The Nigerian National Petroleum Company Limited (NNPC) has recorded a significant jump in profitability, with after-tax profits rising 14 per cent to ₦1.054 trillion in May 2025, up from ₦926 billion the previous month.
The state oil company’s revenue also grew modestly to ₦6.008 trillion in May from ₦5.972 trillion in April, driven by improved crude oil and condensate production levels.
Nigeria’s oil production recovery showed further progress in May, with crude oil and condensate output climbing to 1.63 million barrels per day from 1.61 million barrels per day in April. The country achieved a monthly peak of 1.72 million barrels per day during the period.
Breaking down the figures, crude oil production remained steady at 1.35 million barrels per day, while condensate volumes recovered slightly to 0.28 million barrels per day from 0.26 million barrels per day in April.
Gas production also edged higher to 7.352 billion standard cubic feet per day. However, gas sales declined marginally to 4.185 billion cubic feet per day from 4.240 billion cubic feet per day in April.
The company’s sales performance showed marked improvement, with crude oil and condensate sales increasing to 24.77 million barrels in May from 22.16 million barrels in April—the highest sales volume recorded since February.
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However, downstream operations faced challenges, with fuel availability at NNPC Retail Limited stations dropping to 62 per cent in May from 70 per cent in April. Industry analysts suggest this decline may reflect logistical pressures and supply chain issues amid ongoing subsidy-free pricing adjustments.
NNPC reported steady progress on key strategic infrastructure projects. The OB3 pipeline project has reached 96 per cent completion, whilst the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project stands at 81 per cent complete. Upstream pipeline availability remained robust at 98 per cent, supporting the company’s production recovery efforts.
The company conducted major maintenance work in May, including turnaround maintenance on the Trans Escravos Pipeline and multiple flow stations in oil mining leases OML 40 and OML 17.
Regarding strategic projects, NNPC said it had “progressed technical interventions or AKK to resolve challenges of River Niger crossing and conducting detailed evaluation on OB3 RNC to determine the best project execution path going forward.
Under its corporate social responsibility programme, the NNPC Foundation completed 6,028 cataract surgeries nationwide and distributed starter packs to 531 National Youth Service Corps members on 22nd May. The foundation also provided MRI equipment to hospitals in Kano and Anambra states.
