The Nigerian National Petroleum Company Limited (NNPC Ltd) reported a profit after tax of ₦535 billion for June 2026, a 15.8 per cent increase from ₦462 billion in May. According to the company's Monthly Report Summary, crude oil and condensate production reached 1.72 million barrels per day during the month.
Revenue and Statutory Payments
NNPC generated ₦4.389 trillion in revenue in June, and made statutory payments totaling ₦6.286 trillion between January and June, the report said.
Production Update
The June production comprised 1.47 million barrels per day of crude oil and 250,000 barrels per day of condensate. Although this was slightly below May's 1.73 million barrels per day, it exceeded April's 1.68 million barrels per day. Production had earlier fallen to 1.51 million barrels per day in February before recovering to 1.56 million in March and 1.68 million in April.
Natural Gas Output Hits 12-Month High
Natural gas production climbed to 7.841 billion standard cubic feet per day in June, the highest monthly volume in the 12 months covered by the report. This compares with 7.774 billion in May and 7.730 billion in April, reflecting a roughly 12 per cent improvement over the 6.997 billion recorded in October 2025.
Gas sales also advanced to 4.970 billion standard cubic feet per day in June from 4.921 billion in May, although they stayed below March's 5.059 billion, the strongest sales level during the period.
Oil and Condensate Sales
Crude and condensate sales declined to 28.23 million barrels in June from 28.64 million barrels in October 2025. The June total consisted of 27.23 million barrels of crude oil and one million barrels of condensate. Nevertheless, the volume was more than the 18.95 million barrels sold in May and the 23.65 million barrels in April.
Operational Issues and Mitigation
NNPC explained that its upstream operations faced operational disruptions, facility integrity problems, and subsurface challenges across various assets. "However, performance was partially mitigated by production up-flop following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance," the company stated.
Pipeline Performance
The report highlighted strong pipeline availability: the Obiafu-Obrikom-Oben (OB3) gas pipeline achieved 98 per cent availability, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline reached 94 per cent, and upstream pipeline infrastructure recorded 100 per cent availability.
NNPC said it is collaborating with stakeholders to speed up work on the AKK gas pipeline, aiming for early gas delivery to Abuja in 2026. Final tie-in activities are ongoing on the OB3 River Niger Crossing to enable first gas by August 2026.
Strategic Priorities
The company reiterated its focus on delivering incremental production by enhancing facility reliability and availability, cutting unscheduled downtime, optimising crude oil exports, and accelerating major upstream projects.
