NNPC profit decline reaches 79.6% in July as after-tax profit drops to N185bn despite marginal rise in oil and gas production

NNPC profit decline has raised concerns after the Nigerian National Petroleum Company Limited reported a sharp fall in its profit after tax, sliding from N905bn in June to just N185bn in July.

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The 79.6% drop marks the steepest monthly decline in 2025, even as crude oil production rose slightly from 1.68 million barrels per day to 1.7 mbpd.

Natural gas output also edged up to 7.7 billion cubic feet from 7.58 bcf in June.

According to its latest monthly report released Thursday, NNPC recorded revenue of N4.41tn in July, compared with N4.57tn the previous month.

Profit had already been on a downward trend, with N905bn posted in June after N1.05tn in May and N926bn in April.

Despite the slump, NNPC highlighted progress in infrastructure projects, noting that the Ajaokuta-Kaduna-Kano (AKK) gas pipeline is now 96% complete, while the Obiafu-Obrikom-Oben (OB3) pipeline has reached 83%.

The company confirmed that 113 km of the OB3 pipeline is operational, delivering about 300 million standard cubic feet per day of gas from producers including AHL, Platform, Chorus, and Xenergi.

NNPC assured stakeholders it is sustaining crude oil and condensate production, improving facility uptime, and driving operational efficiency through collaboration and revised strategies to expedite key projects.

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The July results, however, underline the financial pressures facing the company despite improved production capacity and ongoing infrastructure milestones.