The Nigerian National Petroleum Company Limited NNPC Ltd. has reported a sharp drop in profit after tax, which fell from ₦905 billion in June to ₦185 billion naira in July, representing a 79.6 percent decline.
According to the company’s monthly financial report, total revenue also slipped to ₦4.41 trillion in July, compared to ₦4.57 trillion in June. The latest figures extend a downward trend in the company’s profitability, with June’s ₦905 billion profit already down from ₦1.05 trillion in May, and ₦926 billion naira in April.
The slump in profit came despite a marginal rise in crude oil production, which increased from 1.68 million barrels per day to 1.7 million barrels per day. It revealed that Natural gas production also recorded a slight uptick, rising to 7.7 billion cubic feet in July from 7.58 bcf in June.
NNPC further reported that a 113 km portion of the OB3 pipeline has already been commissioned, delivering around 300 million standard cubic feet per day from producers including AHL, Platform, Chorus, and Xenergi.
