The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax (PAT) of N462 billion in May 2026, representing a 4.11 per cent decline from the N481 billion posted in April, even as crude oil and condensate production climbed to its highest level in almost a year.
Gatekeepers News reports that the figures were disclosed in the company’s Monthly Report Summary for May, published on Wednesday.
According to the report, NNPC generated N4.33 trillion in revenue during the month, down 12.88 per cent from the N4.97 trillion recorded in April.
The national oil company also said it remitted N4.85 trillion to the Federation Account between January and May 2026.
Crude oil and condensate production increased to 1.73 million barrels per day (bpd) in May, up from 1.68 million bpd in April and 1.56 million bpd in March.
NNPC said the May production level was the highest recorded since June 2025, attributing the improvement to increased asset reliability and better operational uptime.
Despite the gains, the company said production remained below target due to well performance issues, reservoir pressure constraints at the Bonga field, lifting-related curtailments at Nembe, and ongoing maintenance activities at Stardeep Agbami.
The report also showed that crude oil and condensate sales declined to 23.65 million barrels in May from 25.85 million barrels recorded in April.
On the gas front, natural gas production rose marginally to 7.77 million standard cubic feet per day (mmscf/d), compared with 7.73 million mmscf/d in April.
However, gas sales fell to 4.92 mmscf/d during the month, down from 5.044 mmscf/d recorded in April.
NNPC said upstream pipeline availability stood at 98 per cent in May.
The company also provided updates on key gas infrastructure projects, noting that the Obiafu-Obrikom-Oben (OB3) gas pipeline has reached 97 per cent completion, with post-pullback pre-commissioning and tie-in works at the River Niger crossing substantially advanced.
NNPC said it expects to commission the pipeline section by the end of the third quarter of 2026.
The Ajaokuta-Kaduna-Kano (AKK) gas pipeline project has also reached 94 per cent completion following progress in mainline construction, installation and pre-commissioning activities.
According to the company, the AKK pipeline remains on course to begin delivering gas to Abuja before the end of 2026.
