The Nigerian National Petroleum Company Limited (NNPC) recorded a decline in revenue in May 2026, despite maintaining relatively stable crude oil and natural gas production.
According to the company’s latest Monthly Report Summary, revenue fell by nearly 13 per cent to 4.335 trillion naira in May, down from 4.971 trillion naira recorded in April. Profit after tax also declined from 481 billion naira to 462 billion naira during the same period.
NNPC attributed the lower earnings to market conditions and operational challenges, despite producing an average of 1.73 million barrels of crude oil and condensate per day and 7,774 million standard cubic feet of natural gas daily.
The company reported that upstream pipeline availability remained high at 98 per cent, while Premium Motor Spirit availability at NNPC Retail stations stood at 57 per cent.
NNPC said it is addressing operational bottlenecks, including declining reservoir pressure, lifting constraints, maintenance-related shutdowns, and facility reliability challenges, with the aim of increasing production and improving overall efficiency.
The report also revealed that the company remitted 4.858 trillion naira to the Federation between January and May 2026, reinforcing its position as one of Nigeria’s largest contributors to government revenue.
On infrastructure development, NNPC announced that the Ajaokuta–Kaduna–Kano Gas Pipeline has reached 94 per cent completion and remains on track to begin supplying gas to Abuja later this year.
The company also disclosed that the OB3 River Niger Crossing project is now 97 per cent complete, with commissioning expected before the end of the third quarter of 2026.
Beyond its oil and gas operations, NNPC highlighted a healthcare intervention by the NNPC Foundation, which commissioned a 1.5 Tesla Magnetic Resonance Imaging, or MRI, system at the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State.
The company said the facility has already expanded access to advanced diagnostic services in the South-East, reducing the need for patients to seek MRI services outside the region.
NNPC noted that all financial and operational figures contained in the report remain provisional and are subject to reconciliation with relevant stakeholders.
