The Nigerian National Petroleum Company (NNPC) Limited recorded a 47.9 percent decline in profit after tax (PAT) to N279 billion in July 2026, down from N535 billion in June.

According to NNPC’s July Monthly Report Summary, released on Tuesday, the company’s revenue also fell by 29.5 percent from N4.38 trillion in June to N3.08 trillion in July.

The decline was largely attributed to lower crude oil and condensate sales, which fell by 20.2 percent during the month. NNPC said it sold 22.53 million barrels in July, compared with 28.23 million barrels in June.

Gas sales also declined by 7.8 percent, from 4.97 million metric standard cubic feet per day (mmscfd) in June to 4.58 mmscfd in July.

Despite the decline in earnings, NNPC said it remitted N7.91 trillion to the Federation Account between January and July 2026.

The company reported that upstream pipeline availability remained at 100 percent for the second consecutive month. The Obiafu-Obrikom-Oben (OB3) pipeline also recorded 100 percent availability, while the Ajaokuta-Kaduna-Kano (AKK) gas pipeline recorded 95 percent availability.

Crude oil and condensate production, however, declined by 2.3 percent to 1.68 million barrels per day (bpd) in July, from 1.72 million bpd in June.

The July output comprised 1.44 million bpd of crude oil and 240,000 bpd of condensate, compared with 1.47 million bpd and 250,000 bpd respectively in June.

NNPC said natural gas production also fell by 4.5 percent, from 7.84 mmscfd in June to 7.48 mmscfd in July.

The company said it would focus on improving production by sustaining high facility uptime, strengthening preventive maintenance and reducing unplanned downtime.

It listed measures including optimising export operations, delivering incremental production opportunities, improving operational reliability, and activating tandem offloading operations at Akpo and Erha.

NNPC also said barging operations at Obodo would be restored to improve production evacuation and sustain output.

On gas infrastructure, the company said construction and installation work on the early-gas component of the AKK pipeline was at an advanced stage, with the project expected to deliver gas to Abuja in 2026.

It added that pre-commissioning activities on the OB3 River Niger Crossing Pipeline had been completed in preparation for first gas in August 2026.