NNPC remits N7.9tn to Federation Account in seven months

The Nigerian National Petroleum Company Limited remitted N7.91tn to the Federation Account between January and July 2026, even as its crude oil and condensate production fell to 1.68 million barrels per day in July.

The figures were contained in the NNPC’s July 2026 operational and financial performance report released on Wednesday.

The company said it recorded N3.09tn in revenue and N279bn in profit after tax during the period under review.

However, crude oil and condensate production declined from 1.73 million barrels per day in May to 1.72 million barrels per day in June and further to 1.68 million barrels per day in July.

NNPC attributed the July decline to operational disruptions across several assets.

“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,” the company stated.

The decline in output also reflected lower crude oil and condensate sales, which stood at 22.53 million barrels in July, comprising 21.53 million barrels of crude and one million barrels of condensate, compared with 28.23 million barrels in June.

The company said it was implementing measures to reverse the decline and improve production.

“Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimizing unplanned downtime,” NNPC stated.

It said the measures would include optimising export operations at FEPL and Nembe EP, developing incremental production opportunities and strengthening operational reliability across key facilities.

“Additional measures include the activation of tandem offloading operations at Akpo and Erha to enhance export flexibility and the restoration of barging operations at Obodo to improve production evacuation and sustain output,” the company added.

On gas infrastructure, NNPC reported 100 per cent availability of its upstream pipeline network.

It also said pre-commissioning activities had been completed on the River Niger Crossing section of the Obiafu-Obrikom-Oben gas pipeline, with first gas initially targeted for August 2026.

For the Ajaokuta-Kaduna-Kano gas pipeline, NNPC said construction and installation works were at an advanced stage to facilitate early gas delivery to Abuja in 2026.

The company put AKK pipeline availability at 95 per cent, while NNPC Retail’s petrol stations recorded 52 per cent availability, with distribution varying across regions.

NNPC also disclosed that natural gas production stood at 7.49 billion standard cubic feet per day, while gas sales were 4.6bscf/d.

The company cautioned that the reported figures remained subject to reconciliation.

“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” it stated.