The Nigerian National Petroleum Company Limited recorded a decline in its financial performance in May 2026, with revenue dropping by nearly 13 per cent to N4.335tn despite maintaining stable crude oil and natural gas production.
The national oil company disclosed this in its latest Monthly Report Summary released on Wednesday. According to the report, revenue fell by N636bn from the N4.971tn recorded in April, while profit after tax also declined to N462bn from N481bn in the preceding month.
The figures indicate that despite relatively stable production levels, market conditions and operational challenges weighed on the company’s earnings during the month. NNPC said it produced 1.73 million barrels of crude oil and condensate per day in May, while natural gas production stood at 7,774 million standard cubic feet per day.
The report also showed that upstream pipeline availability remained high at 98 per cent, while the availability of Premium Motor Spirit at NNPC Retail Limited stations stood at 57 per cent during the period under review. The company said it had continued to intensify efforts to tackle operational bottlenecks affecting production.
It stated, “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 further showed that NNPC made statutory payments of N4.858tn to the Federation between January and May 2026, underlining its position as one of the country’s biggest revenue contributors.
On strategic gas infrastructure, the company said significant progress was recorded on two critical projects expected to boost domestic gas supply and support industrialisation.
According to the report, the Ajaokuta-Kaduna-Kano Gas Pipeline has reached 94 per cent completion, with construction, installation and pre-commissioning activities advancing steadily.
NNPC said the project was on course to begin delivering gas to Abuja later this year. It added that the OB3 River Niger Crossing project had reached 97 per cent completion.
The company stated, “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 report noted that the company remained focused on improving operational efficiency, strengthening production reliability, and executing strategic initiatives across its businesses.
NNPC, however, stressed that all operational and financial figures contained in the report were provisional and remained subject to reconciliation with relevant stakeholders.
Beyond its core oil and gas business, the company highlighted a major healthcare intervention undertaken through the NNPC Foundation. The report stated that on May 15, the foundation commissioned and handed over a state-of-the-art 1.5 Tesla Magnetic Resonance Imaging system to the Nnamdi Azikiwe University Teaching Hospital, Nnewi, Anambra State.
According to the company, the facility also received chillers, an uninterruptible power supply system, battery racks, and backup power facilities. NNPC disclosed that before the commissioning, no fewer than 40 patients benefited from free MRI scans under a training programme organised by General Electric for radiologists and radiographers at the hospital.
The company said the equipment had already begun expanding access to advanced diagnostic services in the South-East. It stated, “The MRI system is reducing the need for patient referrals outside the region, supporting earlier disease detection and strengthening specialist healthcare delivery in the South-East.”
NNPC described the donation as part of its broader commitment to supporting national development and improving access to quality healthcare. The monthly report forms part of the company’s transparency initiative through which it provides updates on its production activities, financial performance, infrastructure projects, and statutory contributions to the Federation.
The latest figures come as the Federal Government and industry stakeholders continue efforts to raise Nigeria’s crude oil production to more than two million barrels per day and leverage the country’s vast gas resources to drive industrialisation, power generation and economic growth.
The AKK and OB3 pipelines are among the flagship gas projects expected to deepen domestic gas utilisation, improve energy security and support the Federal Government’s Decade of Gas programme aimed at transforming Nigeria into a gas-powered economy.
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