The Nigerian National Petroleum Company Limited remitted N7.91tn to the Federation Account between January and July 2026, even as its crude oil and condensate production fell to 1.68 million barrels per day in July.

🇳🇬 Here's What Happened

The figures were contained in the NNPC’s July 2026 operational and financial performance report released on Wednesday.

The company said it recorded N3.09tn in revenue and N279bn in profit after tax during the period under review.

However, crude oil and condensate production declined from 1.73 million barrels per day in May to 1.72 million barrels per day in June and further to 1.68 million barrels per day in July.

📌 Key Details

NNPC attributed the July decline to operational disruptions across several assets.

“July crude oil production was affected by a combination of operational disruptions across several assets, including facility outages, equipment unavailability, pipeline incidents, and production constraints,” the company stated.

The decline in output also reflected lower crude oil and condensate sales, which stood at 22.53 million barrels in July, comprising 21.53 million barrels of crude and one million barrels of condensate, compared with 28.23 million barrels in June.

The company said it was implementing measures to reverse the decline and improve production.

“Production improvement efforts will focus on sustaining high facility uptime through effective preventive maintenance programmes and minimizing unplanned downtime,” NNPC stated.

It said the measures would include optimising export operations at FEPL and Nembe EP, developing incremental production opportunities and strengthening operational reliability across key facilities.

📰 Source: Punch Nigeria