NNPC boosts oil output to 1.73mbpd, posts N462bn May profit

By Onu Okorie

Nigeria’s crude oil and condensate production rose to 1.73 million barrels per day mbpd in May 2026 from 1.68 million barrels per day recorded in April, marking the highest production level achieved in the past 12 months, according to the Nigerian National Petroleum Company NNPC Limited.

The company’s May 2026 Monthly Report Summary, released in Abuja, also showed that natural gas production increased to 7,774 million standard cubic feet per day (mmscf/d) from 7,730 mmscf/d in April.

Despite the improved output, NNPC said production remained below its target due to operational challenges, including well performance issues at TotalEnergies-operated assets, reservoir pressure constraints at the Bonga field, lifting-related curtailments at Nembe, and maintenance activities at the Stardeep Agbami field.

The national oil company stated that addressing these constraints would improve asset availability and further increase production.

The report also revealed that NNPC generated N4.335 trillion in revenue in May and recorded a profit after tax of N462 billion, reflecting improved operational performance during the period.

Crude oil and condensate sales stood at 18.95 million barrels, while gas sales averaged 4,921 mmscf/d.

On gas infrastructure development, NNPC reported significant progress on two strategic pipeline projects expected to strengthen domestic gas supply.

According to the report, the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline has reached 94 per cent completion, with advanced mainline construction, installation and pre-commissioning activities ongoing to support early gas delivery to Abuja later this year.

Similarly, the Obiafu-Obrikom-Oben (OB3) Gas Pipeline attained 97 per cent completion. The company said work on the River Niger Crossing had advanced substantially following pullback operations, with pre-commissioning and tie-in activities expected to enable full commissioning by the end of the third quarter of 2026.

The report further showed that upstream pipeline availability remained high at 98 per cent, indicating improved operational reliability across the production network.

However, the availability of Premium Motor Spirit (PMS) at NNPC Retail stations nationwide stood at 57 per cent during the review period.

Beyond its commercial operations, NNPC highlighted the activities of the NNPC Foundation, which commissioned and handed over a 1.5 Tesla Magnetic Resonance Imaging (MRI) system to the Nnamdi Azikiwe University Teaching Hospital (NAUTH), Nnewi, Anambra State, on May 15.

The facility includes chillers, uninterrupted power supply systems, battery racks and backup power infrastructure. The Foundation also provided free MRI scans to 40 patients during a training programme organised by GE for radiologists and radiographers.

According to the company, the intervention will improve access to advanced diagnostic services across the South-East, reduce patient referrals, support early disease detection and strengthen specialist healthcare delivery.

NNPC noted that all production, sales and financial figures contained in the report are provisional and remain subject to reconciliation with relevant stakeholders.