The Nigerian National Petroleum Company Limited (NNPCL) has recorded a revenue of N6.008 trillion for the month of May, marking a slight increase from the N5.972 trillion recorded in April.
The company’s monthly report summary which was released on Monday, June 30 revealed that NNPCL’s profit after tax grew by 14%, rising to N1.054 trillion in May compared to N926 billion in April.
Crude oil and condensate production continued on a recovery path, averaging 1.63 million barrels per day (mbpd) in May, up from 1.61 mbpd in April.
The month’s peak production reached 1.72 mbpd.
A closer look at the figures shows crude oil output remained steady at 1.35 mbpd, while condensate production saw a modest increase to 0.28 mbpd from 0.26 mbpd in the previous month.
Gas production also experienced a marginal rise to 7.352 billion standard cubic feet per day (bscfd) in May, up slightly from 7.354 bscfd in April.
However, gas sales dipped to 4.185 bscfd from April’s 4.240 bscfd.
Crude oil and condensate sales saw notable growth, reaching 24.77 million barrels in May, up from 22.16 million barrels in April marking the highest volume since February.
On the other hand, the downstream segment faced some challenges.
Fuel availability at NNPC Retail Limited outlets declined to 62% in May from 70% in April.
Industry experts attribute the drop to possible supply chain issues amid ongoing pricing adjustments following the removal of subsidies.
The report also detailed progress on key infrastructure projects.
The OB3 gas pipeline reached 96% completion, while the Ajaokuta-Kaduna-Kano (AKK) pipeline hit 81%.
The report read, “On strategic efforts, progressed technical interventions or AKK to resolve challenges of River Niger crossing and conducting detailed evaluation on OB3 RNC to determine the best project execution path going forward.
“Completed turnaround maintenance in May. Trans Escravos pipeline. Opuama flow station. Obigbo and Agbada flow stations.
“Refineries Status: PHRC WRPC and KRPC review in progress.”
This monthly report highlights NNPCL’s continued evolution into a commercially oriented national energy company, emphasizing transparency, efficiency, and social impact.
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