BREAKING: NNPC Profit Falls Massively Despite Marginal Rise in Oil Output

NNPC profit has fallen massively despite marginal rise in oil output.

NewsOnline Nigeria reports that the Nigerian National Petroleum Company Limited (NNPC Ltd) has reported a sharp fall in its profit after tax, plunging by 79.6% from N905 billion in June to N185 billion in July 2025.

The state oil giant disclosed the figures in its monthly financial report released late Thursday, showing that total revenue also slipped to N4.41 trillion in July, down from N4.57 trillion the previous month.

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This marks NNPC’s steepest decline in recent months. The company’s profit after tax had dropped to N905 billion in June, from N1.05 trillion in May and N926 billion in April.

The July figures came despite a marginal increase in crude oil production, which rose from 1.68 million barrels per day in June to 1.7 mbpd. Natural gas output also ticked up slightly to 7.7 billion cubic feet, compared to 7.58 bcf in June.

Meanwhile, the company reported N7.97 trillion in statutory payments between January and June, alongside major infrastructure milestones. The Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipeline projects reached 96% and 83% completion respectively, with upstream pipeline availability maintained at 100%.

The report added that additional subcontractors have been deployed to fast-track the AKK project, while a revised execution strategy has been rolled out to expedite completion of the OB3 River Niger Crossing. Currently, 113 km of the OB3 pipeline has been commissioned, delivering 300 million standard cubic feet per day of gas.

NNPC said it remains focused on sustaining crude and condensate output, enhancing facility uptime, and strengthening collaboration with stakeholders to drive operational efficiency.