NNPC Profit Jumps 16% to N535bn in June; Statutory Transfers Hit N6.29trn

Nigeria's National Petroleum Company Limited (NNPC) saw its profit after tax climb by approximately 16% in June, reaching N535 billion from N462 billion in May. This financial uptick coincides with a significant rise in the company's cumulative statutory payments to the federation, which totaled N6.286 trillion in the first half of the year. Total revenue also saw a modest increase, moving from N4.335 trillion in May to N4.389 trillion in June.

Operationally, crude oil and condensate production remained steady, with 1.72 million barrels per day in June. Natural gas production saw a slight increase, and gas sales improved marginally. Downstream operations indicated a slight dip in petrol availability at NNPC Retail Limited stations. Progress continues on major gas infrastructure projects, with the OB3 gas pipeline nearing completion and the AKK gas pipeline at 94% completion, aiming for early gas delivery.

In parallel, Seplat Energy Plc reported a substantial 498% year-on-year increase in its profit after tax for the first half of 2026, reaching $164 million. This performance was driven by higher crude oil prices, improved production, and strong operational execution. Seplat also announced a strategic agreement to sell a 10% interest in its NNPCL-SEPNU Joint Venture to NNPC for $281.6 million, a deal expected to boost shareholder returns significantly.