Despite a rise in oil and gas production, the Nigerian National Petroleum Company Limited (NNPC Ltd.) saw its monthly revenue fall by 12.8 percent in May 2026. The firm generated N4.335 trillion, down from N4.971 trillion in April. Additionally, the company reported a 2.27 percent drop in Profit After Tax, which slid from N481 billion in April to N462 billion in May.
Production figures indicated growth during this period. Crude oil and condensate output reached 1.73 million barrels per day, a 2.98 percent increase from the previous month’s 1.68 million barrels per day. Natural gas production also saw a rise to 7,774 million standard cubic feet per day, accompanied by higher sales of 5,116 million standard cubic feet per day. Furthermore, upstream pipeline reliability remained robust, maintaining 98 percent availability.
Regarding financial contributions, the NNPC transferred N1.144 trillion to the Federation Account in May, totaling N4.858 trillion for the first five months of the year. Significant progress was reported on infrastructure projects, with the Obiafu-Obrikom-Oben gas pipeline hitting 97 percent completion ahead of its Q3 2026 launch. Simultaneously, development of the Ajaokuta-Kaduna-Kano project continues to advance toward the goal of supplying gas to Abuja before the end of the year.
