NNPC Profit Plunges By 389.2% To N185bn In July

In July, the Nigerian National Petroleum Company Limited (NNPC) reported a significant 389.2% drop in profit to N185 billion, compared to N905 billion in June. The company's Monthly Report Summary attributed this decline to unspecified factors.

Despite this, Nigeria's crude oil and condensate production reached a record high of 2.4 million barrels per day in July. Gas production also increased to 2.7 billion standard cubic feet per day, the highest level of the year.

NNPC highlighted progress in critical infrastructure projects, such as the operational OB3 and AKK gas pipelines. The company emphasized its commitment to environmental initiatives, including tree planting and corporate social responsibility efforts.

Additionally, NNPC donated 35 CNG buses as part of the Presidential Initiative on CNG.