NNPC records N6trn oil revenue in May on improved production

The Nigerian National Petroleum Company (NNPC) Limited has recorded N6.008 trillion oil revenue for May 2025, a slight rise from the N5.972 trillion recorded in April, amid improved crude oil and condensate production.

According to the latest monthly report summary released by the national oil company on Monday, profit after tax rose by 14 per cent to N1.054 trillion in May, up from N926 billion in April.

Crude oil and condensate production climbed to 1.63 million barrels per day (bpd) in May from 1.61 million (bpd) in April, maintaining a steady recovery trend.

The production peak for the month reached 1.72 million barrels per day (mbpd). A breakdown shows that crude oil output remained flat at 1.35 million bpd, while condensate volumes recovered slightly to 0.28 million bpd in May from 0.26 million bpd in April.

Gas production rose slightly to 7.352 billion standard cubic feet per day, up from 7.354 billion mmscfd in the previous month. Gas sales, however, dipped from 4.240 billion mmscfd in April to 4.185 billion mmscfd in May.

In addition, crude oil and condensate sales increased, rising to 24.77 million barrels in May from 22.16 million barrels in April. This marked the highest sales volume since February.

However, downstream performance declined. According to the internal report, fuel availability at NNPC Retail Limited stations dropped to 62 per cent in May, compared to 70 per cent in April.