Nigeria’s government-owned oil firm, NNPC Limited had registered an after-tax profit of ₦462 billion in May 2026, which was down from the ₦481 billion recorded in April despite an improvement in the crude oil and natural gas production.
In its latest monthly report, the company indicated that the profit had fallen by almost 4%, and the firm’s revenues were sharply lower from ₦4.97 trillion in April to ₦4.34 trillion in May.
The NNPC also revealed that the firm had transferred ₦4.86 trillion to the Federation within the period of January to May 2026.
The report also revealed that the combined crude oil and condensate production was up to 1.73 million barrels per day, which is the highest monthly production of the year.
The crude oil production was 1.47 million barrels per day, while the condensate production stayed the same at 0.25 million barrels per day.
The natural gas production was also better off, averaging at 7,774 million standard cubic feet per day.
Meanwhile, despite the production, NNPC highlighted some operational difficulties that were impacting its performance which is low reservoir pressure, poorly performing oil wells, and maintenance of production constraints at major oilfields.
However, NNPC noted that there was increased efficiency in the pipelines as well.
This included 97 percent pipeline availability from the OB3 gas pipeline and 94 percent from the Ajaokuta-Kaduna-Kano (AKK) pipeline.
The overall upstream pipeline availability was at 98 percent.
NNPC maintained that developments on the AKK and OB3 gas pipeline projects were moving at an accelerated rate.
There will be early delivery of gas to Abuja this year and completion of the rest of the OB3 gas pipeline project before the end of Q3.
These investments in gas infrastructure and production are anticipated to enhance energy security, foster industrial development and electricity generation.
