Nigeria’s state-owned Nigerian National Petroleum Company Limited (NNPCL) posted weaker financial and operating results in July 2026 as crude sales and production declined. Revenue and profit after tax both fell sharply from their June levels.
Quick facts
- July revenue: N3.08 trillion, down 29.5% from June
- July profit after tax: N279 billion, down 47.9%
- Crude oil and condensate sales: 22.53 million barrels
- January-July remittances to the Federation Account: N7.91 trillion
- July crude oil and condensate output: 1.68 million barrels per day
- OB3 pipeline availability: 100%; AKK pipeline availability: 95%
The company reported July revenue of N3.08 trillion, compared with N4.38 trillion in June. The 29.5% monthly contraction was mainly linked to a 20.2% reduction in crude oil and condensate sales, which slipped to 22.53 million barrels from 28.23 million barrels.
Net profit dropped even more steeply. Profit after tax came in at N279 billion, down from N535 billion in June, a monthly decline of 47.9%.
Gas sales also weakened, falling 7.8% to 4.58 million standard cubic feet per day (mmscfd) from 4.97 mmscfd a month earlier.
Despite the July downturn, NNPCL said it transferred N7.91 trillion to the Federation Account during the first seven months of 2026.
Total crude oil and condensate production decreased 2.3% to 1.68 million barrels per day (bpd), against 1.72 million bpd in June. July’s total consisted of 1.44 million bpd of crude oil and 240,000 bpd of condensate, compared with June volumes of 1.47 million bpd and 250,000 bpd respectively.
On that basis, crude oil output was 2% lower over the month, while condensate production fell 4%. Natural gas production also declined, dropping 4.5% to 7.48 mmscfd from 7.84 mmscfd.
Pipeline performance was stronger. The Obiafu-Obrikom-Oben (OB3) pipeline was available 100% of the time, while availability for the Ajaokuta-Kaduna-Kano (AKK) gas pipeline stood at 95%.
