NNPC Limited posted a profit after tax of ₦535 billion in June 2026, a 15.8% month-on-month increase, driven by strong revenue performance and higher natural gas production, despite a slight decline in crude oil output.
The figures were disclosed in the company’s June 2026 Monthly Financial and Operations Report, which also highlighted continued progress on Nigeria’s strategic gas infrastructure projects.
Profit Climbs 15.8% in June
According to the report, profit after tax rose to ₦535 billion in June, up from ₦462 billion recorded in May, reflecting improved financial performance.
The national oil company generated ₦4.389 trillion in revenue during the month, while cumulative statutory remittances to the Federation between January and June 2026 reached ₦6.286 trillion, reinforcing NNPC’s role as one of Nigeria’s largest contributors to government revenue.
Crude Oil Output Slips Slightly
NNPC reported that average crude oil and condensate production eased marginally to 1.72 million barrels per day (mbpd) in June from 1.73 million barrels per day in May.
The company attributed the decline to operational disruptions, facility integrity challenges and subsurface issues affecting several producing assets.
Despite the slight dip, production remained above Nigeria’s recent average levels as the company continues efforts to improve operational efficiency and reduce production losses.
Gas Production Continues to Grow
Natural gas production increased to 7.841 million standard cubic feet per day (mmscf/d) in June from 7.774 mmscf/d recorded in May, representing a 0.86% month-on-month increase.
The sustained growth aligns with Nigeria’s strategy of expanding domestic gas utilisation and boosting supplies for power generation, industrial development and exports.
OB3 and AKK Pipelines Near Completion
NNPC also reported significant progress on two of Nigeria’s flagship gas infrastructure projects.
The Obiafu-Obrikom-Oben (OB3) Gas Pipeline reached 98% completion, with final tie-in activities underway ahead of the planned commencement of gas supply in August 2026.
Meanwhile, construction of the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94% completion, supporting plans to begin gas delivery to Abuja later this year.
The two projects are central to Nigeria’s gas expansion strategy, aimed at increasing domestic gas supply, supporting industrialisation, improving electricity generation and strengthening regional energy infrastructure.
Why It Matters
NNPC’s stronger June earnings and continued investment in strategic gas infrastructure underscore the company’s growing emphasis on natural gas as a driver of Nigeria’s energy transition and economic growth. While crude oil production continues to face operational constraints, rising gas output and the nearing completion of the OB3 and AKK pipelines are expected to enhance domestic energy security, stimulate industrial activity and support long-term revenue generation.