The Nigerian National Petroleum Company Limited (NNPCL), yesterday, said that it made a profit after tax of N185 billion in July 2025.

The company, in a monthly performance report, also said that about N7.9 trillion was remitted to the federation account in the first half of the year. The document also added that oil production steadily improved to 1.7 million barrels per day.

The statement read in part: “Crude oil and condensate production averaged 1.70 million barrels per day (mbpd) in July, a marginal increase from June’s 1.68mbpd and edging closer to the company’s peak output of 1.77mbpd recorded earlier in the year. The report shows that condensate contributed 0.29mbpd, while crude oil output stood at 1.40mbpd.

“Natural gas production also strengthened, hitting 7.72 billion standard cubic feet per day (mmscfd) in July, up from 7.58bscfd the previous month. Gas sales rose to their highest level this year at 4.98bscfd, underscoring growing demand both domestically and for export.”

It also said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project reached 83 per cent completion, with additional subcontractors deployed to accelerate the pace of work, adding that upstream pipeline availability was reported at 100 per cent, suggesting that operational disruptions were kept to a minimum.

The NNPCL noted that 113 kilometres of the OB3 pipeline had been commissioned, already injecting around 300mmscfd of gas from producers, including AHL (250mmscfd), and Platform, Chorus, and Xenergi (a combined 50mmscfd).

These supplies, according to it, are expected to ease domestic shortages and boost industrial power generation.

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The company, which outlined its strategic efforts to sustain production growth, including improvement in facility uptime, stakeholders’ collaboration, and operational efficiency, pledged to continue advancing the completion of key pipelines and other infrastructure that are central to Nigeria’s energy transition goals.

IN another development, the Federal Government has disclosed plans to clear the N2.7 trillion legacy debt owed by gas firms by leveraging royalty payments.

Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, disclosed this yesterday, during a zoom meeting organised by the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, to mark his second year in office.

Komolafe, who was represented by Dennis Anyanwu, said that the Commission, in collaboration with stakeholders, is working on mechanisms to address the debt without disrupting the government’s revenue.

Chairman of Renaissance Africa Energy, Layi Fatona, lauded the initiative, describing it as a decisive step.

Fatona, however, urged the regulator to fast-track the process. (The Guardian)