…Ojulari blames Dangote Refinery, PENGASSAN face-off
The Nigerian National Petroleum Company Limited has reported a steep decline in its profitability, with Profit After Tax falling to N216 billion in September 2025.
This shows a shocking decrease of 71 percent from the N748 billion noted only six months ago in April, based on a review of the company’s monthly report summaries.
The negative trend, recorded in reports from April to September 2025, represents a remarkable reversal of fortune for the state-owned oil business and raises concerns about its contribution to the national purse amidst continuous instability in the oil and gas sector.
In April, the NNPC reported N748 billion profit after tax. PAT then rose to N1.05 trillion in May, before dropping to N905 billion in June. The decline continued in July, with the company recording N185 billion PAT for the month. Profit briefly rebounded to N539 billion in August before falling again to N216 billion in September.
“The PAT recorded in September included adjustments to cost of sales and income tax,” the report stated.
The drop in profit has been linked to a decline in crude oil production in September, following a three-day industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria.
Earlier, the Group Chief Executive Officer of NNPC, Bayo Ojulari, disclosed that Nigeria lost 200,000 barrels per day of crude oil to the strike action, amounting to more than 600,000 barrels over the three-day disruption.
He said, “I think it was unfortunate that the Dangote and PENGASSAN issue led to strike and whenever there is strike and critical staff manning critical facilities are not available and optimum production is almost impossible.”
“In this particular case, we actually lost significant production of over 200,000 bpd that was deferred. We also have gas production that was deferred, we also have power generation that was impacted by about 1.2 megawatts of power that was affected by that strike,” he added.
The Nigerian Upstream Petroleum Regulatory Commission also confirmed the drop in output, noting that Nigeria’s crude oil production fell to 1.39 million barrels per day in September from 1.43 million barrels per day recorded in August 2025.
Meanwhile, NNPC’s total revenue for September stood at N4.269 trillion, down from N4.655 trillion reported in August.
“Revenue reflects the aggregate of groupwide revenues, including intercompany transactions,” the company stated. “All production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.”
According to the NNPC, production levels were temporarily moderated during the period due to planned maintenance activities, including those at NLNG, as well as the phased recovery of previously shut-in assets and delays in commencing operations at OMLs 71 and 72.
SOURCE: thepointng.com
