NNPCL’s Profit Increased to N431bn in August, as Crude Output Rose to 1.69m bpd
The company gave the figures in its monthly report summary for August, released on Monday. According to the report, PAT increased by 54.5 percent from the N279 billion recorded in July. NNPCL also announced that revenue for the month stood at N3.73 trillion, compared with N3.08 trillion in July, a 21.1 percent increase. The company also said it recorded a 19.8 percent increase in cumulative statutory payments, which rose to N9.48 trillion for January to August from N7.91 trillion for January to July. According to the report, average crude oil and condensate production increased to 1.69 million bpd in August from 1.68 million bpd in the preceding month.
The NNPCL said gas production rose to 7.68 million standard cubic feet per day (mmscf/d) in August from 7.48 mmscf/d in July. It said crude oil and condensate sales also increased to 24.56 million barrels in August, up nine percent from the 22.53 million barrels recorded in June. The report noted that gas sales rose by 3.3 percent to 4.73 million standard cubic feet per day in August from 4.58 mmscf/d in July. On infrastructure, the NNPCL said upstream pipelines recorded 100 percent availability, while the Obiafu-Obrikom-Oben (OB3) and Ajaokuta-Kaduna-Kano (AKK) gas pipelines were 100 percent and 95 percent complete, respectively.
On its strategic efforts, the NNPC said it sustained reliable crude oil evacuation, minimising production deferments, strengthened asset reliability through proactive maintenance, accelerated resolution of integrity constraints, and improved coordination of drilling and shutdown activities. The company also said it restored deferred production, optimised tank-top and export management, and strengthened asset-level production assurance and accountability. It added that work continued on the AKK gas pipeline, with stakeholders collaborating to advance construction and installation activities aimed at delivering gas to Abuja before the year ends.
The company also disclosed that the OB3 pipeline achieved a major milestone with the successful commissioning and commencement of full operations at the River Niger crossing, enabling the integration of Nigeria’s eastern and western gas network systems.
