The Nigerian National Petroleum Company Limited has recorded a substantial decline in its profit after tax, dropping from N905bn in June to N185bn in July.

This represents a staggering 79.6% decrease in profit.

The company, in its monthly report released late on Thursday, said it recorded N4.41tn in July, down from N4.57tn in the previous month.

According to previous reports, NNPC?s profit after tax in June was N905bn, down from N1.05tn in May. It was N926bn in April.

The July figure marked a significant decline even as oil production rose marginally from 1.68 million barrels per day to 1.7 mbpd.

Natural gas production was 7.7 billion cubic feet, compared to 7.58 bcf last month.

Statutory payment from January to June was put at N7.97tn.

The NNPC report showed significant strides in infrastructure development, as the AKK and OB3 gas pipeline projects hit 96 and 83 per cent completion levels, respectively. Upstream pipeline availability remained strong at 100 per cent.

On its strategic efforts, the NNPC said it is sustaining crude oil and condensate production, improving the uptime of production facilities and continuing stakeholders? collaboration and operational efficiency.

On the Ajaokuta-Kaduna-Kano gas pipeline, it was stated that additional subcontractors were deployed to expedite completion of mainline works and fast-track project completion.

Similarly, the Obiafu-Obrikom-Oben gas pipeline witnessed the commencement of the ?implementation of a revised execution strategy towards expedited completion of the OB3 River Niger Crossing.

The 113 km portion of the OB3 Gas Pipeline has been commissioned and is flowing about 300 mmscf/d of gas from the following gas producers: AHL 250 (mmscf/d), Platform, Chorus and Xenergi (50 mmscf/d).?(PUNCH)

Update news