NNPC’s Profit Plunges 60% in September as Output Falls

State-owned Nigerian National Petroleum Company (NNPC) saw its profit tumble by 60 percent last month as oil and gas production declined.

NNPC reported a profit of N216 billion, down from N539 billion in August, according to data released on Tuesday.

Its revenue fell to N4.27 trillion from N4.65 trillion in the previous month as oil output dropped to 1.61 million barrels per day from 1.65 million bpd, while natural gas production fell to 6.28 billion standard cubic feet per day from 6.95 billion scf/d.

“Production levels during the period were temporarily moderated due to planned maintenance activities including those at NLNG, alongside the phased recovery of previously shut-in assets and delays in the commencement of operations at OMLs 71 and 72,” the national oil company said in its latest monthly summary report.