NNPC revenue falls by N636bn despite stable oil production

The Nigerian National Petroleum Company Limited (NNPC) experienced a nearly 13 percent drop in revenue in May 2026, with earnings falling by N636 billion to N4.335 trillion compared to the previous month.

Despite maintaining stable crude oil and natural gas production levels, the national oil company's financial performance was impacted by market conditions and operational challenges. Profit after tax also saw a decline, decreasing to N462 billion from N481 billion in April.

NNPC reported producing 1.73 million barrels of crude oil and condensate per day, with natural gas production at 7,774 million standard cubic feet per day. Upstream pipeline availability remained high at 98 percent, while the availability of Premium Motor Spirit at NNPC Retail Limited stations stood at 57 percent.

The company is intensifying efforts to address operational bottlenecks such as declining reservoir pressure, lifting constraints, maintenance-related shutdowns, and facility reliability issues. These measures are aimed at reducing production deferments and improving overall output.

In terms of strategic gas infrastructure, significant progress has been made on key projects. The Ajaokuta-Kaduna-Kano Gas Pipeline is 94 percent complete and expected to begin delivering gas to Abuja later this year. The OB3 River Niger Crossing project is also nearing completion at 97 percent. NNPC continues to focus on enhancing operational efficiency and strengthening production reliability.