The Nigerian National Petroleum Company Limited (NNPC) recorded a 54.5 per cent increase in profit after tax in August 2026, rising from N279 billion in July to N431 billion.
The company disclosed this in its monthly operations and financial report for August, released on Monday, which also showed an increase in revenue and statutory payments.
According to the report, NNPC generated N3.74 trillion in revenue during the month, up from N3.09 trillion recorded in July.
Cumulative statutory payments also rose by 19.89 per cent, increasing from N7.91 trillion between January and July to N9.49 trillion between January and August.
The report showed that average crude oil and condensate production stood at 1.69 million barrels per day in August. This comprised approximately 1.43 million barrels of crude oil and 250,000 barrels of condensate daily.
Gas production also increased to 7,680 million standard cubic feet per day, compared with 7,489 million standard cubic feet per day in July.
NNPC attributed the improvement in crude oil production partly to the resolution of incidents involving SBM-related operations on Floating Production Storage and Offloading vessels.
However, the company said output was affected by several operational challenges, including drilling-related production deferments, equipment and facility maintenance, gas curtailment, pipeline and flowline integrity issues, as well as tank-top and offtake constraints.
On infrastructure development, the report indicated that upstream pipeline availability stood at 100 per cent during the period under review.
The company also announced that the Obiafu-Obrikom-Oben (OB3) gas pipeline had been commissioned and fully operationalised, connecting Nigeria’s eastern and western gas network systems.
Meanwhile, construction of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline had reached 95 per cent completion. NNPC said it was working with relevant stakeholders to facilitate gas delivery to Abuja in 2026.
Despite the improvement in its financial and production figures, the report showed that Premium Motor Spirit (PMS), commonly known as petrol, was available at 54 per cent of NNPC Retail stations in August.
The company cautioned that the production, sales and financial figures contained in the report were provisional and remained subject to reconciliation with relevant stakeholders.
