The Nigerian National Petroleum Company Limited, (NNPCL), has remitted over ₦8.86 trillion as statutory payment between January and July 2025.
The figure was disclosed in the company’s August report,
According to the report, crude oil and condensates production for August stood at 1.65 million barrels per day (mbpd), while natural gas production was 6.949 million standard cubic feet (scf) per day.
The company further revealed that it generated ₦4.65 trillion in revenue during the month, with a profit after tax of ₦539 billion.
On its strategic efforts, NNPC Ltd said it sustained industry-wide collaboration and ramped-up production following the completion of scheduled Turn-Around Maintenance (TAM) on some production facilities.
It explained that the dip in August production was due to scheduled maintenance at some upstream facilities aligned with Nigeria LNG’s TAM.
Construction works, the report added, also progressed on multiple fronts to ensure accelerated delivery of mainline projects.
It had earlier been reported that reforms in the oil and gas sector boosted the country’s oil output to its highest this year, with July recording 1.7 million barrels per day.
Data from the report showed that January’s crude production was 1.67mbpd, which fell to 1.62mbpd and 1.56mbpd in February and March respectively, before recovering slightly to 1.61mbpd in April.
Production rose to 1.63mbpd in May, 1.68mbpd in June, and then peaked at 1.7mmpbd in July. Gas production also hit a peak of 7.7mmscf in July, up from 7.58mmscr/d in June.
The increase boosted revenue as NNPC Ltd recorded ₦4.4 trillion in revenue and a profit of ₦185 billion in July alone.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, reaffirmed the company’s strategic direction toward value creation, competitiveness, and efficiency as the foundation of its new business model.
Speaking at the 2025 Petroleum & Natural Gas Senior Staff Association of Nigeria Energy and Labour Summit (PEALS 2025), Ojulari delivered a keynote address, titled: “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production”.
He emphasised that tangible changes in relationships, governance, and operations are necessary for Nigeria’s oil and gas industry to be resilient.
“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC Limited is now operating under a new business model, focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain”, Ojulari stated.
He emphasised that global investors now judge energy companies not just by their production levels but by their responsibility in operations.
Ojulari further stressed the need for stakeholder alignment to unlock stranded assets and boost incremental production through smarter and coordinated actions across the value-chain.
