Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output
NNPC said revenue fell to ₦4.335 trillion as operational constraints and weaker gas sales offset a 2.98% rise in crude and condensate output.
- NNPC Limited recorded a profit after tax of ₦462 billion in May, representing a ₦19 billion decline from the ₦481 billion reported in April despite improvements in crude oil production.
- Crude and condensate production rose to 1.73 million barrels per day in May, as Nigeria produced 102% of its OPEC+ quota while working to overcome well production and pipeline issues.
- Upstream pipeline availability stood at 98 per cent overall, with the OB3 Gas Pipeline Project achieving 97 per cent availability and the Ajaokuta-Kaduna-Kano pipeline recording 94 per cent.
- Revenue declined to ₦4.335 trillion in May, down by ₦635 billion from April, while Premium Motor Spirit availability at NNPC Retail Limited stations remained at 57 per cent.
- Construction on the AKK Gas Pipeline Project has advanced substantially, with early gas delivery to Abuja expected in 2026 to support Nigeria's domestic gas utilization strategy.
11 Articles
11 Articles
NNPC profit falls to ₦462bn despite highest Oil production in nearly one year
The Nigerian National Petroleum Company (NNPC) Limited recorded a 4.1% decline in profit, posting ₦462 billion after tax in May 2026, despite achieving its highest crude oil and condensate production in almost a year.
Nigeria's NNPC Revenue Drops in May Despite Higher Oil Output
NNPC Limited booked lower revenues in May compared to April despite the higher crude oil and condensate production, the latest monthly figures by the Nigeria's state oil and gas firm showed. NNPC's revenues fell to $3.15 billion (4.335 trillion Nigerian naira) in May, from $3.62 billion (4.97 trillion naira) in April, as oil prices eased from the Iran war-time highs seen in April. Profit after tax also fell in May from the previous month, despit…
Nigeria: NNPC Profit Falls to ₦462 Billion Despite Higher Oil Production in May
NNPC Limited reported a profit after tax of ₦462 billion in May 2026, down from April, despite recording its highest crude oil and condensate production in a year, improved gas output and stronger pipeline availability.
NNPC profit falls to ₦462 billion despite higher oil production in May
NNPC Limited reported a profit after tax of ₦462 billion in May 2026, down from April, despite recording its highest crude oil and condensate production in a year, improved gas output and stronger pipeline availability. The post NNPC profit falls to ₦462 billion despite higher oil production in May appeared first on Premium Times Nigeria.
NNPC monthly revenue drops 12.8% to N4.34tn despite higher oil output
By Obas Esiedesa, Abuja 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. 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 pe…
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