The Nigerian National Petroleum Company Limited (NNPCL) has reported a revenue of ₦6.008 trillion for May 2025, representing a slight increase from ₦5.972 trillion recorded in April. This growth in revenue is attributed to improved crude oil and condensate production, which climbed to 1.63 million barrels per day (mbpd) in May from 1.61 mbpd in April. The company’s profit after tax rose by 14% to ₦1.054 trillion in May, up from ₦926 billion in April.
The increase in crude oil and condensate production is a positive development for the company, with crude oil output holding flat at 1.35 mbpd, while condensate volumes recovered slightly to 0.28 mbpd in May from 0.26 mbpd in April. The production peak for the month reached 1.72 mbpd, indicating a steady recovery trend in the company’s production levels.
In addition to the growth in crude oil production, gas production also rose slightly to 7.352 billion standard cubic feet per day (bscfd) in May, up from 7.354 bscfd in April. However, gas sales dipped marginally from 4.240 bscfd in April to 4.185 bscfd in May. Despite this slight dip, crude oil and condensate sales improved significantly, jumping to 24.77 million barrels in May from 22.16 million barrels in April, marking the highest sales volume since February.
The company’s downstream performance, however, showed signs of weakness, with fuel availability at NNPCL Retail Limited stations dropping to 62% in May, compared to 70% in April. This decline in fuel availability could be attributed to various factors, including supply chain disruptions or logistical challenges.
Beyond its operational performance, NNPCL’s Corporate Social Responsibility (CSR) initiatives continue to make a positive impact. The NNPCL Foundation reported completing 6,028 cataract surgeries across the country and distributing starter packs to 531 NYSC Corps members on May 22. Additionally, MRI equipment was provided to hospitals in Kano and Anambra states, further demonstrating the company’s commitment to giving back to the community.
In terms of project development, NNPCL reported steady progress on the OB3 and Ajaokuta-Kaduna-Kano (AKK) gas pipeline projects. The OB3 project achieved 96% completion, while the AKK project reached 81% completion. Upstream pipeline availability remained strong at 98%, indicating the company’s focus on maintaining infrastructure integrity.
The report also highlighted recent interventions, including the May turnaround maintenance of key pipelines, such as the Trans Escravos Pipeline, as well as multiple flow stations in OML 40 and OML 17. These maintenance activities are crucial for ensuring the continued efficiency and reliability of the company’s operations.
Overall, NNPCL’s performance in May 2025 reflects a mix of positive trends and areas for improvement. While the company has made significant strides in revenue growth and production, it still faces challenges in its downstream operations. Nevertheless, the company’s commitment to CSR initiatives and project development underscores its role as a responsible corporate citizen and a key player in Nigeria’s energy sector .
