\n\n
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a decline in its financial performance in May 2026, with revenue dropping by ₦636 billion to ₦4.335 trillion, down from ₦4.971 trillion in April. According to the company’s latest Monthly Report Summary, profit after tax also declined slightly to ₦462 billion from ₦481 billion, despite relatively stable crude oil and natural gas production levels.
NNPC reported average crude oil and condensate production of 1.73 million barrels per day, while natural gas production stood at 7,774 million standard cubic feet per day. The company attributed the weaker earnings to ongoing operational challenges, including declining reservoir pressure, lifting constraints, maintenance-related shutdowns, and facility reliability issues. It said efforts are underway to address these bottlenecks, improve asset availability, and increase production efficiency. The report also noted that upstream pipeline availability remained high at 98 percent, while fuel availability at NNPC Retail stations stood at 57 percent during the month.
Despite the revenue decline, NNPC disclosed that it made ₦4.858 trillion in statutory payments to the Federation between January and May 2026. The company also reported significant progress on key gas infrastructure projects, with the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline reaching 94 percent completion and the OB3 River Niger Crossing project hitting 97 percent completion. NNPC reaffirmed its commitment to improving operational efficiency, expanding domestic gas supply, and supporting national development through strategic investments and infrastructure projects.
