NNPC’s Profit Slips to N462 Billion in May as Revenue Declines
By Victor Idajili
The Nigerian National Petroleum Company Limited, NNPC Ltd, posted a profit after tax of N462 billion for May 2026, down from N481 billion in April, according to its latest monthly report released on Wednesday.
The report did not state a specific reason for the drop.
Revenue: NNPC generated N4.33 trillion from oil in May, a decline from N4.97 trillion in April.
Statutory payments: The company remitted N4.86 trillion to the Federation Account between January and May 2026.
Crude oil & condensate: Output rose to 1.73 million barrels per day (mbpd) in May, from 1.68 mbpd in April. Crude oil made up 1.47 mbpd, while condensate contributed 0.25 mbpd.
Natural gas: Production increased slightly to 7,774 mmscf/d from 7,730 mmscf/d in April. However, gas sales dropped to 4.921 bscf/d from 5.044 bscf/d.
NNPC said production improved due to better asset reliability and uptime. But output still fell short of target because of,
Well performance issues at TEPNG
Reservoir pressure constraints at Bonga
Lifting curtailments at Nembe
Maintenance shutdowns at Stardeep Agbami
Retail and pipeline updates
Petrol availability at NNPC retail stations improved to 57% in May, from 54% in April.
OB3 Gas Pipeline: The Obiafu-Obrikom-Oben project reached 97% completion. The River Niger Crossing section is undergoing post-pullback, pre-commissioning and tie-in work, with full commissioning targeted for Q3 2026.
AKK Pipeline: The Ajaokuta-Kaduna-Kano pipeline remained at 94% completion. NNPC said it is advancing construction and pre-commissioning to ensure early gas delivery to Abuja in 2026.
The company said it is tackling issues around well performance, reservoir pressure decline, lifting constraints, maintenance shutdowns, and facility reliability. The goal, it stated, is to cut production deferments, improve asset availability, and raise output.
NNPC noted that all figures in the report are provisional and subject to reconciliation with relevant stakeholders.
