NNPC profit rises as oil and gas sales surge
The Nigerian National Petroleum Company Limited (NNPC) reported a 15.8% increase in profit after tax, reaching N535bn in June 2026. The company’s latest Monthly Financial and Operations Report highlighted higher revenue and significant remittances to the Federation. Despite a slight drop in crude oil and condensate production, sales volumes and gas output improved. Major gas infrastructure projects also made notable progress during this period.
TLDR
- NNPC posted N535bn profit after tax in June 2026, up from N462bn in May.
- Cumulative statutory payments to the Federation totaled N6.286tn between January and June 2026.
- Crude oil and condensate sales increased to 28.23 million barrels in June 2026, a 48.97% rise from May.
- The Obiafu-Obrikom-Oben Gas Pipeline reached 98% completion, aiming for First Gas in August 2026.
- Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline advanced to 94% completion, targeting early gas delivery to Abuja in 2026.
