NNPC Says Payments to Government Hit N6.28 Trillion in First Half

The state-owned Nigerian National Petroleum Company said the statutory payments to the Federation for the first half of the year increased to ₦6.28 trillion.

The national oil company reported a profit after tax of N535 billion for June, representing 15.8% increase from N462 billion in the previous month. Total revenue stood at N4.39 billion, according to its latest monthly financial and operations report released on Friday.

Average crude oil and condensate production witnessed a slight dip standing at 1.72 million barrels per day (bpd), compared to 1.73 million bpd in May. The production dip is attributed to operational disruptions, facility integrity issues, and subsurface challenges across several assets.

Natural gas production rose to 7.841 million standard cubic feet per day (mmscf/d) from 7.774 mmscf/d in May, representing a modest 0.86% increase, continuing the company’s upward trajectory in gas production.

The Obiafu-Obrikom-Oben Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.

Construction and installation activities on the Ajaokuta-Kaduna-Kano Gas Pipeline advanced to 94% completion, supporting the target of early gas delivery to Abuja in 2026.