By Sandra Kenneth
The Nigerian National Petroleum Company Limited (NNPC) remitted ₦7.91 trillion to the Federation Account between January and July 2026, according to its latest operational and financial performance report released on Wednesday.
During the seven-month period, the state-owned energy company generated ₦3.09 trillion in revenue and posted a profit after tax of ₦279 billion.
Despite the strong revenue remittance, national crude oil and condensate production experienced a downward trend over the summer. Production fell from 1.73 million barrels per day (bpd) in May to 1.72 million bpd in June, dropping further to 1.68 million bpd in July.
The decline impacted total sales volumes, with July recording 22.53 million barrels (comprising 21.53 million barrels of crude oil and 1 million barrels of condensate), down from 28.23 million barrels sold in June.
NNPC management attributed the July drop to a combination of operational challenges across its assets.
“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the company stated in the report.
To reverse the trend, NNPC outlined technical interventions aimed at boosting operational uptime and output:
- Preventive Maintenance: Sustaining high facility uptime and minimizing unplanned downtime.
- Export Optimization: Streamlining operations at the Forcados Export Terminal (FEPL) and Nembe Creek Trunkline (Nembe EP).
- Offloading Flexibility: Activating tandem offloading at the Akpo and Erha Deepwater FPSO vessels.
- Evacuation Restoration: Resuming barging operations at Obodo to improve production evacuation.
On gas infrastructure, the report highlighted significant progress, noting 100 per cent pipeline network availability in the upstream sector. Pre-commissioning activities on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline were completed, with first gas targeted for August 2026.
Additionally, construction on the Ajaokuta-Kaduna-Kano (AKK) pipeline which maintains 95 per cent availability—is at an advanced stage to enable gas delivery to Abuja before the end of the year. Daily natural gas production reached 7.49 billion standard cubic feet per day (bscf/d), with total sales at 4.6 bscf/d.
NNPC Retail petrol station availability averaged 52 per cent nationwide, though distribution levels varied regionally. The company noted that all stated production, sales, and financial figures remain provisional and subject to final reconciliation with key stakeholders.
