By Seun Ibiyemi
The Nigerian National Petroleum Company Limited (NNPC Ltd) posted a profit after tax of ₦535 billion in June 2026, representing a 15.8 per cent increase from the ₦462 billion recorded in May, as the national oil company sustained strong revenue performance despite a slight decline in crude oil production.
The figures are contained in the company’s June 2026 Monthly Financial and Operations Report, which also showed that total revenue rose to ₦4.389 trillion, while cumulative statutory remittances to the Federation between January and June 2026 reached ₦6.286 trillion, highlighting the company’s continued contribution to government revenue.
According to the report, average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day recorded in May.
NNPC attributed the slight production drop to operational disruptions, facility integrity issues and subsurface challenges affecting several upstream assets.
However, natural gas production improved during the period, rising to 7.841 million standard cubic feet per day from 7.774 million standard cubic feet per day in May, representing a 0.86 per cent increase.
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The report also highlighted continued progress on the company’s strategic gas infrastructure projects.
According to NNPC, the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 98 per cent completion, with final tie-in works ongoing ahead of the planned commencement of gas supply in August 2026.
Similarly, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has advanced to 94 per cent completion, positioning the project for early gas delivery to Abuja later this year.
The progress on the two flagship gas projects aligns with the Federal Government’s drive to expand domestic gas utilisation, improve energy security and support industrial development across the country.
