NNPCL Rakes in ₦6.008 Trillion in May 2025 Amid Rising Oil Output
The Nigerian National Petroleum Company Limited (NNPCL) has announced a revenue of ₦6.008 trillion for May 2025, representing a modest increase from the ₦5.972 trillion recorded in April.
The financial report, released on Sunday, attributes the gain to improved crude oil and condensate production, increased sales volumes, and continued progress in infrastructure projects.
According to the company, profit after tax rose by 14 percent, from ₦926 billion in April to ₦1.054 trillion in May, reflecting stronger operational efficiency and tighter cost controls.
The rise in revenue comes as NNPCL continues its transition into a fully commercialized national energy company, operating under the Petroleum Industry Act (PIA) framework.
Crude oil and condensate production averaged 1.63 million barrels per day (bpd) in May, slightly higher than the 1.61 million bpd recorded in April.
Peak production during the month reached 1.72 million bpd, with crude oil accounting for approximately 1.35 million bpd and condensates at around 0.28 million bpd. Gas production remained steady, averaging 7.352 billion standard cubic feet per day.
Sales volumes climbed to 24.77 million barrels in May, the highest recorded since February, compared to 22.16 million barrels in April.
This growth was supported by strong pipeline availability, which remained at 98 percent—one of the highest levels reported by the company in recent years.
NNPCL attributed the reliability to enhanced surveillance and maintenance activities across its infrastructure network.
Significant progress was also made on key gas infrastructure projects. The Obiafu–Obrikom–Oben (OB3) Gas Pipeline project has reached 96 percent completion, while the Ajaokuta–Kaduna–Kano (AKK) pipeline is now 81 percent complete. Both projects are expected to improve domestic gas supply, facilitate industrial growth, and support power generation capacity across the country.
However, downstream operations faced challenges, as fuel availability at NNPCL’s retail outlets dropped to 62 percent in May from 70 percent in April. The decline is attributed to logistical bottlenecks and pricing dynamics in the deregulated petroleum market.
Since the removal of fuel subsidies in 2023, fuel importation and pricing have largely been left to market forces, putting pressure on distribution and retail margins.
NNPCL’s leadership reiterated its commitment to transparency, accountability, and commercial performance. Under the new Group Chief Executive Officer, Bashir (Bayo) Ojulari, who assumed office in April, the company has focused on project execution, cost optimization, and expanding its role in global energy transition efforts.
The latest financial and operational data suggest continued stability in Nigeria’s oil and gas sector, though broader challenges related to energy pricing, infrastructure, and production security remain areas of close monitoring.
