NNPC profit falls to N462 billion in May

Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N462 billion for May 2026, its latest monthly report shows.
This represents a drop from the N481 billion recorded in April. The exact cause of this drop remains unclear as of press time.

The company, in its report summary released on today, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
In the report, the state-owned oil company posted a statutory payment of N4.86 trillion to the federation account within the first five months of 2026 (January to May).

The report also shows that the national oil company generated N4.33 trillion in revenue from oil, a decrease from N4.97 trillion it recorded in April.
According to the report, Nigeria’s crude oil and condensate production stood at 1.73 million barrels per day (bpd), up from April’s figure of 1.68 mbpd. Of this total, crude oil accounted for 1.47 mbpd, while condensates contributed 0.25 bpd.

Similarly, natural gas production was 7,774 mmscf/d in May, up from 7,730 mmscf/d in April. Gas sales stood at 4.921 bscf/d in May, down from 5.044 bscf/d in April.
The report further added that the petrol availability in its retail stations nationwide was 57 per cent in May, slightly up from 54 per cent in April, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) hit 97 per cent completion, and the Ajaokuta- Kaduna- Kano (AKK) pipeline remained at 94 per cent completion, unmoved from the preceding month.

The NNPC said its strategic effort, including addressing well performance issues, reservoir pressure decline, lifting constraints, maintenance-related shutdowns, and facility reliability challenges, will reduce production deferments, improve asset availability and increase production.

The NNPC said the OB3 River Niger Crossing significantly progressed post pullback, precommissioning and tie-in works required to achieve commissioning of the full OB3 pipeline section by the end of Q3 2026.
The report said all production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.

“Production improved in May due to higher asset reliability and uptime; however, output remained below target due to well performance issues (TEPNG), reservoir pressure constraints (Bonga), lifting-related curtailments (Nembe), and maintenance activities (Stardeep Agbami),” the report said.