The report, released on October 9, showed that the national oil company generated ₦3.74 trillion in revenue during August, compared with approximately ₦3.09 trillion in the preceding month.

NNPC’s cumulative statutory remittances to the government also increased to ₦9.49 trillion between January and August, up from ₦7.91 trillion recorded between January and July. This represents an increase of about 19.9 per cent.

The latest figures indicate a recovery in the company’s monthly earnings following its weaker performance in July. However, the August results remain below the profit peak of ₦535 billion recorded in June.

On the operational side, average crude oil and condensate production stood at 1.69 million barrels per day in August. This comprised approximately 1.43 million barrels of crude oil and 250,000 barrels of condensate daily.

Natural gas production also improved, rising to 7,680 million standard cubic feet per day from 7,489 million standard cubic feet per day in July.

NNPC attributed the improvement in crude production partly to the resolution of incidents involving SBM-related operations on its Floating Production Storage and Offloading vessels. However, output continued to face constraints from drilling-related deferments, equipment and facility maintenance, gas curtailment, pipeline and flowline integrity issues, as well as storage and offtake limitations.

On gas infrastructure, the company reported that upstream pipeline availability stood at 100 per cent during the period. It also reported that the Obiafu-Obrikom-Oben gas pipeline had been commissioned and fully operationalised, creating a link between Nigeria’s eastern and western gas network systems.

Meanwhile, construction of the Ajaokuta-Kaduna-Kano gas pipeline had reached 95 per cent completion. NNPC said it was working with relevant stakeholders to support the delivery of gas to Abuja in 2026.

Despite the operational developments, petrol availability at NNPC Retail stations stood at 54 per cent in August, according to the report.

For the January-to-August period, NNPC recorded cumulative revenue of approximately ₦28.54 trillion and profit after tax of about ₦2.99 trillion. Its statutory remittances over the same eight months totalled approximately ₦9.49 trillion.

The company cautioned that its reported production, sales and financial figures were provisional and remained subject to reconciliation with relevant stakeholders.

Reporting by TalkNaijaMedia