Nigeria’s state-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, has reported a profit of $267 million ( ₦385 billion) for January, according to figures released by the firm as part of its latest operational update.
In a monthly summary released by the company on Monday, NNPC stated that its revenue for the month reached ₦2.5 trillion ($1.78 billion) while statutory payments to the government stood at ₦726 billion ($504 million).
The company also noted that all production, sales and financial figures in the report remain provisional.
“All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders,” the company stated in the report.
The figures provide details of the company’s financial and operational performance across crude oil production, gas output, infrastructure projects and downstream supply during the month.
Beyond this, the report indicated that petroleum product supply across NNPC Retail Limited stations remained moderate during the period, while gas infrastructure projects continued to advance.
What the NNPC January report says about revenue and profit
Nigeria’s state oil company reported combined crude oil and condensate production of about 1.64 million bdp for the month. The output consisted of crude production averaging about 1.39 million bdp and condensate production of roughly 0.25 million bdp.
Upstream output improved compared with previous months following the completion of maintenance activities on some producing assets.
Operations at fields including Agbami and other offshore assets resumed after scheduled maintenance work.
However, some planned deliveries during the month were lower than expected due to operational challenges affecting the sector.
Production schedules were affected by bad weather conditions, evacuation constraints and asset integrity issues in certain areas.
Despite these issues, the report indicated that Nigeria’s oil production system remained largely operational during the month.
Gas sales figures reported in the document also showed steady supply levels to the domestic market and export channels.
Progress on Nigeria’s major gas pipeline projects
The report also provided updates on major gas infrastructure projects currently being developed in the country. Progress was reported on the Ajaokuta Kaduna Kano (AKK) Gas Pipeline, one of Nigeria’s flagship gas transportation projects.
Pre commissioning activities continued along the pipeline’s mainline, while construction work on Block Valve Stations and Intermediate Pigging Stations progressed during the period. In addition, work continued on the Obiafu Obrikom Oben (OB3) Gas Pipeline, another key project aimed at strengthening gas transportation across the country.
Upstream pipeline availability reached about 96%, showing that most major pipeline infrastructure remained operational during the period. Meanwhile, petroleum product supply through NNPC Retail Limited stations showed mixed availability levels across the country.
