NNPC profit dropped to N462bn in May, crude oil production hit one-year high

The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax (PAT) of N462 billion in May 2026 as crude oil and condensate production rose to its highest level in nearly a year.

NNPC announced the amount in its ‘Monthly Report Summary’ for May, published on Wednesday.

The figure represents a decrease of 4.11 percent compared to the N481 billion recorded in April.

According to the monthly report, NNPC generated N4.33 trillion in revenue during the month — down by 12.88 percent from the N4.97 trillion recorded in April.

The report also showed that the company remitted N4.85 trillion to the federation account between January and May 2026.

The report showed that crude oil and condensate production increased to 1.73 million barrels per day (bpd) in May, from 1.68 million bpd in April and 1.56 million bpd in March.

The national oil company said the May output represents its highest monthly production since June 2025, attributing the improvement to increased asset reliability and operational uptime.

However, NNPC said production remained below target due to well performance issues, reservoir pressure constraints at the Bonga field, lifting-related curtailments at Nembe, and maintenance activities at Stardeep Agbami.

According to the monthly report, crude oil and condensate (total petroleum liquids) sales fell to 23.65 million barrels (mmbbls) in May, from 25.85 mmbbls recorded in April.

On the gas side, natural gas production rose slightly to 7.77 million standard cubic feet per day (mmscf/d) in May, from 7.73 mmscf/d in April.

Gas sales, however, declined to 4.92 mmscf/d during the period, compared with 5,044 mmscf/d recorded in the preceding month.

NNPC said upstream pipeline availability stood at 98 percent in May.

The company also provided updates on two strategic gas infrastructure projects.

According to the report, the Obiafu-Obrikom-Oben (OB3) gas pipeline project has reached 97 percent completion, with post-pullback pre-commissioning and tie-in works for the River Niger crossing substantially advanced.

NNPC said it expects to commission the pipeline section by the end of the third quarter (Q3) of 2026.

The company added that the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project is now 94 percent complete following progress in mainline construction, installation and pre-commissioning activities.

NNPC also said the project remains on track to deliver gas to Abuja within 2026. (TheCable)