The Nigerian National Petroleum Company (NNPC) Limited has disclosed that oil revenue dipped in June due to dwindling global prices in the review month, data from the state oil company in its latest monthly report summary shows.
The NNPC revealed that revenue declined to N4.57 trillion in June, a 23.9 per cent drop from the N6 trillion recorded in May.
June saw heightened volatility in global oil markets, marked by geopolitical tensions, fluctuating demand from Asia, and uncertainty around production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its partners. These put pressure on prices.
The NNPC report also revealed that the profit after tax dropped by 14 per cent to N905 trillion in June, down from N1.05 trillion in May.
Crude oil and condensate production rose to 1.68 million barrels per day in June from 1.63 million barrels per day in May.
The production peak for the month reached 1.73 million barrels per day.
A breakdown shows that crude oil output recovered slightly at 1.42 million barrels per day, while condensate volumes declined to 0.26 million barrels per day in June from 0.28 million barrels per day in May.
Gas production rose slightly to 7.581 billion standard cubic feet per day, up from 7.352 billion scfd in the previous month. Gas sales rose from 4.698 billion scfd in May to 4.742 billion scfd in June.
In addition, crude oil and condensate sales decreased to 21.68 million barrels in June from 24.77 million barrels in May.
The NNPC indicates that downstream performance improved as fuel availability at NNPC Retail Limited stations stood at 71 per cent in June, up from 62 per cent in May.
“Ongoing industry-wide collaborations are increasingly improving synergies to achieve production improvement and cost optimisation,” the NNPC stated.
According to the state-owned oil company, it has completed the AKK River Niger Crossing, which significantly derisked the completion of the mainline. “Additional intervention is being put in place to ensure the earliest completion.”
“Commenced technical review of OB3 River Niger crossing to replicate learnings from AKK River Niger crossing success. PHRC, WRPC and KRPC review progressing,” it said.