NNPC Reports 16% Profit Increase to N535bn in June

The Nigerian National Petroleum Company Limited (NNPC) recorded a Profit After Tax (PAT) of N535 billion in June 2026, marking a 16% increase from N462 billion in May. NNPC's cumulative statutory payments to the federation rose to N6.286 trillion in the first half of 2026.

Total revenue increased from N4.335 trillion in May to N4.389 trillion in June. The report indicated that total remittances jumped from N4.858 trillion in May to N6.286 trillion in June, reflecting an additional N1.428 trillion transferred.

Crude oil and condensate production was 1.72 million barrels per day in June, while natural gas production increased to 7,841 million standard cubic feet per day. Petrol availability at NNPC Retail Limited stations declined to 53% in June.

The Obiafu-Obrikom-Oben gas pipeline project advanced to 98% completion, with first gas expected in August 2026. Seplat Energy Plc also reported a PAT of $164 million for the first half of 2026, a 498% increase year-on-year, and announced a deal to sell a 10% interest in the NNPCL-SEPNU Joint Venture to NNPC for $281.6 million.