Profit nnpc drops from n905 billion to n185 billion to July

The Nigerian National Petroleum Company Limited has recorded a substantial decline in its profits net of taxes, descending from n905 billion to June to n185 billion in July.

This represents a 79.6% reduction of profit.

The company, in its monthly report published late on Thursday, said she had recorded N4.41TN in July, down from N4.57TN in the previous month.

According to previous reports, the profit net of the NNPC taxes in June was n905 billion, down from N1.05TN in May. It was N926 billion in April.

The July figure marked a significant decline even if oil production has increased marginally by 1.68 million barrels per day at 1.7 MBPD.

The production of natural gas was 7.7 billion cubic feet, compared to 7.58 AC last month.

The NNPC report showed giant steps in the development of infrastructure, since the Akk and OB3 Gasdotti projects have reached 96 and 83 %completion levels respectively. The availability of upstream pipeline remained 100 %strong.

In its strategic efforts, the NNPC has declared to support the production of crude oil and condensation, improving the time of activity of the production structures and the collaboration of the interested parties and operational efficiency.

On the pipe of the AjOokuta-Kaduna-Kano gas, it has been stated that further subcontractors have been distributed to accelerate the completion of the main works and the completion of the rapid project.

Likewise, the Obiafu-Obikom-Oben gas pipeline witnessed at the beginning of the “implementation of a magazine execution strategy for the accelerated completion of the cross river crossbar.

The 113 km part of the OB3 gas pipeline was commissioned and is scrolling around 300 mmscf/d of gas from the following gas producers: AHL 250 (MMSCF/D), platform, chorus and xenergi (50 mmscf/d). ” [The Punch]

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