NNPC PROFIT FALLS FROM N905BN TO N185BN IN JULY
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BY OWOLABI OLUWADARA
The Nigerian National Petroleum Company Limited has experienced a significant reduction in its profit after tax, plummeting from N905 billion in June to N185 billion in July.
This indicates an astonishing decline of 79.6% in profit.
The organization, in its monthly report published late on Thursday, indicated that it achieved N4.41 trillion in July, a decrease from N4.57 trillion in the prior month.
As per earlier reports, NNPC’s profit after tax in June was N905 billion, a drop from N1.05 trillion in May. It stood at N926 billion in April.
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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 indicated substantial progress in infrastructure enhancement, with the AKK and OB3 gas pipeline initiatives reaching completion levels of 96 and 83 percent, respectively. The availability of upstream pipelines remained robust at 100 percent.
Regarding its strategic initiatives, the NNPC reported that it is maintaining crude oil and condensate production, enhancing the operational uptime of production facilities, and fostering collaboration with stakeholders to improve operational efficiency.
Concerning the Ajaokuta-Kaduna-Kano gas pipeline, it was mentioned that additional subcontractors have been engaged to accelerate the completion of mainline works and expedite project finalization.
Likewise, the Obiafu-Obrikom-Oben gas pipeline has initiated the implementation of a revised execution strategy aimed at hastening the completion of the OB3 River Niger Crossing.
The 113 km segment of the OB3 Gas Pipeline has been officially commissioned and is currently transporting approximately 300 mmscf/d of gas from several producers, including AHL (250 mmscf/d), Platform, Chorus, and Xenergi (50 mmscf/d).
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