*Seplat posts 498% rise in H1 profit, set to sell 10% stake to national oil company
Emmanuel Addeh in Abuja
The Nigerian National Petroleum Company Limited (NNPC) recorded a Profit After Tax (PAT) of N535 billion in June, up from N462 billion in May, representing an increase of about 16 per cent month-on-month.This comes as Seplat Energy Plc also released its financial performance for the first half of 2026, with PAT soaring by 498 per cent year-on-year to $164 million, buoyed by stronger crude oil prices, improved production and robust operational performance.
The NNPC in its monthly report summary released yesterday stated that its cumulative statutory payments to the federation also rose to N6.286 trillion in the first six months of this year, while total revenue increased from N4.335 trillion in May to N4.389 trillion in June.A THISDAY analysis of the report indicated that the jump of total remittances from N4.858 trillion recorded in May to N6.286 trillion in June reflected an additional N1.428 trillion transferred during the month.
Operationally, crude oil and condensate production was 1.72 million barrels per day in June from 1.73 million bpd in May, while natural gas production increased from 7,774 million standard cubic feet per day (mmscf/d) in May to a 7,841 mmscf/d in June.Besides, gas sales improved marginally to 4,970 mmscf/d in June from 4,921 mmscf/d in May, reversing the slight decline recorded in the previous month.
