NNPC remits N6.286trn into federation account between January and June 2026, issues another tender to sell Cawthorne crude

The Nigerian National Petroleum Company Limited (NNPC) remitted the sum of N6.286 trillion into the federation account between January and June this year. Meanwhile it has issued further tenders to sell a cargo of its newest crude oil grade Cawthorne in ‌September, plus another to sell Bonny Light, according to tender documents seen by Reuters.

The company began exporting Cawthorne in March, joining other recently launched grades such as Nembe and Utapate, as Nigeria seeks to boost production and diversify its export streams after years of underinvestment, oil theft and operational disruptions.

According to the document, the Cawthorne cargo will load on September 21-22 and will comprise 950,000 barrels. NNPC is also offering a 950,000 barrel cargo of Bonny Light loading on September 30-October 1.

The cargoes are both sold on a free on board basis, and bids for ‌the tenders are due by 8 p.m. West Africa Time (1900 GMT) on August 4.

The Bonny Light production stream will load around 364,000 barrels per day of oil across 12 cargoes, a preliminary loading programme seen by Reuters shows.

Sellers of West African grades were beginning to raise offer levels in recent sessions amid growing supply disruptions in the Middle East, traders told Reuters, but broadly speaking trading activity has been muted as market participants await further clarity on the volatile situation in the Strait of Hormuz and the Red Sea.
 
NNPC performance was reported in the company’s June 2026 Financial and Operations Report. The company said it recorded N4.389 trillion gross revenue in June, while its profit after tax rose to N535 billion from N462 billion in May.

“NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May.

“Total revenue for the month stood at N4.389 trillion, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286 trillion, underscoring NNPC Limited’s sustained contribution to national revenue generation,” it said.

The company, however, said its average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 per cent decrease.

It attributed the decline in production in June to operational disruptions, facility integrity issues, and subsurface challenges across several assets.
“However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance,” it said.

NNPC also said that in spite of the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 per cent month-on-month increase.

It said gas production also improved to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.

The report said Obiafu-Obrikom-Oben Gas Pipeline reached had 98 per cent completion, while its final tie-in works were ongoing.

“The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026,” it said.

It said construction works on the Ajaokuta-Kaduna-Kano Gas Pipeline had also advanced to 94 per cent completion.

“Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026,” the report said.