NNPC monthly revenue drops 12.8% to N4.34tn despite higher oil output

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By Obas Esiedesa, Abuja

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a 12.8 per cent decline in monthly revenue in May 2026, generating N4.335 trillion compared with N4.971 trillion in April, despite improvements in crude oil and natural gas production.

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The company’s latest Monthly Report Summary also showed that Profit After Tax (PAT) fell to N462 billion in May from N481 billion recorded in April, representing a 2.27 per cent decline.

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According to the report, average crude oil and condensate production rose to 1.73 million barrels per day (mbpd) in May from 1.68 mbpd in April, representing a 2.98 per cent month-on-month increase.

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Average natural gas production also increased to 7,774 million standard cubic feet per day (mmscf/d) from 7,730 mmscf/d recorded in April, while gas sales climbed to 5,116 mmscf/d from 5,044 mmscf/d, reflecting improved domestic and export gas offtake.

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The report further showed that upstream pipeline availability remained high at 98 per cent during the month, indicating improved operational reliability across the company’s oil and gas infrastructure.

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NNPC Ltd. disclosed that it remitted N1.144 trillion to the Federation Account in May, bringing its cumulative remittances between January and May 2026 to N4.858 trillion.

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On strategic gas infrastructure projects, the company said the Obiafu-Obrikom-Oben (OB3) Gas Pipeline project had reached 97 per cent completion, with pre-commissioning and tie-in works progressing ahead of its planned commissioning by the end of the third quarter of 2026.

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It added that construction, installation and pre-commissioning activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline continued during the month in support of the target to commence gas delivery to Abuja later this year.

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NNPC also said it sustained progress on upstream production enhancement initiatives and gas commercialisation programmes aimed at improving energy security, supporting industrialisation and increasing value for shareholders.

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