NNPC Grows Profit By 54.5% to N431bn In August

The Nigerian National Petroleum Company (NNPC) Limited recorded a 54.5 per cent rise in Profit After Tax (PAT) in August 2026, up from N279 billion in July to N431 billion.

This is contained in the company’s monthly operations and financial report for August 2026.

Revenue for the month stood at N3.74 trillion, compared with N3.09 trillion in July.

The company also recorded a 19.89 per cent increase in cumulative statutory payments, from N7.91 trillion for January to July to N9.49 trillion for January to August.

On operations, crude oil and condensate production rose to 1.69 million barrels per day in August from 1.68 million barrels per day in July. The August figure comprised about 1.43 million barrels per day of crude and 0.25 million barrels per day of condensate, compared with 1.44 million and 0.24 million, respectively, in July.

According to the report, the improvement followed the resolution of SBM-related incidents on Floating Production Storage and Offloading (FPSO) vessels. It was moderated by deferments from drilling activities, equipment and facility maintenance, gas curtailment, pipeline and flowline integrity issues, and tank-top and offtake constraints.

In July, the company attributed lower production to operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents and production constraints.

Gas production also rose to 7,680 million standard cubic feet per day in August from 7,489 million standard cubic feet per day in July.

NNPC said it would sustain reliable crude oil evacuation and minimise production deferments through proactive maintenance, faster resolution of integrity constraints, better coordination of drilling and shutdown activities, restoration of deferred production, and optimisation of tank-top and export management.

On infrastructure, upstream pipeline availability stood at 100 per cent. The Obiafu-Obrikom-Oben (OB3) gas pipeline was commissioned and fully operationalised, linking the Eastern and Western gas network systems, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline stood at 95 per cent completion, with the company working with stakeholders to deliver gas to Abuja in 2026.

PMS availability at NNPC Retail stations stood at 54 per cent in August, up from 52 per cent in July.

The company noted that all production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.