The Nigerian National Petroleum Company Limited (NNPCL) announced a profit after tax of N185 billion for July 2025, according to its monthly performance report.
The company also remitted N7.9 trillion to the federation account in the first half of 2025, reflecting robust financial performance.
The report highlighted a steady rise in oil production, reaching 1.7 million barrels per day (mbpd) in July, up from 1.68 mbpd in June, and approaching the year’s peak of 1.77 mbpd.
Crude oil output stood at 1.40 mbpd, with condensate contributing 0.29 mbpd. Natural gas production also saw gains, climbing to 7.72 billion standard cubic feet per day (bscfd) from 7.58 bscfd the previous month, with gas sales hitting a yearly high of 4.98 bscfd, driven by strong domestic and export demand.
Significant progress was reported on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, now 83% complete, with additional subcontractors deployed to expedite construction.
The OB3 pipeline, with 113 kilometers commissioned, is injecting approximately 300 million standard cubic feet per day (mmscfd) of gas from producers, including AHL (250 mmscfd) and Platform, Chorus, and Xenergi (50 mmscfd combined).
These supplies are expected to alleviate domestic gas shortages and enhance industrial power generation.
NNPCL emphasized its strategic focus on sustaining production growth through improved facility uptime, stakeholder collaboration, and operational efficiency.
The company reaffirmed its commitment to completing key pipelines and infrastructure critical to Nigeria’s energy transition goals, with upstream pipeline availability reported at 100%, indicating minimal operational disruptions.
In a related development, the Federal Government unveiled plans to settle a N2.7 trillion legacy debt owed by gas firms using royalty payments.
Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), represented by Dennis Anyanwu, disclosed this during a Zoom meeting hosted by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, to mark his second year in office.
Komolafe noted that the NUPRC is collaborating with stakeholders to address the debt without compromising government revenue.
Layi Fatona, Chairman of Renaissance Africa Energy, praised the initiative as a decisive step but urged the NUPRC to accelerate the process to ensure timely resolution.
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