NNPC Posts N462bn Profit in May as Oil Production Climbs to 12-Month High

The Nigerian National Petroleum Company (NNPC) Limited posted a profit after tax of N462 billion in May 2026, despite recording lower revenue during the month, as the country’s crude oil and condensate production rose to its highest level in almost a year.

The figures were contained in the company’s May 2026 Monthly Report Summary released on Wednesday.

The report showed that the N462 billion profit represented a 4.1 per cent decline from the N481 billion recorded in April, while revenue also dropped by 12.9 per cent to N4.33 trillion from N4.97 trillion in the preceding month.

NNPC further disclosed that it had remitted a total of N4.85 trillion into the Federation Account between January and May 2026.

Operationally, the national oil company recorded improved production performance, with crude oil and condensate output increasing to 1.73 million barrels per day in May, up from 1.68 million barrels per day in April and 1.56 million barrels per day in March.

According to the report, the May production level was the highest recorded since June 2025, driven by improved asset reliability and enhanced operational efficiency across its facilities.

Despite the improvement, NNPC noted that production remained below its target due to several operational challenges, including declining well performance, reservoir pressure limitations at the Bonga field, lifting constraints at the Nembe field, and ongoing maintenance activities at the Stardeep Agbami facility.

The report also indicated that total crude oil and condensate sales declined to 23.65 million barrels in May from 25.85 million barrels recorded in April.

In the gas sector, natural gas production rose marginally to 7.77 million standard cubic feet per day from 7.73 million standard cubic feet per day in April.

However, gas sales slipped to 4.92 million standard cubic feet per day during the review period, compared with about 5.04 million standard cubic feet per day recorded in the previous month.

NNPC added that upstream pipeline availability remained strong at 98 per cent throughout May, reflecting sustained operational stability.

The company also reported significant progress on two major gas infrastructure projects expected to strengthen domestic gas supply.

It disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project has reached 97 per cent completion, with post-pullback pre-commissioning activities and River Niger crossing tie-in works substantially completed. The pipeline is expected to be commissioned before the end of the third quarter of 2026.

Similarly, the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project has attained 94 per cent completion following continued progress in pipeline construction, installation and pre-commissioning works.

According to the company, the AKK project remains on schedule to begin delivering natural gas to Abuja before the end of 2026.