NNPC Limited has recorded a whopping ₦462 billion Profit After Tax in May 2026, as the national oil company posted improved operational and financial performance driven by increased crude oil production and stronger gas output.
According to its May 2026 monthly report, crude oil and condensate production rose to 1.73 million barrels per day (mmbopd) in May from 1.68 million barrels per day recorded in April, reflecting improved asset reliability and operational efficiency.
Despite the increase, the company admitted that production remained below target due to operational challenges, including well performance issues at TEPNG, reservoir pressure limitations at Bonga, lifting constraints at Nembe and maintenance activities at Stardeep Agbami.
The report also showed that natural gas production climbed to 7,774 million standard cubic feet per day (mmscf/d), the highest level achieved within the last 12 months, although gas sales dipped slightly from 5,044 mmscf/d in April to 4,921 mmscf/d in May.
NNPC generated ₦4.335 trillion in revenue during the month, while statutory remittances to the Federation from January to May stood at ₦4.858 trillion, highlighting its significant contribution to government earnings.
However, crude oil and condensate sales declined from 23.65 million barrels in April to 18.95 million barrels in May, indicating weaker sales volumes despite higher production.
The national oil company also recorded 98 per cent upstream pipeline availability, while work continued on key gas infrastructure projects across the country.
According to the report, the Obiafu-Obrikom-Oben (OB3) Gas Pipeline has reached 97 per cent completion, with major progress recorded on the River Niger crossing. Pre-commissioning and tie-in activities are expected to lead to full commissioning before the end of the third quarter of 2026.
Similarly, the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline is now 94 per cent completed, with construction, installation and pre-commissioning works progressing to support early gas delivery to Abuja later this year.
The report further showed that Premium Motor Spirit (PMS) availability across NNPC Retail stations stood at 57 per cent.
Beyond oil and gas operations, NNPC highlighted the activities of its Foundation, which recently donated a 1.5 Tesla MRI machine to the Nnamdi Azikiwe University Teaching Hospital, Nnewi.
The intervention included chillers, UPS systems, battery racks and backup power supply, while 40 patients benefited from free MRI scans during a training programme organised by GE HealthCare for radiologists and radiographers ahead of the facility’s commissioning.
NNPC said the initiative would improve access to advanced diagnostic services in the South-East by reducing referrals, promoting early disease detection and strengthening specialist healthcare delivery.
