The Nigerian National Petroleum Company Limited (NNPC Ltd) posted a strong financial performance in May 2025, with profit after tax rising by 14% to ₦1.054 trillion, up from ₦926 billion in April. This significant increase coincided with a modest uptick in total revenue, which climbed to ₦6.008 trillion from ₦5.972 trillion in the previous month.
The company’s latest Monthly Report Summary, released on Monday, credited the boost in profits to improved oil and condensate sales volumes, backed by a consistent rise in production. Crude oil and condensate output rose to an average of 1.63 million barrels per day (mbpd) in May from 1.61mbpd in April, with a peak daily production of 1.72mbpd recorded during the month.
A production breakdown reveals that crude oil output remained steady at 1.35mbpd, while condensate production inched up to 0.28mbpd, from 0.26mbpd a month earlier. In the natural gas segment, daily production reached 7.352 billion standard cubic feet, a slight gain over April’s 7.354 billion standard cubic feet.
However, gas sales volume dipped marginally, falling to 4.185 billion standard cubic feet per day in May, compared to 4.240 billion in April.
One of the most notable drivers of May’s earnings surge was a sharp increase in crude oil and condensate sales, which jumped to 24.77 million barrels, up from 22.16 million barrels in April, the highest volume since February. The improved export performance comes amid heightened global oil demand and sustained local output recovery.
Despite the solid upstream results, NNPC’s downstream operations showed signs of strain. Internal tracking data revealed that fuel availability at NNPC Retail Limited outlets declined to 62%, a significant drop from 70% in April. Industry experts attribute this to logistical bottlenecks and the ongoing impact of subsidy-free fuel pricing.
On infrastructure, NNPC Ltd reported continued advancement of two key national gas pipeline projects: the OB3 pipeline, which is now 96% completed, and the Ajaokuta-Kaduna-Kano (AKK) pipeline, currently at 81% completion. Upstream pipeline availability stood firm at 98%, indicating high asset reliability.
Strategic interventions in May included turnaround maintenance on the Trans Escravos Pipeline and flow stations across OML 40 and OML 17. The company noted progress on resolving engineering challenges affecting the AKK River Niger crossing, and confirmed a detailed evaluation is ongoing to determine the optimal completion strategy for the OB3 Right of Way.
A brief update on refinery activity indicated that technical and operational reviews are ongoing for the Port Harcourt Refinery (PHRC), Warri Refinery (WRPC), and Kaduna Refinery (KRPC). No firm restart dates have yet been disclosed, but the assessments signal intent to reintroduce domestic refining capacity.
Under its Corporate Social Responsibility (CSR) initiatives, the NNPC Foundation reported the successful completion of 6,028 cataract surgeries across Nigeria in May. Additionally, 531 National Youth Service Corps (NYSC) members received business starter packs, and Magnetic Resonance Imaging (MRI) machines were donated to hospitals in Kano and Anambra states.
Commenting on its ongoing transformation, the company said, “On strategic efforts, we progressed technical interventions for AKK to resolve challenges of River Niger crossing and [are] conducting detailed evaluation on OB3 RNC to determine the best project execution path going forward.”
The May 2025 report reaffirms NNPC Ltd’s strategic pivot into a fully commercial and performance-driven national energy company, underscoring its emphasis on transparency, production efficiency, and infrastructure delivery. With rising profit margins and expanding energy project footprints, the company appears well-positioned for sustained growth in the second half of the year.
