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 per cent decline.
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.
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.
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.
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.
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.
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.
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.
