NNPC Revenue Falls by N636bn Despite Stable Oil Production

NNPC’s May revenue declined by N636 billion despite stable oil production, while profit also fell as the company advanced key gas infrastructure projects and intensified efforts to improve operations.

The Nigerian National Petroleum Company Limited recorded a decline in revenue and profit in May 2026 despite maintaining stable crude oil and natural gas production levels.

According to the company’s latest Monthly Report Summary released on Wednesday, revenue dropped by N636 billion, falling from N4.971 trillion in April to N4.335 trillion in May, representing a decline of nearly 13 per cent.

Profit after tax also decreased to N462 billion from N481 billion recorded in the previous month.

NNPC attributed the weaker financial performance to prevailing market conditions and operational challenges, despite sustaining production at 1.73 million barrels of crude oil and condensate per day.

Natural gas production during the month stood at 7,774 million standard cubic feet per day, while upstream pipeline availability remained high at 98 per cent.

The report also indicated that Premium Motor Spirit availability across NNPC Retail Limited stations stood at 57 per cent.

The company said it was implementing measures to address operational bottlenecks affecting production and improve overall asset performance.

“The company is intensifying efforts to address performance issues, declining reservoir pressure, lifting constraints, maintenance-related shutdowns and facility reliability challenges,” the report stated.

NNPC disclosed that it contributed N4.858 trillion to the Federation Account between January and May 2026, reinforcing its role as one of Nigeria’s largest revenue-generating institutions.

On infrastructure development, the company reported significant progress on two major gas pipeline projects expected to strengthen domestic gas supply.

The Ajaokuta-Kaduna-Kano Gas Pipeline has reached 94 per cent completion, with construction, installation and pre-commissioning activities progressing steadily. NNPC said the pipeline remains on track to begin supplying gas to Abuja later this year.

The OB3 River Niger Crossing project has also reached 97 per cent completion, with commissioning expected before the end of the third quarter of 2026.

Beyond petroleum operations, NNPC highlighted a healthcare intervention through the NNPC Foundation, which commissioned a 1.5 Tesla Magnetic Resonance Imaging system at the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State.

The company said more than 40 patients had already benefited from free MRI scans under a specialised training programme for medical personnel.

NNPC added that the facility would improve access to advanced diagnostic services, reduce patient referrals outside the South-East and strengthen specialist healthcare delivery in the region.