NNPC Reports Revenue Decline in May Despite Stable Oil, Gas Production
NNPC Reports Revenue Decline in May Despite Stable Oil, Gas Production
NNPC Reports Revenue Decline in May Despite Stable Oil, Gas Production
The Nigerian National Petroleum Company Limited (NNPC Ltd.) recorded a decline in its financial performance in May 2026, with revenue dropping to ₦4.335 trillion from ₦4.971 trillion in April, according to its latest Monthly Report Summary released on Wednesday.
The report showed that the company’s revenue fell by ₦636 billion, while profit after tax also declined from ₦481 billion in April to ₦462 billion in May.
Despite the drop in earnings, NNPC maintained relatively stable production, recording an average crude oil and condensate output of 1.73 million barrels per day, while natural gas production stood at 7,774 million standard cubic feet per day during the month.
The company reported an upstream pipeline availability rate of 98 per cent, while the availability of Premium Motor Spirit (PMS) at NNPC Retail Limited stations was 57 per cent.
NNPC attributed production challenges to factors including declining reservoir pressure, lifting constraints, maintenance-related shutdowns and facility reliability issues, adding that measures are being implemented to improve production efficiency and reduce output losses.
The company also disclosed that it remitted ₦4.858 trillion to the Federation Account between January and May 2026, reaffirming its position as one of Nigeria’s largest revenue contributors.
On infrastructure development, NNPC said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project had reached 94 per cent completion, with gas supply to Abuja expected to commence later this year.
It added that the OB3 River Niger Crossing project had attained 97 per cent completion, with pre-commissioning and tie-in activities progressing towards full commissioning by the end of the third quarter of 2026.
Beyond its oil and gas operations, the company highlighted a healthcare intervention through the NNPC Foundation, which recently donated a 1.5 Tesla Magnetic Resonance Imaging (MRI) system to the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State.
According to NNPC, the hospital also received supporting equipment, including chillers, an uninterruptible power supply system and backup power facilities. The company noted that more than 40 patients had already benefited from free MRI scans conducted during a training programme for radiologists and radiographers.
NNPC said the MRI facility would improve access to advanced diagnostic services in the South-East by reducing patient referrals outside the region and supporting early disease detection.
The company noted that all operational and financial figures contained in the report remain provisional and are subject to reconciliation with relevant stakeholders.
NNPC Reports Revenue Decline in May Despite Stable Oil, Gas Production
