NNPC Profit Plunges 67% to N297bn as July Revenue Slides

The Nigerian National Petroleum Company Limited reported a profit drop to N297 billion in July from N905 billion in the preceding month.

Revenue also dropped by N1.48 trillion, or 32.4 per cent, from N4.57 trillion to N3.09 trillion in July, according to figures contained in the company’s monthly report on Tuesday..

The weaker financial performance came despite crude oil production remaining unchanged at 1.68 million barrels per day.

Gas production, however, declined marginally to 7.49 billion standard cubic feet per day (scf/d) from 7.58 billion scf/d in the previous month.

NNPC said its production-improvement strategy would focus on sustaining high facility uptime through effective preventive maintenance and reducing unplanned shutdowns.

The company plans to optimise export operations at Forcados Export Pipeline Limited and Nembe Export Point, while accelerating incremental production opportunities across its portfolio.

Other measures include strengthening operational reliability at key facilities and activating tandem offloading operations at the Akpo and Erha fields to improve export flexibility.

NNPC also intends to restore barging operations at Obodo to improve the evacuation of produced crude and sustain output levels.

The initiatives are expected to reduce operational disruptions and strengthen production and export performance in the coming months.