The Nigerian National Petroleum Company (NNPC) Limited recorded a 16 percent increase in profit after tax which rose from N462 billion in May to N535 billion in June 2026, driven by a sharp rebound in crude oil sales volumes that reached their highest level in 12 months.
- +NNPC profit surges 16% in June, as crude sales hit 12-month high
- +… statutory remittance hit N6.28 trn in 6 months
According the company’s monthly report in June, crude oil sales rose to 27.23 mmbbls from 17.99 mmbbls on May.
… statutory remittance hit N6.28 trn in 6 months
According the company’s monthly report in June, crude oil sales rose to 27.23 mmbbls from 17.99 mmbbls on May. The volume recorded in June also represent the highest volume recorded in the past 12 months.
Also the volume of gas sold in the period rose slightly to 7841 mmscf/d from 7774 mmscf/d in May. The company’s total revenue also rose slightly from N4.33 trillion in May to N4.38 trillion.
“June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets.
“However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance (TAM),” the company stated.
The report showed that the company remitted a total N1.43 trillion to the federation account in the period, bringing the total statutory payments from in the first six months (January -June ) 2026 to N6.28 trillion.
NNPC’s remittance has been on the high side since the introduction of executive order 9, signed by President Bola Tinubu earlier this year.
The presidential directive effectively stripped the national oil company of its historic revenue-deduction powers, specifically halting its ability to withhold the controversial 30 percent Frontier Exploration Fund and 30 percent management fees at the source.
The company said its focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime (UDT), optimizing crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.
On the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, the company said it has sustained collaboration with stakeholders to expedite construction and installation activities geared towards achieving early gas delivery to Abuja in 2026.
For the Obiafu-Obrikom-Oben (OB3) gas pipeline project, the company said that the final tie-in works is ongoing at river niger crossing to ensure first gas in August 2026.
