OB3 River Niger Crossing.

The OB3 pipeline has commissioned 113 kilometers and is currently delivering approximately 300 million standard cubic feet per day of gas, supplied by AHL (250 mmscf/d) and other producers, including Platform, Chorus, and Xenergi (50 mmscf/d combined).