The Nigerian National Petroleum Company Limited (NNPC) recorded a N636 billion decline in revenue in May 2026 despite maintaining stable crude oil and natural gas production.

In its latest monthly report, the national oil company said revenue dropped from N4.971 trillion in April to N4.335 trillion in May. Profit after tax also declined to N462 billion, compared with N481 billion recorded the previous month.

NNPC produced an average of 1.73 million barrels of crude oil and condensate per day during the month, while natural gas production stood at 7,774 million standard cubic feet per day. Upstream pipeline availability remained high at 98 per cent, while fuel availability at NNPC Retail Limited stations averaged 57 per cent.

The company said it is addressing operational challenges, including declining reservoir pressure, maintenance shutdowns, lifting constraints and facility reliability issues, to improve production and reduce output losses.

The report also showed that NNPC remitted N4.858 trillion to the Federation between January and May 2026 through statutory payments.

On infrastructure, the company said the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project has reached 94 per cent completion and is expected to begin supplying gas to Abuja later this year. It added that the OB3 River Niger Crossing project is 97 per cent complete and remains on track for commissioning by the end of the third quarter of 2026.

NNPC noted that the figures in the report are provisional and subject to reconciliation with relevant stakeholders. The company said it remains focused on improving operational efficiency, boosting production and advancing strategic gas projects to strengthen Nigeria’s energy sector.