The Nigerian National Petroleum Company Limited (NNPCL) says it made a profit after tax of ₦185 billion in July 2025. This came despite rising cost pressures and a drop from June’s ₦905 billion profit.
The company also remitted ₦7.9 trillion to the Federation Account between January and July, reinforcing its role as Nigeria’s top revenue source.
“Crude oil and condensate production averaged 1.70 million barrels per day in July,” the report stated. “This is a marginal increase from June’s 1.68mbpd and edging closer to our peak output of 1.77mbpd.”
Condensate contributed 0.29mbpd, while crude oil stood at 1.40mbpd. Natural gas production rose to 7.72 billion standard cubic feet per day, up from 7.58bscfd in June. Gas sales hit a yearly high of 4.98bscfd.
Pipeline Projects Push Forward Amid Energy Transition
NNPCL confirmed that the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline reached 83% completion. More subcontractors have been deployed to speed up work.
Upstream pipeline availability was reported at 100%, meaning operations ran smoothly with minimal disruptions.
The company also commissioned 113 kilometres of the OB3 pipeline. It’s already injecting 300mmscfd of gas into the system—250mmscfd from AHL, and 50mmscfd combined from Platform, Chorus, and Xenergi.
These supplies are expected to ease domestic shortages and boost industrial power generation across the country.
Group CEO Bashir Bayo Ojulari said NNPCL is focused on “value creation, competitiveness, and efficiency” under the new business model shaped by the Petroleum Industry Act.
“We are restructuring joint ventures, monetising assets, and investing in critical infrastructure across the value chain,” Ojulari said at the PENGASSAN Energy and Labour Summit.
FG Targets ₦2.7trn Gas Debt with Royalty Credits
Meanwhile, the Federal Government is working to clear the ₦2.7 trillion legacy debt owed to gas producers. The plan is to offset the debt using royalty payments.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said during a Zoom meeting: “One of the solutions canvassed is extinguishing the legacy debt through royalty credits.”
Komolafe, represented by Dennis Anyanwu, said the Commission is guiding the government on how to implement the plan without disrupting revenue flow.
Chairman of Renaissance Africa Energy, Layi Fatona, welcomed the move. “It’s bold and very clear in what the intention is,” he said. But he urged regulators to act fast.
Rate, Like 👍, Comment💬, share this article, and join us on our social media handles. You can also Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
