ABUJA, Nigeria (VOICE OF NAIJA)-The Nigerian National Petroleum Company Limited recorded weaker financial performance in May 2026, with revenue declining by almost 13 per cent to N4.335tn despite sustaining stable crude oil and natural gas production levels.
The national oil company disclosed this in its latest Monthly Report Summary released on Wednesday.
The report showed that revenue fell by N636bn from N4.971tn in April, while profit after tax dropped to N462bn from N481bn recorded in the previous month.
The figures suggest that although production remained relatively steady, prevailing market conditions and operational challenges impacted the company’s earnings during the period.
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NNPC reported crude oil and condensate production of 1.73 million barrels per day in May, while natural gas output stood at 7,774 million standard cubic feet per day.
The report also indicated that upstream pipeline availability remained at 98 per cent, while the availability of Premium Motor Spirit at NNPC Retail Limited stations was 57 per cent during the month.
The company said it was intensifying efforts to address operational constraints 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 revealed that NNPC remitted N4.858tn in statutory payments to the Federation between January and May 2026, reinforcing its position as one of the country’s largest revenue contributors.
On strategic gas infrastructure, the company said substantial progress had been made on two major projects expected to enhance domestic gas supply and support industrial development.
According to the report, the Ajaokuta-Kaduna-Kano Gas Pipeline project has reached 94 per cent completion, with construction, installation and pre-commissioning activities progressing steadily.
NNPC said the project remains on track to commence gas delivery to Abuja later this year. It also disclosed that the OB3 River Niger Crossing project had attained 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 said the company remained committed to improving operational efficiency, enhancing production reliability and delivering strategic projects across its business operations.
NNPC, however, noted that all operational and financial figures contained in the report were provisional and subject to reconciliation with relevant stakeholders.
Beyond its core operations, the company highlighted a major healthcare intervention by the NNPC Foundation.
According to the report, the foundation on May 15 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.
The company said the hospital also received chillers, an uninterruptible power supply system, battery racks and backup power facilities.
It added that before the commissioning, at least 40 patients benefited from free MRI scans conducted under a training programme organised by General Electric for radiologists and radiographers at the hospital.
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NNPC said the equipment has already begun improving access to advanced diagnostic services across 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.”
The company described the donation as part of its broader commitment to national development and improving access to quality healthcare.
The monthly report is part of NNPC’s transparency initiative through which it provides updates on production activities, financial performance, infrastructure projects and statutory remittances to the Federation.
The latest figures come as the Federal Government and industry stakeholders continue efforts to increase Nigeria’s crude oil production to over two million barrels per day while harnessing the country’s abundant gas resources to drive industrialisation, power generation and economic growth.
The AKK and OB3 pipelines remain among the Federal Government’s flagship gas infrastructure projects aimed at expanding domestic gas utilisation, strengthening energy security and advancing the Decade of Gas programme to transform Nigeria into a gas-powered economy.