NNPCL Records 79.6% Decline In Profit After Tax Clearance

The Nigerian National Petroleum Corporation (NNPCL) reported a significant 79.6% decline in profit after tax for July, as per the company's monthly financial report. Despite a slight increase in crude oil production to 1 million barrels per day in June and a rise in gas production to 1.02 billion cubic feet in July, the company's revenue also dropped during the period.

The report highlighted the role of NNPCL in sustaining energy supply and emphasized the importance of collaboration with stakeholders to boost operational efficiency. The company noted milestones in ongoing gas infrastructure projects, such as the AKK gas pipeline and OB3 pipeline, with significant progress in their completion.

NNPCL reaffirmed its commitment to completing critical infrastructure projects to ensure stable energy supply and drive future profitability.