The Nigerian National Petroleum Company Limited (NNPCL) recorded a decline in financial performance in May 2026, with revenue falling by nearly 13 per cent to N4.335 trillion despite maintaining relatively stable crude oil and natural gas production.
The company’s latest Monthly Report Summary, released on Wednesday, showed that revenue dropped by N636 billion from N4.971 trillion recorded in April. Profit after tax also declined to N462 billion from N481 billion in the previous month.
The figures suggest that while production remained largely stable, prevailing market conditions and operational challenges weighed on the company’s earnings during the period.
According to the report, NNPCL produced 1.73 million barrels of crude oil and condensate per day in May, while natural gas production averaged 7,774 million standard cubic feet per day.
The company reported upstream pipeline availability of 98 per cent during the month, while the availability of Premium Motor Spirit (petrol) at NNPC Retail Limited stations stood at 57 per cent.
NNPCL said it was intensifying efforts to address operational constraints affecting production, including declining reservoir pressure, lifting challenges, maintenance-related shutdowns and facility reliability issues.
“The company is intensifying efforts to address performance issues, declining reservoir pressure, lifting constraints, maintenance-related shutdowns, and facility reliability challenges. These measures are expected to reduce production deferments, improve asset availability, and boost overall output,” the report stated.
The report also showed that NNPCL remitted N4.858 trillion in statutory payments to the Federation between January and May 2026, reinforcing its position as one of Nigeria’s largest contributors to government revenue.
On gas infrastructure, the company said work continued to progress on two major pipeline projects aimed at expanding domestic gas supply and supporting industrial development.
The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project has reached 94 per cent completion, with construction, installation and pre-commissioning activities progressing steadily. NNPCL said the pipeline remains on course to commence gas delivery to Abuja later this year.
Similarly, the OB3 River Niger Crossing project has attained 97 per cent completion.
“Post-pullback pre-commissioning and tie-in activities are progressing towards the target of fully commissioning the pipeline section by the end of the third quarter of 2026,” the company stated.
NNPCL said it remained focused on improving operational efficiency, strengthening production reliability and executing strategic projects across its operations. However, it noted that all operational and financial figures contained in the report are provisional and remain subject to reconciliation with relevant stakeholders.
Beyond its core oil and gas operations, the company highlighted a healthcare intervention undertaken through the NNPC Foundation. It said that on 15 May, the foundation commissioned and handed over a 1.5 Tesla Magnetic Resonance Imaging (MRI) system to the Nnamdi Azikiwe University Teaching Hospital in Nnewi, Anambra State.
According to the report, the hospital also received chillers, an uninterruptible power supply system, battery racks and backup power facilities. Before the commissioning, more than 40 patients benefited from free MRI scans conducted under a training programme organised by General Electric for radiologists and radiographers at the hospital.
NNPCL said the new equipment had begun expanding access to advanced diagnostic services in the South-East by reducing the need for patient referrals outside the region, supporting earlier disease detection and strengthening specialist healthcare delivery.
The company described the donation as part of its broader commitment to national development and improved access to quality healthcare.
The monthly report forms part of NNPCL’s transparency initiative, through which it provides updates on production activities, financial performance, infrastructure projects and statutory contributions to the Federation.
The latest figures come as the Federal Government and industry stakeholders intensify efforts to raise Nigeria’s crude oil production above two million barrels per day while accelerating the development of the country’s gas resources to support industrialisation, power generation and economic growth.
The AKK and OB3 pipelines are among the Federal Government’s flagship gas infrastructure projects under the Decade of Gas programme, which aims to deepen domestic gas utilisation, strengthen energy security and drive Nigeria’s transition to a gas-powered economy.
