NNPC says its profit increased by 29% to N1.05trn in May

The Nigerian National Petroleum Company (NNPC) Limited has reported a profit after tax (PAT) of N1.05 trillion for May 2025.

In its new report, titled ‘NNPC Limited Monthly Report Summary — May 2025’, the national oil firm said the figure increased by 29.03 percent from N748 billion in April.

The company said it recorded revenue of N6 trillion in the same period — up by 1.87 percent from N5.89 trillion.

The NNPC said it made statutory payments of N5.58 trillion for May 2025.

“All financial figures are provisional and unaudited,” the oil firm said.

According to the NNPC, crude oil and condensate production averaged 1.62 million barrels per day (bpd) in May, while natural gas production was 7.35 million standard cubic feet daily.

The company clarified that the figures are provisional and reflect only its operations, excluding data from independent operators reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The company said petrol availability at NNPC Retail Limited stations stood at 62 percent during the month, adding that upstream pipeline reliability was 98 percent.

PROGRESS ON TECHNICAL INTERVENTIONS ON AKK GAS PIPELINE PROJECT

According to the national oil firm, technical interventions progressed on the AKK gas pipeline project to resolve challenges of River Niger crossing.

The NNPC said it is also conducting detailed evaluations on OB3 River Niger crossing to determine the best project execution path forward.

“Ongoing collaboration with venture partners to accelerate sustainable production enhancement,” the national oil firm said.

The NNPC said it completed a turnaround maintenance (TAM) in May for the Trans Escravos Pipeline (TEP), oil mining lease (OML) 40 — Opuama flow station, and OML 17 — Obigbo and Agbada flow stations.

The oil firm also said the Port Harcourt, Warri, and Kaduna refineries are under review in the month.