The Nigerian National Petroleum Company (NNPC) Limited recorded a 4.1% decline in profit, posting ₦462 billion after tax in May 2026, despite achieving its highest crude oil and condensate production in almost a year.

 

According to the company’s latest monthly performance report, daily crude oil and condensate output increased to 1.73 million barrels per day, the highest monthly level since June 2025. However, overall revenue dropped to ₦4.33 trillion, while crude oil sales also declined compared to the previous month.

 

NNPC attributed the production gains to improved operational efficiency and higher asset reliability but said output remained below target due to challenges including well performance issues, reservoir pressure constraints, maintenance activities, and lifting disruptions.

 

The national oil company also disclosed that it remitted ₦4.85 trillion to the Federation Account between January and May 2026.

 

Meanwhile, work on two major gas infrastructure projects continues to advance, with the OB3 Gas Pipeline now 97% complete and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline reaching 94% completion, as the company targets gas delivery to Abuja before the end of 2026.