NNPCL Records ₦539 Billion Profit Despite Oil Output Falls – Report

The Nigerian National Petroleum Company Limited (NNPCL) has announced a sharp rise in profit, posting ₦539 billion for August 2025, a 91.3 per cent increase compared to the ₦185 billion recorded in July.

Naija News reports that the figures were contained in the company’s Monthly Report Summary for August 2025, which highlighted significant revenue growth despite production challenges.

According to the report, NNPCL’s revenue climbed to ₦4.655 trillion in August, up from ₦4.406 trillion in July.

The company further disclosed that between January and July 2025, it had remitted a total of ₦8.86 trillion into the Federation Account, underscoring its critical role in government funding.

Oil and Gas Output Declines

Despite the strong financials, the report showed a dip in production levels. Nigeria pumped an average of 1.65 million barrels of crude oil per day in August, representing a 2.9 per cent decline from 1.7 million barrels per day in July.

Gas production also fell by 10 per cent to 6,949mmscf/d in August, compared to 7,722mmscf/d in the previous month.

NNPCL attributed the decline to scheduled maintenance across upstream facilities, carried out in alignment with Nigeria LNG’s Turn Around Maintenance (TAM).

“Industry-wide collaboration is ongoing to ramp up production following the completion of the exercise,” the company said.

Providing updates on infrastructure, NNPCL reported that the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had reached 84 per cent completion, with construction activities ongoing on multiple sites to fast-track delivery.

The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline was now 96 per cent complete.

So far, 113 kilometres of the pipeline have been commissioned, already supplying around 300mmscf/d of gas from producers including AHL (250mmscf/d), as well as Platform, Chorus, and Xenergi (50mmscf/d).

The latest performance underscores NNPCL’s growing financial importance to the Nigerian economy, even as oil and gas production faces persistent headwinds from maintenance, theft, and underinvestment.

The completion of the AKK and OB3 pipelines is expected to significantly boost domestic gas supply, improve power generation, and strengthen Nigeria’s industrial base in the coming years.

Source: Naijanews