NNPC Ltd Posts N6tn Revenue in May as Oil Output and Project Milestones Improve
NNPC’s May revenue hits N6tn with crude output, profits, and exports showing slight gains.
Company posts 14% profit rise as condensate, gas, and major pipeline projects progress steadily.
The Nigerian National Petroleum Company Limited recorded a total revenue of N6.008 trillion in May 2025, representing a slight rise from N5.972 trillion in April. This increase coincided with modest improvements in both crude oil and condensate production during the same period.
According to the company’s latest monthly performance summary, profit after tax saw a notable 14 percent increase, rising to N1.054 trillion in May compared to N926 billion in April.
Crude oil and condensate output edged up to an average of 1.63 million barrels per day (mbpd) in May, up from 1.61 mbpd the previous month. The highest daily production for the month hit 1.72 mbpd. A breakdown shows that crude oil output remained steady at 1.35 mbpd, while condensate production slightly improved to 0.28 mbpd from April’s 0.26 mbpd.
Gas production also showed a mild uptick, increasing to 7.352 billion standard cubic feet per day (bscfd) from 7.354 bscfd in April. However, gas sales recorded a marginal decline, dipping to 4.185 bscfd from 4.240 bscfd.
On the sales front, crude oil and condensate exports posted a significant rise, reaching 24.77 million barrels in May an improvement from 22.16 million barrels in April and the highest monthly figure recorded since February.
Despite strong upstream performance, downstream operations reflected some challenges. Fuel availability at the company’s retail outlets dropped to 62 percent in May, down from 70 percent in April. This decrease may be linked to logistical issues or supply chain disruptions amid ongoing adjustments following fuel subsidy removal.
Progress continued on major strategic gas infrastructure projects. The OB3 pipeline project advanced to 96 percent completion, while the Ajaokuta-Kaduna-Kano (AKK) pipeline project reached 81 percent. Overall upstream pipeline availability remained high at 98 percent.
The report also noted critical maintenance efforts carried out in May. These included work on the Trans Escravos Pipeline and servicing of flow stations in OML 40 and OML 17. The company highlighted technical interventions aimed at resolving challenges related to the River Niger crossing for the AKK pipeline, as well as comprehensive evaluations for finalizing the OB3 project’s execution path.
Ongoing assessments of the Port Harcourt, Warri, and Kaduna refineries are also underway as part of broader efforts to revamp domestic refining capacity.
In the area of corporate social responsibility, the NNPC Foundation announced it had completed 6,028 cataract surgeries nationwide and distributed starter packs to 531 members of the National Youth Service Corps on May 22. Additionally, MRI machines were donated to healthcare institutions in Kano and Anambra states.
Overall, the monthly performance update reflects the company’s continued shift toward becoming a commercially viable national energy provider, with a focus on transparency, operational efficiency, and broader developmental impact.