NNPC Profit Rises to ₦535bn in June

NNPC June profit climbed sharply as the national oil company reported stronger earnings despite a slight decline in crude oil production.

The Nigerian National Petroleum Company Limited (NNPC Limited) posted a profit after tax of ₦535 billion for June 2026, representing a 15.8 per cent increase from the ₦462 billion recorded in May. According to the company’s Monthly Financial and Operations Report for June 2026, total revenue for the month reached ₦4.389 trillion, while cumulative statutory payments to the Federation between January and June 2026 rose to ₦6.286 trillion, highlighting the company’s continued contribution to national revenue.

The report showed that average crude oil and condensate production slipped slightly to 1.72 million barrels per day (mmbopd) from 1.73 million barrels per day in May. NNPC attributed the decline to operational disruptions, facility integrity issues and subsurface challenges affecting several production assets.

In contrast, natural gas production improved to 7.841 million standard cubic feet per day (mmscf/d), up from 7.774 mmscf/d in May. The increase of 0.86 per cent continued the company’s steady growth in gas output.

The report also highlighted progress on key gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98 per cent completion, with final tie-in works underway ahead of the planned First Gas delivery in August 2026. Meanwhile, construction and installation on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting plans for early gas delivery to Abuja later in 2026.

The latest NNPC June profit reflects the company’s resilience despite production challenges, while ongoing investments in gas infrastructure are expected to strengthen Nigeria’s energy supply and support economic growth. As major pipeline projects near completion, the NNPC June profit and improved gas production signal continued progress in the country’s energy sector.

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