The Nigerian National Petroleum Company Limited (NNPCL) experienced a notable reduction in its revenue and profit during May 2026, despite maintaining consistent crude oil and natural gas production levels for the month.

According to the company’s May 2026 Operational and Financial Report, revenue declined to N4.335 trillion in May from N4.97 trillion in April. Concurrently, profit after tax decreased to N462 billion from N481 billion over the same period, representing an approximate 4% fall.

The report indicated that the national oil company sustained upstream production, with combined crude oil and condensate production averaging 1.73 million barrels per day (mmbopd) in May. Natural gas production stood at 7,774 million standard cubic feet per day (mmscf/d).

The decline in earnings was primarily attributed to weaker crude oil and gas sales. Crude oil and condensate sales fell to 18.95 million barrels (MMbbls) in May from 23.65 million barrels in April. Similarly, natural gas sales dropped to 4,921 million standard cubic feet per day (mmscf/d) from 5,044 mmscf/d in April.

Beyond its financial performance, NNPCL continued to advance strategic gas infrastructure projects and fulfill statutory remittances. The company remitted N4.858 trillion in statutory payments, including taxes, royalties, and other obligations to the Federation, between January and May 2026.

Significant progress was reported on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline, with construction, equipment installation, and pre-commissioning activities advancing. Early gas delivery to Abuja is targeted for 2026. The Obiafu-Obrikom-Oben (OB3) Gas Pipeline also saw substantial progress, including post-pullback pre-commissioning activities and tie-in works, with full commissioning expected by the end of the third quarter of 2026.

These projects are anticipated to enhance gas transportation, bolster domestic supply, and support the development of Nigeria's industrial and power sectors. The Federal Government continues to prioritize increased crude oil production and gas development to boost revenue, improve energy security, and attract investment into the petroleum sector.

Earlier in 2026, NNPCL unveiled its Gas Master Plan, targeting 10 billion cubic feet of daily gas production to drive industrialization and strengthen Nigeria’s energy security. The company also aims to grow Nigeria’s gas reserves from the current 210 trillion cubic feet to approximately 600 trillion cubic feet.