The Nigerian National Petroleum Company Limited has reported a sharp drop in profit after tax for July, recording ₦185 billion. The figure represents a 79 percent decline compared with ₦905 billion posted in June.
According to its latest monthly summary, the company also recorded revenues of ₦4.4 trillion in July, down slightly from ₦4.57 trillion in the previous month. NNPC attributed the decline in profit to cost of sales and tax adjustments.
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The company said average crude oil and condensate production stood at 1.7 million barrels per day, while daily natural gas output was 7.72 million standard cubic feet. It added that efforts were ongoing to sustain output and improve facility uptime.
NNPC also highlighted progress on key gas projects, including the Ajaokuta-Kaduna-Kano pipeline and the Obiafu-Obrikom-Oben pipeline, which has begun transporting 300 million standard cubic feet of gas daily.
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