The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a total revenue of ₦6.008 trillion for May 2025, reflecting a slight uptick from ₦5.972 trillion recorded in April. The gain, though marginal, aligns with ongoing improvements in crude oil and condensate production and increased sales volumes during the month.
According to the latest Monthly Report Summary released by NNPC Ltd. on Monday, the national oil company also posted a 14 percent rise in profit after tax, climbing to ₦1.054 trillion in May from ₦926 billion in April.
Crude oil and condensate production averaged 1.63 million barrels per day (mbpd) in May, up slightly from April’s 1.61mbpd. The company noted that the month’s production peaked at 1.72mbpd. A closer look at the production figures showed crude oil output remained steady at 1.35mbpd, while condensate volumes improved to 0.28mbpd in May, from 0.26mbpd in April.
In a further sign of recovery, crude oil and condensate sales surged to 24.77 million barrels in May, marking the highest monthly sales volume since February. This represented a significant leap from the 22.16 million barrels sold in April.
Gas production also showed a marginal increase, rising to 7.352 billion standard cubic feet per day (bscfd) in May from 7.354 bscfd in April. However, gas sales declined slightly to 4.185 bscfd, down from 4.240 bscfd the previous month, hinting at short-term market or operational constraints.
Despite upstream gains, NNPC’s downstream operations saw some setbacks. Fuel availability at NNPC Retail Limited outlets dropped to 62 percent in May, compared to 70 percent in April. Industry analysts attribute the dip to supply chain pressures and the ongoing impact of Nigeria’s post-subsidy fuel pricing adjustments.
NNPC Ltd. also reported steady progress on key strategic infrastructure projects. The OB3 gas pipeline project has reached 96 percent completion, while the Ajaokuta-Kaduna-Kano (AKK) pipeline project stands at 81 percent. The company noted successful turnaround maintenance activities in May on several assets including the Trans Escravos Pipeline, Opuama Flow Station, and flow stations in OML 40 and OML 17.
“Technical interventions on AKK have progressed to resolve challenges at the River Niger crossing,” the report stated. “Detailed evaluations are ongoing for the OB3 River Niger Crossing to determine the best execution path.”
Refinery rehabilitation works also continue, with progress reviews underway for the Port Harcourt (PHRC), Warri (WRPC), and Kaduna (KRPC) refineries.
Under its Corporate Social Responsibility (CSR) arm, the NNPC Foundation announced that it had completed 6,028 cataract surgeries across Nigeria and distributed business starter packs to 531 National Youth Service Corps (NYSC) members on May 22. The foundation also donated MRI machines to hospitals in Kano and Anambra states as part of its healthcare intervention efforts.
As NNPC Ltd. continues efforts to stabilize production, scale up strategic projects, and maintain fiscal strength in a post-subsidy environment, the May 2025 results signal cautious optimism for the state oil firm. With oil output gradually recovering and infrastructure projects nearing completion, analysts suggest the second half of 2025 could offer firmer ground for improved revenue flows—provided exchange rate pressures and downstream inefficiencies are effectively managed
