By Kehinde Ibrahim, Lagos
The Nigerian National Petroleum Company, NNPC, Limited has recorded a Profit After Tax, PAT, of ₦462 billion for May 2026, reflecting continued improvement in its financial performance and operational efficiency as the national oil company sustained growth in crude oil and natural gas production.
According to the company’s May 2026 Monthly Report and Financial Summary, NNPC achieved month-on-month growth across key operational indicators, including crude oil and condensate production, natural gas output, pipeline availability and the execution of strategic gas infrastructure projects.
The report showed that average crude oil and condensate production increased to 1.73 million barrels per day in May, compared with 1.68 million barrels per day recorded in April 2026. The increase represents a 2.98 per cent rise and reflected the company’s continued efforts to improve production efficiency while supporting the Federal Government’s drive to increase Nigeria’s oil output.
Similarly, natural gas production witnessed moderate growth during the period. Daily gas production rose to 7.774 million standard cubic feet per day from 7.730 million standard cubic feet per day in April, representing a 0.57 per cent increase. The development aligns with NNPC’s commitment to expand gas production to support domestic consumption, industrial development and electricity generation.
The report also highlighted progress on some of Nigeria’s critical gas infrastructure projects designed to strengthen energy security and enhance gas transportation across the country.
NNPC disclosed that the Obiafu-Obrikom-Oben, OB3, Gas Pipeline project has reached 97 per cent completion, with pre-commissioning and tie-in activities currently ongoing. The company stated that the project remains on course for full commissioning before the end of the third quarter of 2026. Once operational, the pipeline is expected to improve gas transmission capacity and facilitate the movement of gas from the eastern to western parts of the country.
Construction, installation and pre-commissioning work also continued on the Ajaokuta-Kaduna-Kano, AKK, Gas Pipeline project during the month. According to the report, work on the project is progressing in line with plans to commence gas delivery to Abuja later in 2026. The AKK pipeline is widely regarded as a strategic national infrastructure project expected to drive industrialisation, support power generation and stimulate economic activities across northern Nigeria.
On the financial side, NNPC reported total revenue of ₦4.335 billion for May 2026. The company also disclosed that its cumulative statutory payments between January and May 2026 amounted to ₦4.858 trillion, reflecting its continued contribution to government revenue through taxes, royalties and other statutory obligations.
In addition, the report showed that upstream pipeline availability stood at 98 per cent during the month, indicating improved operational reliability and efficiency across the company’s upstream assets despite persistent challenges facing Nigeria’s oil and gas industry.
The performance recorded in May underscores NNPC’s efforts to improve operational efficiency, increase hydrocarbon production and advance critical infrastructure projects aimed at expanding domestic gas utilisation. The company maintained that ongoing investments in production, pipeline infrastructure and gas development remain central to its strategy of strengthening Nigeria’s energy sector and supporting long-term economic growth.
