THE Nigerian National Petroleum Company (NNPC) Limited has posted a decline in profit after tax to N185 billion for July, despite an improvement in crude oil production.
It disclosed this in its ‘NNPC Limited Monthly Report Summary- July 2025‘ released on Thursday night, August 21.
This is the second consecutive month the state-owned oil company has reported a decline in its profit after tax.
In May, it recorded a N1.054 trillion profit after tax, but it dropped to N905 billion in June.
A look at the latest report, showed NNPC highlighted key figures, including crude oil and condensate production, natural gas output, revenue, strategic initiatives, and, of course, profit after tax.
It generated N4.406 trillion in revenue, which is a significant drop from the N4.57 trillion it reported in June and down from N6.008 trillion in May.
Crude oil and condensate production stood at 1.70 million barrels per day (bpd), slightly up from June’s figure of 1.68 million bpd. Of this figure, crude oil accounted for 1.40 million bpd.
In the same vein, natural gas production was 7.72 billion standard cubic feet per day (scf/d) in July, up from 7.581 billion scf/d in June and 6.615 billion scf/d in February, indicating a steady rebound in output.
Gas sales climbed to 4.978 bscf/d in July, increasing from 4.74 bscf/d in June and 4.70 bscf/d in May as well as 3.545 bscf/d in February, the lowest this year so far.
The NNPC, however, noted that all production, sales and financial figures were provisional and subject to reconciliation with relevant stakeholders.
The ICIR had reported that Nigeria’s crude oil output hit above the Organisation of the Petroleum Exporting Countries’ (OPEC) 1.5 million daily production quota for the second consecutive time in July.
But the inability to meet its crude oil benchmark target of 2.06 million bpd amid oil prices below its $75 per barrel budgetary benchmark is causing a strain on oil revenue.
The NNPC further revealed that it made a statutory payment of N7.965 trillion to the federation account within the first six months of the year, up from the N6.96 trillion it remitted from January to May.
“Sustain crude oil and condensate production, improve uptime of production facilities, and continue stakeholders’ collaboration and operational efficiency.
“As part of our commitment to environmental sustainability and climate change mitigation, planting of 200,000 trees has commenced in Katsina State. The official flag off is scheduled for August 2025,” NNPC added.