NNPC’s Monthly Profit Plunges 80% Despite Higher Oil Production

State-owned Nigerian National Petroleum Company (NNPC) reported a 79.6 percent drop in its profit after tax last month despite an increase in oil and gas production.

The NNPC reported a net income of N185 billion for June, down from N905 billion in the previous month, according to its monthly report summary released on Thursday. 

Its revenue fell by 3.6 percent to N4.41 trillion in July, even as crude oil and condensate rose to 1.7 million barrels per day (bpd) from 1.68 million bpd while natural gas output increased to 7.72 billion standard cubic feet per day (scf/d) from 7.58 billion scf/d.

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