NNPC revenue hits N19.04trn in six months

The Nigerian National Petroleum Company Limited (NNPC Ltd) announced a substantial revenue of N19.04 trillion for the first half of 2026, accompanied by a profit after tax reaching N2.28 trillion. This financial performance occurred despite fluctuations in crude oil production during the January to June period.

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The figures, contained in the company’s June 2026 Monthly Financial and Operations Report released on Friday, showed that revenue increased from N2.57 trillion in January to N2.68 trillion in February and N2.77 trillion in March before surging to N4.97 trillion in April. Revenue moderated to N4.34 trillion in May but edged up to N4.39 trillion in June, bringing cumulative earnings for the six-month period to N19.04 trillion.

The company's Monthly Financial and Operations Report for June 2026 detailed a revenue trend that began at N2.57 trillion in January, saw a surge to N4.97 trillion in April, and closed at N4.39 trillion in June. Profitability followed a similar pattern, with June recording the highest monthly profit of N535 billion, a 15.8% increase from May.

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Profit after tax fell sharply from N385 billion in January to N136 billion in February before recovering to N276 billion in March. It rose significantly to N481 billion in April, climbed to N462 billion in May and reached N535 billion in June, representing a 15.8 per cent month-on-month increase and the highest monthly profit recorded by the national oil company so far in 2026.

During this six-month period, NNPC Ltd remitted N6.286 trillion to the Federation. While crude oil and condensate production saw a slight dip in June due to operational issues, natural gas production continued to grow. This increase in gas output reflects the company's commitment to expanding domestic supply and advancing the country's energy transition.

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The report also showed that cumulative statutory payments to the Federation between January and June rose to N6.286 trillion.

Significant progress was also reported on key gas infrastructure projects. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline is nearing completion at 98%, with final works underway for a targeted August 2026 gas delivery. The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has advanced to 94% completion, positioning it for early gas delivery to Abuja.

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Average crude oil and condensate production, however, slipped marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May. The company attributed the decline to operational disruptions, facility integrity issues and subsurface challenges across several producing assets.