The Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a sharp decline in revenue in July 2026, with earnings falling by N1.3tn to N3.09tn from the N4.39tn recorded in June.
The company disclosed this in its latest monthly operational and financial performance report released on Wednesday, which also showed a significant drop in profit after tax from N535bn in June to N279bn in July, representing a decline of N256bn.
The decline in revenue and profitability was accompanied by lower crude oil and condensate production, which fell from 1.72 million barrels per day (mbpd) in June to 1.68mbpd in July.
NNPC attributed the production decline to operational disruptions across several of its assets, including facility outages, equipment unavailability, pipeline incidents and production constraints.
According to the company, “July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints.”
Natural gas production also declined during the month, dropping from 7.8 billion standard cubic feet per day (bscf/d) in June to 7.49bscf/d in July.
Similarly, crude oil and condensate sales fell substantially from 28.23 million barrels in June to 22.53 million barrels in July.
The July sales comprised 21.53 million barrels of crude oil and one million barrels of condensate.
NNPC said it was implementing a number of measures aimed at boosting production, improving operational reliability and minimising disruptions across its assets.
The company said the measures would focus on sustaining high facility uptime through effective preventive maintenance programmes and reducing unplanned downtime.
It also disclosed plans to optimise export operations at FEPL and Nembe EP, develop incremental production opportunities across its portfolio and strengthen operational reliability at key facilities.
Other measures, according to NNPC, include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility, as well as the restoration of barging operations at Obodo to improve production evacuation and sustain output.
Despite the decline in production and financial performance, NNPC said its upstream pipeline infrastructure maintained 100 per cent availability throughout July.
The report further revealed that the Obiafu-Obrikom-Oben gas pipeline achieved 100 per cent completion, with pre-commissioning activities at the River Niger Crossing completed ahead of first gas.
The Ajaokuta-Kaduna-Kano gas pipeline, meanwhile, reached 95 per cent completion, with construction and installation works at an advanced stage as the company targets early gas delivery to Abuja in 2026.
At the downstream level, NNPC Retail’s petrol stations recorded 52 per cent availability in July, a marginal decline from the 53 per cent recorded in June.
The national oil company also disclosed that it remitted N7.91tn in statutory payments to the Federation Account between January and July 2026.
NNPC, however, cautioned that the production, sales and financial figures contained in the July report were provisional and subject to reconciliation with relevant stakeholders.
“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the company stated.
