The Nigerian National Petroleum Company Limited recorded a 47.9 per cent drop in profit after tax to N279bn in July 2026, down from N535bn in June, amid declining crude oil sales and production.
NNPC disclosed this in its July 2026 Monthly Report Summary published on Tuesday, which showed that the company’s revenue also fell by 29.5 per cent to N3.08tn from N4.38tn in the preceding month.
The sharp decline came as NNPC’s crude oil and condensate sales dropped by 20.2 per cent during the month.
The national oil company said it sold 22.53 million barrels in July, compared with 28.23 million barrels in June.
Gas sales also declined by 7.8 per cent, falling to 4.58 million standard cubic feet per day from 4.97 million standard cubic feet per day.
Despite the downturn in revenue and profit, NNPC said it remitted N7.91tn to the Federation Account between January and July 2026.
The company also reported a marginal deterioration in its production figures.
According to the report, crude oil and condensate production fell by 2.3 per cent to 1.68 million barrels per day in July, compared with 1.72 million bpd in June.
The July output comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate.
In June, crude oil production stood at 1.47 million bpd, while condensate output was 250,000 bpd.
NNPC said crude oil production consequently declined by two per cent, while condensate production dropped by four per cent during the period.
Natural gas production was also affected, falling by 4.5 per cent to 7.48 million standard cubic feet per day from 7.84 mmscfd in June.
However, NNPC reported sustained pipeline availability across some critical infrastructure.
It said upstream pipeline availability remained at 100 per cent for the second consecutive month.
The Obiafu-Obrikom-Oben pipeline also recorded 100 per cent availability, while the Ajaokuta-Kaduna-Kano gas pipeline stood at 95 per cent.
NNPC said it would intensify production improvement efforts by sustaining high facility uptime through preventive maintenance and reducing unplanned downtime.
The company said the measures would include optimising export operations at FEPL and Nembe EP while developing additional production opportunities across its portfolio.
It also plans to strengthen operational reliability across key facilities.
According to NNPC, tandem offloading operations at Akpo and Erha will be activated to improve export flexibility.
The company said barging operations at Obodo would also be restored to enhance production evacuation and sustain output.
On gas infrastructure, NNPC said construction and installation works on the early-gas component of the AKK pipeline had reached an advanced stage.
The company said the project was expected to deliver gas to Abuja in 2026.
NNPC further disclosed that pre-commissioning activities on the OB3 River Niger Crossing Pipeline had been completed.
The development, it said, had positioned the project for first gas in August 2026.
The latest figures underline the pressure facing the national oil company as declining crude sales and production weighed heavily on its July financial performance despite continued pipeline reliability and ongoing efforts to boost output.
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