NNPC Revenue Drops By ₦636bn In May Despite Steady Oil Output

July 2 () — The Nigerian National Petroleum Company Limited (NNPC) recorded a ₦636 billion decline in revenue in May despite maintaining stable crude oil and gas production during the month.

The national oil company disclosed this in its latest Monthly Report Summary released on Wednesday, showing that revenue fell by nearly 13 percent to ₦4.335 trillion from ₦4.971 trillion recorded in April. Profit after tax also declined to ₦462 billion from ₦481 billion in the preceding month.

According to the report, crude oil and condensate production averaged 1.73 million barrels per day in May, while natural gas output stood at 7,774 million standard cubic feet per day.

NNPC attributed the pressure on performance to operational challenges, including declining reservoir pressure, lifting constraints, maintenance shutdowns and facility reliability issues. It said efforts were being intensified to improve asset availability, reduce production deferments and boost output.

The report showed that upstream pipeline availability remained high at 98 percent, while Premium Motor Spirit availability at NNPC Retail stations stood at 57 percent during the review period.

On gas infrastructure, the company said the Ajaokuta-Kaduna-Kano Gas Pipeline had reached 94 percent completion and remained on track to deliver gas to Abuja later this year. It added that the OB3 River Niger Crossing project was 97 percent completed, with commissioning targeted for the end of the third quarter of 2026.

NNPC also disclosed that it remitted ₦4.858 trillion to the Federation between January and May, reaffirming its role as one of the country’s largest revenue contributors.

The company noted that all operational and financial figures remain provisional and subject to reconciliation. It added that its foundation recently donated a 1.5 Tesla MRI system to the Nnamdi Azikiwe University Teaching Hospital, Nnewi, to improve access to advanced diagnostic services in the South-East.